GT Gold Drills 281 Metres of 0.65 g/t Au, 0.38% Cu, 1.38 g/t Ag (1.24 g/t AuEq1) Within 685 Metres2 of 0.40 g/t Au, 0.26% Cu, 1.03 g/t Ag (0.81 g/t AuEq) in Step-out Hole TTD098
VANCOUVER, British Columbia, Nov. 19, 2018 (GLOBE NEWSWIRE) -- GT Gold Corp. (“GT Gold” or the “Company”) (TSX.V: GTT) is very pleased to announce assay results for the latest two holes from its Saddle North discovery at its wholly-owned Tatogga property in BC’s Golden Triangle. Results for holes TTD098 (southeast step-out) and TTD102 (northwest step-out), presented below along with a drilling plan view and three cross-sections, have expanded the mineralized dimensions of the Saddle North mineralized intrusive complex to almost 600 metres of strike, and to greater than 900 metres vertically from surface (1,100 metres down-dip). True widths of the mineralized envelope are estimated at more than 700 metres (see Figure 2), encompassing a strongly mineralized core area estimated at 450 metres true width. Ten widely-spaced holes (TTD085, 090, 093, 098, 102, 106, 107, 108, 109 and 110) targeted the discovery during the recently-completed drilling campaign and all holes have returned strong visual intercepts of mineralization over significant intervals, demonstrating broad continuity laterally and to depth. Saddle North remains open for expansion down-dip and along strike. Assays for holes TTD106, 107, 108, 109 and 110 are pending.
|
||||||||||||||||||||
Highlights
- TTD098: 0.40 g/t Au, 0.26% Cu, 1.03 g/t Ag (0.81 g/t AuEq1) over 685.00 metres2 from 473.00 to 1158.00 metres
o Including 0.45 g/t Au, 0.27% Cu, 1.15 g/t Ag (0.88 g/t AuEq) over 563.43 metres from 594.57 to 1158.00 metres
o Including 0.65 g/t Au, 0.38% Cu, 1.52 g/t Ag (1.24 g/t AuEq) over 280.84 metres from 788.38 to 1069.22 metres
o Including 1.08 g/t Au, 0.54% Cu, 2.45 g/t Ag (1.92 g/t AuEq) over 132.99 metres from 936.23 to 1069.22 metres
- TTD102: 0.42 g/t Au, 0.23% Cu, 0.45 g/t Ag (0.77 g/t AuEq) over 357.49 metres from 531.90 to 889.39 metres
o Including 0.71 g/t Au, 0.38% Cu, 0.71 g/t Ag (1.29 g/t AuEq) over 147.87 metres from 741.52 to 889.39 metres
o Including 1.1 g/t Au, 0.46% Cu, 0.76 g/t Ag (1.81 g/t AuEq) over 53.33 metres from 836.06 to 889.39 metres
Southeast step-out hole TTD098 (see Figures 1-3), drilled from northeast to southwest, was designed as a check on the predominant southwest-to-northeast direction of previous drilling, and on the interpreted west-southwest dip of the mineralized intrusive complex. A secondary objective was to check down-dip continuity. TTD098 achieved these objectives, demonstrating that the intrusive is mineralized continuously for more than a kilometre down-dip from surface. TTD098 also extended to depth the higher-grade mineralization encountered in hole 085 by over 200 metres (see Figure 2), where it remains open.
Northwest step-out hole TTD102 is the most northwesterly of the holes drilled at Saddle North to date (see Figures 1 and 4) and it also returned strong grades and widths consistent with those of previous holes.
Charles Greig, Vice-President of Exploration for GT Gold, commented: “These two latest well-mineralized intercepts in step-outs 98 and 102, coupled with earlier results from holes 85, 90 and 93, continue to build the picture of a very large discovery at Saddle North - a very broad zone of mineralization in place close to surface, extending many hundreds of metres to depth and along strike, and encompassing some impressively rich grades of gold, copper and silver, now shown to be continuous down dip and along the length of the system. Our team looks forward to receiving the results from our remaining 2018 holes and, in particular, those from holes 106 and 108, both of which were drilled up-dip of hole 93, which will test whether or not the higher-grade stockwork and sheeted vein zone common near the footwall of the intrusive complex approaches surface. We are also eagerly anticipating the results of our deepest hole, TTD109, which is testing down-dip of holes 93 and 85.”
