GT Gold Drills Results From Golden Triangle
GT Gold Drills 430 Metres of 0.67 g/t Au, 0.41% Cu, 0.89 g/t Ag (1.3 g/t AuEq1) Within 822 Metres of 0.42 g/t Au, 0.26% Cu, 0.62 g/t Ag in Hole TTD085, Strongly Suggesting a Very Large Porphyry Au-Cu-Ag Discovery at Saddle North
Vancouver, British Columbia – September 10, 2018 – GT Gold Corp. (“GT Gold” or the “Company”) (TSX.V: GTT) is very pleased to announce a major new Au-Cu-Ag porphyry discovery at the Saddle North target on the Company’s Tatogga property in BC’s Golden Triangle. Commencing at just 79 metres down-hole, hole TTD085, the first Saddle North hole of the 2018 season, intersected a very broad interval of sheeted vein, vein stockwork and disseminated style Au-Cu-Ag mineralization, centered on a monzodiorite intrusion with common strong potassic alteration. The steeply dipping tabular intrusion has now been intersected in all four holes (TTD085,090,093,098) drilled on the Saddle North target to date in 2018, indicating a strike length of at least 400 metres and true widths in excess of 700 metres. Additional assays are pending, and drilling is continuing, with current hole TTD098 targeting 1,000 metres total down-hole depth. The system remains open along strike in both directions and at depth, with mineralization increasing with depth. Geophysics suggests a possible strike length in excess of 1,000 metres.
- A new Au-Cu-Ag porphyry discovery, known to come to surface beneath thin glacial sediments, has been intersected in multiple holes along a 400 metre strike length, to over 700 metres true width, and to greater than 900 metres down- hole; mineralization remains open along strike and at depth
- 0.42 g/t Au, 0.26% Cu, 0.62 g/t Ag (0.82 g/t AuEq1) over 822.19 metres2, from 78.87 to 901.06 metres in hole TTD085
o Including 0.54 g/t Au, 0.35% Cu, 0.77 g/t Ag (1.08 g/t AuEq) over 563.54 metres, from 337.52 to 901.06 metres o Including 0.67 g/t Au, 0.41% Cu, 0.89 g/t Ag (1.30 g/t AuEq) over 430.00 metres from 467.50 to 897.50 metres o Including 0.70 g/t Au, 0.41% Cu, 0.89 g/t Ag (1.33 g/t AuEq) over 404.50 metres from 493.00 to 897.50 metres o Including 0.73 g/t Au, 0.43% Cu, 0.95 g/t Ag (1.39 g/t AuEq) over 333.50 metres from 564.00 to 897.50 metres o Including 0.95 g/t Au, 0.51% Cu, 1.08 g/t Ag (1.74 g/t AuEq) over 64.93 metres from 774.11 to 839.04 metres
o Including 0.97 g/t Au, 0.53% Cu, 1.10 g/t Ag (1.79 g/t AuEq) over 57.83 metres from 774.11 to 831.94 metres
- Grades generally increase with depth
- Geophysical anomalies suggest a very large-scale system: coincident Induced Polarization (IP) and magnetic anomalies are continuous for over 1,000 metres along strike and for up to 1,000 metres across strike
- Intrusion is mineralized to surface: 2017 reconnaissance hole TTD062 (news, December 13, 2017), which hole
TTD085 undercut, was mineralized from surface, following 23 metres of overburden.
Charles Greig, Vice-President of Exploration for GT Gold, commented, “These terrific hole 85 results, and visual intercepts in holes 90, 93 and now hole 98, indicate possibly the most important new copper-gold-silver porphyry discovery in the northern part of the Golden Triangle since the discovery of the nearby Red Chris deposit, which is within sight of our property. The scale and grade of the Saddle North intrusion is outstanding, and we believe the best of it is intact, at surface beneath thin glacial sediments, and to depth. We see tremendous upside for expansion, and again, as was the case with Red Chris, further grade increases at depth. The Company now has enviable options before it: near-surface bulk-tonnage and potential deep high-grade underground-style gold at Saddle South, coupled with a massive new copper-gold-silver porphyry system right next door.”
1 *Prices used to calculate CuEq and AuEq are: Cu: $2.64/lb, Au: $1,194.70/oz, Ag: $14.17/oz. All values reported in USD and do not consider metal recoveries
2 Widths reported are drilled core lengths. True widths are estimated to be approximately 85% of drilled lengths
Table 1 – Saddle North 2018 Hole TTD085 Assay Results. For hole location, dip and azimuth, refer to the accompanying drilling plan view and drill section, as well as Table 2, below. Widths reported are drilled core lengths. True widths are estimated at approximately 85% of drilled lengths.
*Prices used to calculate CuEq and AuEq are: Cu: $2.64/lb, Au: $1,194.70/oz, Ag: $14.17/oz. All values reported in USD and do not consider metal recoveries
Saddle North Geology
The Saddle North intrusive complex appears to be similar lithologically to the nearby Red-Chris porphyry system, which is transitional between a silica-saturated alkalic system and a high-K calc-alkalic one. The porphyry intrusive is comprised mainly of a crowded hornblende feldspar (quartz) monzonite or monzodiorite body, or bodies, locally rich in sub-round inclusions, and commonly strongly altered by potassic alteration assemblages (magnetite, potassium feldspar, biotite). It appears to be bound on either side by relatively intense phyllic alteration assemblages (quartz-sericite-pyrite), and peripheral propylitic assemblages. Mineralization occurs in veins and as closely associated disseminations, with the principal sulphide phases being pyrite and chalcopyrite.
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. Assay values are uncut. For gold, fire assays are performed as per ALS method Au-AA26 (0.01-100.00 g/t Au) using 50 grams of sample measured by atomic absorption (AA). 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.
Charles J. Greig, M.Sc., P.Geo., Vice President, Exploration for GT Gold Corp. and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this press release.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
About GT Gold
GT Gold Corp. is focused on exploring for gold in the geologically fertile terrain of British Columbia’s renowned Golden Triangle. The Company’s flagship asset is the wholly-owned, 44,206-hectare Tatogga property, located near Iskut, BC, close to roads and grid power. The Company achieved, in 2017, a major new gold-silver discovery at its Saddle prospect, located up a gentle valley only 10 kilometres off highway 37. The Saddle discovery comprises two parts: a high-grade, near surface, epithermal gold-silver vein system at Saddle South and, close by at Saddle North, a largely covered, porphyry copper-gold-silver mineralized system. Geophysical surveying suggests that both may be large in scale, and current 2018 drill results indicate that Saddle North bears strong similarities to the nearby Red Chris deposit. The Saddle South discovery was internationally recognized for its significance in November 2017 with the Mines and Money “Exploration Discovery Award”. The Company has the backing of major institutions and key Canadian investors and is fully funded for the 18,000-metre program of expansion drilling now underway on this exciting new discovery.
|For more information please contact:
GT Gold Corp.
GT Gold Corp.
GT Gold Corp.
|Steve Burleton||Charles J. Greig, P.Geo||Amandip Singh|
|President and Chief Executive Officer||Vice President, Exploration||Director, Corporate Development|
|Tel: (647) 256-6752||Tel: (250) 492-2331||Tel: (647) 256-6754|
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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.