Newmont Goldcorp (TSX: NGT; NYSE: NEM) is raising its stake in GT Gold (TSXV: GTT) from 9.9% to about 14.9% via an $8.3 million private placement.
Currently, there are two main discoveries at GT Gold's 468 sq. km Tatogga property in B.C.'s Golden Triangle district.
At Saddle South, there is a near-surface bulk tonnage epithermal gold-silver vein system with underground potential. At Saddle North, a large scale mineralized gold copper silver porphyry intrusion has been identified.
According to the company, work is underway on a geological model for Saddle North that is expected to be completed by the end of the first quarter of 2020.
An initial resource estimate is expected to follow with a subsequent preliminary economic assessment (PEA) scheduled for completion by late 2020.
GT expects to have sufficient funds on hand to fund all the expenditures up to and including the PEA with a buffer following financing completion.