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GTA Gta Resources And Mining Inc.

0.015
0.00 (0.00%)
31 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Gta Resources And Mining Inc. TSXV:GTA TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.015 0.015 0.02 0 01:00:00

GTA Commences Drilling at the Auden Graphite Project

11/02/2014 11:30am

Marketwired Canada


GTA Resources and Mining Inc. (TSX VENTURE:GTA) is pleased to provide an update
on its exploration programs at both the Auden Graphite and Northshore Gold
projects.


Auden Graphite - Diamond drilling has commenced at GTA's Auden graphite project
initially targeting three isolated electromagnetic (EM) conductor targets
located in the central "Hockey Puck" area. These anomalies are characterized as
isolated, moderate to strong bedrock conductors, and all are located within or
proximal to the southern extension of the alkaline intrusive complex that hosts
Zenyatta Ventures Ltd.'s Albany graphite deposits. All three anomalies appear to
be non-magnetic, are accessible by winter trail, and have not been previously
drill tested. GTA is also continuing its ground geophysical program of locating
and evaluating several other EM conductors identified from the airborne surveys
and anticipates further drill testing as these priority targets are outlined.


GTA is the largest land holder in the emerging graphite "camp" and holds the
mineral rights to over 69,000 acres. The Albany graphite deposits, located 5.5
km north of GTA's property, were initially discovered by Zenyatta, while testing
electromagnetic (EM) targets, and have been described as breccia pipes
(diatremes) with dimensions in the order of 200 m by 400 m. GTA's management and
geological consultants believe that the graphite breccia pipes that exist on
Zenyatta's Albany Project are similar to kimberlite pipes and are likely to
occur in clusters along structural corridors that may extend onto GTA's Auden
Property.


An Ontario exploration permit is in place and an exploration agreement with
Constance Lake First Nation allows for a co-operative continuous field program
to evaluate the graphite and other mineral potential on the Auden Property.


Northshore Gold - Consulting geologists, Doug Blanchflower, P. Geo of Minorex
Consulting Limited., and John Reddick, P. Geo. of Reddick Consulting Inc., have
been retained to complete a NI 43-101- compliant mineral resource estimate for
the Afric Zone on GTA's Northshore Gold Property. GTA has now completed a total
of 52 holes, totaling 11,390 metres, and has identified the Afric Zone as an
intrusive-related porphyry style gold system. The drilling completed by GTA has
delineated the gold zone over a surface area of approximately 500 by 350 metres,
to a depth of 350 metres beneath the surface and containing a shallow, central
higher grade sub-zone. GTA's drill data, combined with results from previous
operators, is currently being evaluated and modeled by Messrs.' Reddick and
Blanchflower, who have a wealth of expertise in mineral exploration and mineral
resource estimation. This will be the first NI 43-101 Technical Report for the
Northshore Gold Project that contains a mineral resource estimate in accordance
with CIM standards. GTA expects the work to be completed by March 2014.


The Northshore project is subject to an option agreement with Balmoral Resources
Ltd., whereby GTA can earn an initial 51% interest. GTA has made all of the
shares and cash payments and GTA fully expects to earn a 51% interest in 2014.
GTA can then elect to earn up to a 70% interest in the Northshore by making
additional cash payment of $ 100,000, issuing 1,000,000 common shares, and
incurring additional exploration expenditures of at least $ 3.0 million.


In other news, GTA announces the resignation of Peter M. Clausi as a director of
the company. Peter was instrumental in the formation of GTA and has been
involved in the management of the company since its inception. Peter will
continue on as an officer of the company as EVP Corporate Development and
General Counsel.


Robert Duess, P. Geo, VP Exploration for GTA and a qualified person as defined
in National Instrument 43-101, is responsible for this release, and supervised
the preparation of the information forming the basis for this release.


About GTA

GTA is a well funded publicly traded mineral exploration company. It is led by
an experienced and successful management team and is focused on exploring for
gold and graphite in Canada. 


GTA is a tightly held company having only 26,731,855 shares outstanding of which
insiders control approximately 30% of the outstanding shares. The Company's
shares trade on the TSX Venture Exchange under the symbol "GTA."


On behalf of the board of directors

GTA Resources and Mining Inc.

Wayne Reid, President and CEO 

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 press release. 


This press release contains forward-looking statements and forward-looking
information (collectively, "forward looking statements") within the meaning of
applicable Canadian and United States securities laws. All statements, other
than statements of historical fact, included herein, including statements
regarding the anticipated content, commencement, duration and cost of
exploration programs, anticipated exploration program results, the discovery and
delineation of mineral deposits/resources/reserves, the timing of the receipt of
assay results, and business and financing plans and trends, are forward-looking
statements. Forward-looking statements are typically identified by words such
as: believe, expect, anticipate, intend, estimate, postulate and similar
expressions or are those which, by their nature, refer to future events.
Although the Company believes that such statements are reasonable, there can be
no assurance that such statements will prove to be accurate, and actual results
and future events could differ materially from those anticipated in such
statements. The Company cautions investors that any forward-looking statements
by the Company are not guarantees of future performance, and that actual results
may differ materially from those in forward-looking statements. Important
factors that could cause actual events and results to differ materially from the
Company's expectations include those related to weather, equipment and staff
availability; performance of third parties; risks related to the exploration
stage of the Company's projects; market fluctuations in prices for securities of
exploration stage companies and in commodity prices; and uncertainties about the
availability of additional financing; risks related to the Company's ability to
identify one or more economic deposits on the properties, and variations in the
nature, quality and quantity of any mineral deposits that may be located on the
properties; risks related to the Company's ability to obtain any necessary
permits, consents or authorizations required for its activities on the
properties; and risks related to the Company's ability to produce minerals from
the properties successfully or profitably. Trading in the securities of the
Company should be considered highly speculative. All of the Company's public
disclosure filings may be accessed via www.sedar.com and readers are urged to
review these materials, including the latest technical reports filed with
respect to the Company's mineral properties.


This press release is not, and is not to be construed in any way as, an offer to
buy or sell securities in the United States.


FOR FURTHER INFORMATION PLEASE CONTACT: 
GTA Resources and Mining Inc.
Wayne Reid
President and CEO
709 699 1733
www.gtaresources.com

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