Dec 18 2013
GTA Resources and Mining Inc. announces the commencement of a diamond drill program at its Auden Property, located adjacent to Zenyatta Ventures Ltd.'s Albany Graphite Project in Northern Ontario.
The drill program will initially target electromagnetic anomalies (conductive zones) located in the central part of the property and having geophysical characteristics similar to the geophysical signature associated with Zenyatta's high purity graphite zones. These graphite deposits were discovered while testing electromagnetic (EM) targets and have been described as occurring in 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 (diatremes) and are likely to occur in clusters along structural corridors that may extend onto GTA's Auden Property.
GTA has identified a number of electromagnetic anomalies (conductive zones), on the Auden Property, from an in-house airborne geophysical survey which was recently extended to cover the entire property. Ground geophysics, consisting of EM and Magnetics surveying, is ongoing in order to get a more detailed definition of the higher priority airborne targets. Both the drilling and ground follow-up programs will continue into the new year.
Most targets are accessible via existing logging roads and bush trails originating from Hwy 11 located 15 km to the south. An Ontario exploration permit is in place and a recently signed exploration agreement with Constance Lake First Nation allow for a co-operative continuous field program to evaluate the graphite potential on the Auden Property.
GTA is the single largest land holder in the area, holding 100% title to more than 69,000 contiguous acres.
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 gold exploration in Canada. GTA currently has three exploration focused projects in its portfolio. Its flagship project, the Northshore Property, located near Schreiber, Ontario, is subject to an option agreement with Balmoral Resources Ltd. (TSX VENTURE:BAR) whereby GTA can earn up to a 70% interest. Secondly, GTA recently completed trenching and a 400 metre drill program under an option agreement with Metals Creek Resources Corp. ("MEK") to earn up to a 70% interest in the Squid East Property in the White Gold District, Yukon. The third project, the 100% owned Auden Property, is located near Hearst, Ontario and consists of 1748 claim units covering virtually an entire greenstone belt and hosting a number of graphite, gold, base metal and PGE targets.
GTA has 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