VANCOUVER - GT Gold (TSX-V: GTT) (the 'Company' or 'GT Gold') is pleased to announce results from three drill holes from its 15,000-metre Phase 2 exploration program at its 100% owned Saddle North Cu-Au porphyry system in northwest B.C.
The results from these holes, TTD133, TTD134 and TTD136, significantly expand the higher-grade mineralized core at depth, and they help to demonstrate its continuity from hole-to-hole and section-to-section.
The core zone at Saddle North comprises a south-southwesterly-plunging, northerly-elongate body of higher-grade mineralization with down-plunge, strike and width dimensions of 1,200 - 1,600 metres, 200 - 400 metres and 40 - 450 metres, respectively. It expands to depth, displays excellent continuity, and has consistent Cu-Au grades.
The Saddle North mineralized system remains open at depth, and highly prospective targets remain untested along strike to the west and east.
Furthermore, GT Gold's Quash Pass target, approximately 7 kilometres south of Saddle, is a priority target with characteristics similar to the Saddle system and will be drilled in the 2020 season. The target is defined by a 5 to 6-kilometre-long precious metals-rich multi-element soil and rock geochemical anomaly with a coincident strong geophysical response, and a similar east-west strike to the Saddle system.
Intervals are calculated using a 0.4 g/t AuEq cut-off, a maximum of ten metres of internal dilution for porphyry-style mineralization and no top cut is applied. All intervals are reported as drill widths and are expected between 50% and 85% of true width.
Prices used to calculate CuEq and AuEq are, Au: $1,300.00/oz, Ag: $16.00/oz, Cu: $2.60/lb. All values are reported in USD and do not consider metal recoveries.
Highlights
Drill holes TTD133 and TTD136 were drilled from the same drill pad, which was positioned between two 2018 drill hole collars - 'discovery hole' TTD085 to the northwest and TTD107 to the southeast. Both TTD133 and TTD136 intersected broad, high-grade, and continuous mineralization between 600 and 1,200 metres below surface. These drill holes show that significant mineralization exists at depth below drill holes TTD085 and TTD098, and along with drill hole TTD134 collared 400 metres to the northwest, they illustrate that the higher-grade core is very broad (>300 metres) at those depths. Along with previous drill holes, they demonstrate that the higher-grade core zone is expanding to depth, where it remains open.
2019 Exploration Summary
The company achieved its 25,000 metre goal for 2019 and its 15,000 metre Phase 2 program ended on October 22. The crew and drills were demobilized from the Saddle Camp on October 27. A total of 25,146 metres were drilled in the combined Phase 1 and 2 programs, of which 18,413 metres have now been reported. Final assays for the last ten drill holes (six from Saddle North and four from Saddle South, for 5,444 metres and 1,289 metres, respectively) will likely be received before year-end. These results will be reported following their receipt, compilation and interpretation.
The four Saddle South drill holes were drilled in order to obtain structural data of veins in the west-central part of the Saddle South system, as none of the 2017 drill core was oriented. The primary rationale for collecting this data was to better understand the controls on mineralization, with a secondary goal of collecting a representative metallurgical sample along the west-northwest striking and westerly plunging system, which reaches surface in this area on the broad and gently-sloping top of Saddle ridge. In order to maximize the amount of data collected with a minimum number of drill holes, the holes were drilled to the northwest and to the southwest at moderate inclinations, along and across the system.
In addition to the drilling at the Saddle North and Saddle South targets, GT Gold continued exploring its Quash Pass target, which lies approximately 7 kilometres south of the Saddle area. Quash Pass is a broad west-northwest trend characterized by coincident soil geochemical and Induced Polarization geophysical anomalies and common iron carbonate alteration.
GT Gold has initiated a comprehensive re-log of all the Saddle North core, which is in storage in southern B.C. The re-log is part of a thorough program designed to include study work that will ultimately progress both Saddle North and Saddle South through resource estimation and economic evaluation, with an initial goal of completing a geological model for Saddle North by the end of the first quarter of 2020.
Tatogga Property
GT Gold's Tatogga Project lies in the northern part of northwest B.C.'s prolific Golden Triangle, with active mines such as Red Chris and Brucejack, past producers such as Eskay Creek, Silbak-Premier, Snip, Anyox, and Granduc, and large-scale unexploited deposits such as KSM-Iron Cap, Snowfield and Red Mountain. The property features district-scale exploration potential, with two recent discoveries, Saddle North and Saddle South, along with a third target, Quash Pass, which is close to being drill-ready. All are proximal to Highway 37 and to grid power that leads to the nearby Red Chris copper-gold mine, approximately 20 km to the southeast.
QA/QC Procedures
GT Gold has implemented a rigorous quality assurance / quality control (QA/QC) program to ensure best practices in sampling and analysis of diamond drill core, the details of which can be viewed on the Company's website at http://www.gtgoldcorp.ca/projects/tatogga/. All assays are performed by ALS Canada Ltd., with sample preparation carried out at the ALS facility in Terrace, BC, and assays at the North Vancouver laboratory. For gold, fire assays are performed as per ALS method Au-AA26 (0.01- 100 g/t Au) using 50 grams of sample measured by atomic absorption. Assays equal to or greater than 100 g/t Au are reanalyzed gravimetrically by method Au-GRA22. Silver and copper are analyzed by ALS method ME-MS61 with a 4-acid digestion followed by ICP-MS analysis. Assays greater than 100 ppm silver or 1% copper are reanalyzed by ICP-AES by method OG-62.
About GT Gold Corp
GT Gold 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 achieved two significant discoveries in 2017 and 2018 at its Saddle prospect: a near surface bulk-tonnage and potential deep high-grade underground-style epithermal gold-silver vein system at Saddle South and, close by at Saddle North, a large-scale, richly mineralized porphyry gold-copper-silver intrusion.
Contact:
Paul Harbidge
Tel: (647) 256-6752
Web: www.gtgoldcorp.ca
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.
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