VANCOUVER, British Columbia, Oct. 10, 2018 (GLOBE NEWSWIRE) -- GT Gold Corp. (“GT Gold” or the “Company”) (GTT.V) is very pleased to announce assay results for the latest holes from its Saddle North target, confirming a major new Au-Cu-Ag porphyry discovery on its wholly-owned Tatogga property in BC’s Golden Triangle. To date in 2018 seven widely-spaced holes (TTD085, 090, 093, 098, 102, 106, and 107) have targeted the Saddle North porphyry discovery. All holes have achieved strong visual intercepts of the target mineralized monzodiorite over considerable intervals, demonstrating broad lateral and depth continuity. Assays for holes TTD090 and TTD093 are presented in Table 1, along with a drilling plan view map (Figure 1) and two cross-sections (Figures 2 and 3). Assays for holes TTD098, 102, 106 and 107 are pending. The Saddle North discovery remains open for expansion and drilling is continuing with two drills.

Highlights

  • TTD093: 0.51 g/t Au, 0.30% Cu, 0.93 g/t Ag (0.98 g/t AuEq1) over 904.12 metres2, from 15.00 to 919.12 metres
    • Including 0.72 g/t Au, 0.40% Cu, 1.29 g/t Ag (1.34 g/t AuEq) over 570.34 metres, from 307.66 to 878.00 metres
      • Including 1.02 g/t Au, 0.51% Cu, 1.72 g/t Ag (1.81 g/t AuEq) over 363.10 metres from 514.90 to 919.12 metres
        • Including 1.30 g/t Au, 0.60% Cu, 2.21 g/t Ag (2.24 g/t AuEq) over 238.03 metres, from 595.70 to 833.73 metres
           
  • TTD090: 0.25 g/t Au, 0.26% Cu, 0.55 g/t Ag (0.65 g/t AuEq1) over 494.13 metres2 from 30.87 to 525.00 metres
    • Including 0.31 g/t Au, 0.32% Cu, 0.67 g/t Ag (0.80 g/t AuEq) over 343.29 metres from 181.71 to 525.00 metres
      • Including 0.39 g/t Au, 0.39% Cu, 0.80 g/t Ag (0.99 g/t AuEq) over 169.32 metres from 246.15 to 415.47 metres

As highlighted above, hole TTD093 (see Figure 2), collared 200 metres northwest of previously released hole TTD085 (see news, Sept. 10), was mineralized throughout its length, returning very broad intervals of strong porphyry-style Au-Cu-Ag mineralization. Hole TTD090, an up-dip test collared on the intrusive 296 metres north of hole TTD085 and on the same section as hole TTD085 and 2017 hole TTD062 (see Figure 3), also returned strong grades and widths, consistent with those of hole TTD085. 

Charles Greig, Vice-President of Exploration for GT Gold, commented: “Our drilling to date at Saddle North has rapidly outlined a very large porphyry gold-copper-silver discovery. Porphyry discoveries of this scale and tenor are uncommon. Our exploration team is excited by the visual intercepts of sheeted vein, vein stockwork and disseminated style gold-copper-silver mineralization, and by our ability to hit the host monzodiorite intrusion in follow up holes, even with large step-outs. It’s also exciting to know that the mineralized body is essentially intact, and largely uneroded, at surface beneath relatively thin overburden, and that it extends to depth, both down-dip of our known intercepts, and along strike. We see tremendous upside for expansion and, as was the case with the nearby Red Chris deposit, potential grade increases at depth.”

                                               
1 Prices used to calculate CuEq and AuEq are: Cu: $2.64/lb, Au: $1,194.70/oz, Ag: $14.17/oz. All values are reported in USD and do not consider metal recoveries
2 Widths reported are drilled core lengths. True widths are estimated to be approximately 85% of drilled lengths

 
Table 1 – Saddle North Hole TTD090 and TTD093 Assay Results. For hole locations, dips and azimuths, please refer to the accompanying drilling plan view (Figure 1) and drill sections (Figures 2 and 3), as well as Table 2, below. Widths reported are drilled core lengths. True widths are estimated at approximately 85% of drilled lengths.
 
Hole TTD093 From
(m)		 To
(m)		 Interval
(m)		 Au
(g/t)		 Ag
(g/t)		 Cu
(%)		 CuEq*
(%)		 AuEq*
(g/t)
Interval 15.00 919.12 904.12 0.51 0.93 0.30 0.64 0.98
Including 175.13 923.40 748.27 0.60 1.09 0.35 0.75 1.14
Including 207.51 919.12 711.61 0.63 1.14 0.36 0.78 1.19
Including 307.66 878.00 570.34 0.72 1.29 0.40 0.89 1.34
Or Including 514.90 919.12 404.22 0.97 1.61 0.48 1.13 1.72
Or Including 514.90 878.00 363.10 1.02 1.72 0.51 1.20 1.81
Or Including 595.70 919.12 323.42 1.05 1.78 0.50 1.21 1.83
Including 595.70 833.73 238.03 1.30 2.21 0.60 1.48 2.24
Including 759.42 791.30 31.88 2.26 4.88 0.84 2.37 3.59

 

Hole TTD090 From
(m)		 To
(m)		 Interval
(m)		 Au
(g/t)		 Ag
(g/t)		 Cu
(%)		 CuEq
(%)*		 AuEq
(g/t)*
Interval 30.87 525.00 494.13 0.25 0.55 0.26 0.43 0.65
Including 135.97 525.00 389.03 0.30 0.64 0.30 0.50 0.76
Including 181.71 525.00 343.29 0.31 0.67 0.32 0.53 0.80
Including 222.34 525.00 302.66 0.32 0.66 0.33 0.55 0.83
Including 222.34 415.47 193.13 0.38 0.78 0.39 0.65 0.98
Including 246.15 415.47 169.32 0.39 0.80 0.39 0.65 0.99
*Prices used to calculate CuEq and AuEq are: Cu: $2.64/lb, Au: $1,194.70/oz, Ag: $14.17/oz. All values are reported in USD and do not consider metal recoveries

 

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
TTD090 025 -60 594 1625.55 436050.580 6408262.348 5860
TTD093 025 -60 942 1634.07 435796.261 6408149.253 5710
 

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 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/5692b1e1-3b9c-4164-b675-b969d293440c

http://www.globenewswire.com/NewsRoom/AttachmentNg/438591e4-9ba7-4f78-9cc6-f93f2cc8bd5a

http://www.globenewswire.com/NewsRoom/AttachmentNg/77951ea3-d627-4238-9409-161ac137fc1a

 

 
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