VANCOUVER, British Columbia, April 03, 2020 (GLOBE NEWSWIRE) -- GT Gold Corp. (TSX-V:GTT) (the “Company” or “GT Gold”) is providing an update on actions taken to manage the risks posed by the COVID-19 pandemic as well as to report on ongoing technical activities.
COVID-19 Response
In response to the challenges posed by the COVID-19 pandemic, GT Gold has taken steps to support the health and safety of its employees and contractors. The Company has limited in-person meetings, postponed business travel and mandated work from home where possible. Where work is being undertaken on drill core, the Company’s workforce has been reduced to minimum personnel working under social distancing of two metres. The Company is monitoring the situation and will act as recommended by the Federal and Provincial governments. In addition, the Company has been in communications with the Tahltan Central Government and is abiding by the protocols established within the Tahltan Territory, in which GT Gold’s 100% owned Tatogga Project is located.
Technical Update
As at the end of March 2020, the 31,400-metre re-logging of Saddle North Cu-Au porphyry core has been completed. Hand drawn sections and level plans of the interpreted data have been created, scanned and georeferenced. These sections have been used to guide building a software-based 3D geological model. The Company will host a technical webcast scheduled for April 29, 2020 at 10:00am Pacific (1:00pm Eastern) to present the geological model and review exploration plans. Participants may access the webcast call as follows:
- Online on the Company website at www.gtgoldcorp.ca
or via the direct link: https://edge.media-server.com/mmc/p/8dkog46v - By phone at 1-888-337-1150 toll free in Canada or the U.S., or at 1-956-394-3454 internationally
- A recorded playback of the conference call will be available until May 6, 2020 by calling toll free
1-855-859-2056, or 1-404-537-3406 outside of the U.S. and Canada, conference ID 3484372. An archived webcast will also be available for 12 months at www.gtgoldcorp.ca.
With the completion of the geological model, the initial resource estimate for Saddle North is expected to be completed by the end of the second quarter of 2020. The Preliminary Economic Assessment (“PEA”) study for Saddle North is currently on schedule for the fourth quarter of 2020.
“The delivery of the geological model is another milestone for GT Gold and will form the foundation to support an initial resource estimate in the second quarter of this year,” said Paul Harbidge, President and CEO. Harbidge continued, “GT Gold is in a fortunate position having raised funds in December, which can support both field and office-based operations for an extended period. While the implementation of the 2020 field season is pending, GT Gold has the technical data required to advance the project work in terms of resource estimate, PEA preparation and exploration targeting.”
The program for the 2020 field season has been planned and would typically commence towards the end of May. It will be executed depending on how the COVID-19 pandemic unfolds and will be implemented based on Federal, Provincial and Tahltan Nation guidelines.
About GT Gold
GT Gold Corp. is focused on exploring for base and precious metals in the geologically fertile terrain of British Columbia’s renowned Golden Triangle. The Company’s flagship asset is the wholly-owned, 46,827 hectare Tatogga property, located near Iskut, BC, upon which it made two significant discoveries in 2017 and 2018 at its Saddle prospect: a precious metal rich vein system at Saddle South and a gold rich copper porphyry at Saddle North.
For further information, please contact:
| GT Gold Corp. Paul Harbidge President and Chief Executive Officer Tel: (236) 427 5744 Website: www.gtgoldcorp.ca | GT Gold Corp. Michael Skead Vice President, Project Development Tel: (236) 427 5744 |
Cautionary Statement Regarding Forward Looking Statements
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward looking statements involve risks, uncertainties and other factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.