Jul 21 2015
GTA Resources and Mining Inc. provides an update on its exploration activities on the Ivanhoe Property, near Foleyet, Ontario. The property is located between the prolific Timmins Gold Camp and the recently discovered Borden Lake Gold Deposit, recently acquired by Goldcorp Inc.
Recent exploration included geological mapping, prospecting and sampling, focused on a number of high priority geophysical targets. Two of these targets were upgraded with highly anomalous gold results in bedrock, float and soils.
The Ivanhoe Property consists of 829 claim units (132.58 km) covering a portion of the western extension of the Porcupine Destor Fault Zone (PDFZ) and the northeast extension of the Borden Lake Gold Trend. The property is transected by Hwy 101, located approximately 90 km west of Timmins. Since acquiring the property in 2014, GTA has identified a number of gold targets associated with strongly altered and mineralized rocks proximal to the interpreted extension of the PDFZ. This latest program was focused on prioritizing Induced Polarization anomalies identified from a recently completed survey this past winter and from historical information.
Sampling from the recent field program totaled 83 rock samples and 47 soil samples from various targets. Outcrop was limited, except for the Montana grid which was mapped and sampled in some detail. Values from the rock samples ranged from less than 5ppb to 1.13 g/t gold. Positive results highlight two of these targets as follows:
Montana High Resistivity Zone - Values of 1.13 g/t and 0.75 g/t gold were obtained from grab samples collected from an altered volcanic/tuffaceous rock unit situated proximal to a contact with a feldspar porphyry unit. The mineralization is located near the western end of a 500 meter long high resistivity zone. Previous sampling in the area by GTA resulted in values of up to 4.81 g/t gold (see previous GTA release dated Dec 9, 2014).
BP Porphyry Zone - Prospecting in this area discovered additional quartz float which assayed up to 1.13 g/t gold. This sample is located 180 meters northeast of a previously sampled float which assayed 18.1 g/t gold (GTA release Dec 9, 2014). Additionally, soil sampling in an area of approximately 200m by 500 m showed encouraging results with 7 of a total of 15 soil samples returning anomalous gold values (from 7 to 102 ppb). Gold values from the soil samples varied from less than 5 to 102 ppb.
"The Ivanhoe project provides GTA with an excellent opportunity for new discoveries from a low cost grassroots exploration program," stated Wayne Reid, President and CEO of GTA. "The limited exploration carried out to date has resulted in identifying a number of gold zones which will require additional evaluation and we look forward to initial drill results planned for this fall. The local infrastructure and proximity to the existing gold mills in the Timmins camp is ideal for any future development."
Geologically, the Ivanhoe Property is located in the western portion of the Swayze Greenstone belt, proximal to the Kapuskasing High metamorphic terrain. It is underlain by rocks typical of the Timmins gold camp, and includes variably altered and deformed mafic and ultramafic volcanic rocks, intermixed with Timiskaming-type conglomerates and porphyry intrusives. GTA interprets the western extension of the Porcupine Destor Fault Zone to extend across the northern part of the Ivanhoe Property. The property also covers the northeast extension of the interpreted Borden Lake gold trend which hosts Goldcorp's Borden Lake deposit. Previous production in the area includes the historic Joburke Gold Mine which is surrounded by the GTA claim holdings. According to the Ontario Ministry of Northern Development and Mines, Joburke produced close to 500,000 tons at a recovered grade of 3.4 g/t gold.
Analyses were performed by Activation Laboratories Ltd. of Timmins, Ontario. Samples were assayed using industry-standard assay techniques for gold. Gold was analyzed by a standard 50 gram fire assay with an ICP, and/or gravimetric finish. The prospect samples were grab samples, which are selective by nature and are unlikely to represent average grades on the property.