Table 1 Saddle North Hole TTD098 and TTD102 Assay Results. For hole locations, dips and azimuths, please refer to the accompanying drilling plan view (Figure 1) and drill sections (Figures 2, 3 & 4), as well as Table 2, below. Widths reported are drilled core lengths. True widths in hole TTD102 are estimated at approximately 85% of drilled length. True widths in hole TTD098 are indeterminate (see explanation above), though the true widths of the mineralized envelope it tested are estimated at more than 700 metres (see Figure 2), including encompassing a strongly mineralized core area estimated at 450 metres true width.
| Hole TTD098 | From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Cu (%) | CuEq* (%) | AuEq* (g/t) |
| Interval | 194.50 | 1158.00 | 963.50 | 0.33 | 0.82 | 0.23 | 0.46 | 0.69 |
| Including | 473.00 | 1158.00 | 685.00 | 0.40 | 1.03 | 0.26 | 0.53 | 0.81 |
| Including | 594.57 | 1158.00 | 563.43 | 0.45 | 1.15 | 0.27 | 0.58 | 0.88 |
| Or Including | 788.38 | 1069.22 | 280.84 | 0.65 | 1.52 | 0.38 | 0.82 | 1.24 |
| Including | 891.00 | 1069.22 | 178.22 | 0.90 | 2.03 | 0.48 | 1.10 | 1.67 |
| Including | 936.23 | 1069.22 | 132.99 | 1.08 | 2.45 | 0.54 | 1.27 | 1.92 |
| Hole TTD102 | From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Cu (%) | CuEq (%)* | AuEq (g/t)* |
| Interval | 531.90 | 889.39 | 357.49 | 0.42 | 0.45 | 0.23 | 0.51 | 0.77 |
| Including | 741.52 | 889.39 | 147.87 | 0.71 | 0.71 | 0.38 | 0.85 | 1.29 |
| Including | 836.06 | 889.39 | 53.33 | 1.10 | 0.76 | 0.47 | 1.20 | 1.81 |
1 Prices (USD) used to calculate CuEq and AuEq are: Cu: $2.64/lb, Au: $1,194.70/oz, Ag: $14.17/oz. Metal recoveries are assumed at 100%
2 Widths reported are drilled core lengths. True widths are estimated to be approximately 85% of drilled lengths
Table 2 – Saddle North Collar Information: Refer also to the accompanying drilling plan view and drill sections.
| Hole Number | Azimuth (degrees) | Dip (degrees) | Length (m) | Elevation (m) | UTM E | UTM N | Section |
| TTD098 | 205 | -70 | 1158 | 1680 | 436367 | 6408322 | 5900 |
| TTD102 | 025 | -60 | 933 | 1634 | 435640 | 6408330 | 5570 |
Saddle North Geology
The Saddle North intrusive complex appears to be similar lithologically to the nearby Red-Chris porphyry system, but with high-K calc-alkalic rocks predominating. The host intrusive rocks comprise fine-grained equigranular to crowded hornblende feldspar porphyritic (quartz?) monzonite or monzodiorite bodies, locally rich in sub-round inclusions, and are commonly strongly altered by potassic alteration assemblages (magnetite, potassium feldspar, biotite). The intrusive rocks appear to be bound on either side by relatively intense phyllic alteration assemblages (quartz-sericite-pyrite), as well as by peripheral propylitic assemblages (chlorite, epidote, +/- pyrite), mainly developed in Upper Triassic lapilli tuff or reworked lapilli tuff (debris flow conglomerate) of intermediate to mafic composition. Mineralization occurs in quartz-magnetite-pyrite-chalcopyrite veins and as closely associated disseminations, with the principal sulphide phases being pyrite and chalcopyrite.
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. 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.
Qualified Person
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 metals 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, upon which it achieved in 2017 two major discoveries 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 mineralized intrusion. The Company has the backing of major institutions and key Canadian investors and is fully funded into 2019 for the program of expansion drilling currently underway.
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) 256-6754 | Tel: (250) 492-2331 | Tel: (647) 256-6754 |
Website: 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. 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.
Figures accompanying this announcement are available at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/2bd2fb08-67c6-4a9c-bfaf-ec2d234d0909
http://www.globenewswire.com/NewsRoom/AttachmentNg/b0261c30-a971-4ea4-b6b1-be30d4489da4
http://www.globenewswire.com/NewsRoom/AttachmentNg/8bec0d7b-c1d0-4d22-a1db-495b04e79175
http://www.globenewswire.com/NewsRoom/AttachmentNg/2c875f52-b6fa-4a08-8a9d-35443ee178f3
