Buried at the bottom of the news is the $C1M investment in GT gold. This is a very exciting emerging prospect as the article (below) from The Northern Miner details. Will be interesting to see if GT flies and S2R as an ?early investor goes along for the ride.
POSTED BY: MATTHEW KEEVIL JULY 27, 2017
VANCOUVER — GT Gold (TSXV: GTT; US-OTC: GTGDF) has unearthed the first noteworthy greenfield gold discovery in British Columbia’s historic Golden Triangle, following a recent exploration surge across the region.
On July 25, the company released assays from 20 reverse-circulation (RC) drill holes completed at its Tatogga property. The results were headlined by 13 grams gold per tonne over 10.67 metres from 7 metres depth in hole 008.
Additional intercepts of note include: 17.41 grams gold over 9.14 metres from 46 metres depth in hole 019; 15.33 grams gold over 8.84 metres from 5.5 metres depth in hole 022; and 10.7 grams gold over 9.14 metres from 14.33 metres depth in hole 020.
The 308 sq. km property sits in northwestern B.C., around 70 km due south of Dease Lake on the Klastline Plateau, and is directly accessible from paved highway 37.
GT Gold has been targeting its Saddle South prospect, which hosts a 1.5-km, east-west anomaly that contains an “irregular core” of gold-in-soil values defined by contoured grades exceeding 0.5 gram gold. The company expedited its RC drill program after reporting 58 soil samples that averaged 7.45 grams gold at the target last year.
Aerial shot of the Saddle gold ridge at the Tatogga gold project. Credit: GT Gold.
“The market is clearly starved for new discoveries, and they are becoming increasingly harder to find. So it’s sure nice to be able to deliver one and see the results have such an impact,” comments president and CEO Kevin Keough during an interview.
“We knew we needed to demonstrate not only grade, but also the widths and continuity, and we’re seeing some really promising early signs at Saddle South. It’s been a pleasant surprise because, due to a lack of exposure, we really only had the soil anomaly to guide us,” he adds.
The mineralization at Saddle reportedly “varies somewhat in style” but is essentially transitional, low-sulphidation epithermal. The company notes that “higher-grade sections are characterized by decimetre-to-metre-scale quartz-carbonate semi-massive to massive sulphide veins and vein-breccias dominated by pyrite, but also containing subordinate sphalerite, galena, chalcopyrite and probable sulphosalts.”
A close-up sample of mineralization at the Saddle target area. Credit: GT Gold.
The mineralized zones appear to follow an east-west trending, as well as moderately to steeply south-dipping, structure.
GT Gold is leveraging portable x-ray fluorescent (XRF) analyzers to screen RC drill chips for Tatogga’s key pathfinder elements, namely: arsenic, lead and zinc.
The company suspects that the presence of sulphide minerals in early RC visual drill results, coupled with analytical results from the XRF, could assist in vectoring later drilling to the source of the gold-in-soil anomaly.
“We don’t know if we have ‘nuggety’ gold. We’re starting to have mineralogy work done to have a good look,” Keough elaborates. “We haven’t encountered visible gold yet, but I believe it’s there, and we need to understand that association. We do know the pathfinders are mainly arsenic, zinc and lead. We tend to know we’re into the high-grade gold portion whenever we see XRF high values of those pathfinder elements. You also see a lot of sulphide in the core.”
The company also completed 2,500 metres of HQ-diameter diamond drilling that is currently en route to the assay lab. Keough says those results should be released by late August.
GT Gold’s plan is to move to full-time diamond drilling at Tatogga, and potentially bring in a second rig. It will also be testing the Saddle North target, which lies around 200 metres topographically lower than Saddle South’s upland ridge and tableland.
Gold-bearing outcrop at the Saddle North target area. Credit: GT Gold.
“Saddle North looks really promising. There’s better exposure down there, and it’s also never seen a drill hole,” Keough explains.
“Our latest geophysical work painted a lovely induced-polarization (IP) anomaly directly adjacent along strike of the target, and we’re seeing beautiful alteration. We’ve moved the diamond drill down there to do a quick test. Given the scale of the target we may dedicate a second, full-time rig to it,” he continues.
GT Gold gained over 200%, or 76¢, following the news, en route to all an all-time high of $1.15 per share at the time of writing. The company has 29 million shares outstanding for an $82 million press-time market capitalization.
GT Gold used its market momentum to announce a $5-million private placement, in which it intends to issue around 6 million shares price at 85¢ each. The financing co-leads include Haywood Securities, M Partners and PI Financial.
The company’s guidance originally estimated between 8,000 metres and 10,000 metres of drilling at Tatogga in 2016, depending on weather and equipment availability. GT Gold now reports it could “sustain two drills” through late October and push its total program towards 12,000 metres.
The Saddle South ridge looking northward. Credit: GT Gold.
“Our goal is to establish the size potential at both targets before the end of the field season. We need to paint the large picture because that’s the real story,” Keough says.
“The financing came together quickly following the drill results, and it’s really about the company evolving and strategically bringing in new shareholders to adjust our base. There are always high-risk gamblers that will jump in right at the beginning, but it’s the institutions and strong shareholders that step in when you make this kind of discovery,” he concludes.
Posted from ongoing research and interest in exploration. GLTAH
