Following years of diligent work, the Company has found, under the direct field supervision of discovering geologist Charles J. Greig, a previously unknown, entirely new, high grade gold system at its Saddle prospect in British Columbia’s renowned Golden Triangle.
The Saddle target emerged early on from successive programs of regional and closely spaced local soil and rock geochemical sampling carried out in 2013 and 2014 by Clinton Smyth, P.Geo and Emily Miller, GIT, following which the project was mothballed due to then-current depressed industry conditions.
In April 2016 one of BC’s best-known geologists, Charles Greig, P.Geo., photo above, reviewed the 2013 and 2014 Saddle soil and rock sampling results and recognized them as exceptional. He then deployed his own expertise and financial resources to make Saddle blossom, with additional sampling and assaying at his own expense, into the impressive target the company used as the foundation of a successful financing and go-public transaction late in 2016. He also brought to bear his personal connections to attract key early stage shareholders whose participation was instrumental to the success of the RTO and attendant financing that gave rise to GT Gold Corp.
The geochemical sampling programs revealed two separate and sub-parallel WNW trending gold-in-soil anomalies covering approximately 1.5 kilometres (Saddle South) and 1 kilometre (Saddle North). By the close of 2016 (see press releases dated November 30 and December 13, 2016), the Saddle target area and the Saddle South portion in particular, where soil sample density was highest, had delivered unusually high-tenor gold-in-soil values which were believed to reflect an in-situ bedrock source, and suggested high discovery potential.
In consequence, plans were made to carry out the first-ever drilling of the Saddle target in summer 2017, utilizing both reverse circulation and diamond core drilling, with initial emphasis on the Saddle South portion of the larger Saddle target area. As announced July 25, 2017, this work resulted in a new high-grade gold discovery at Saddle South, with strong intercepts in multiple holes along some 200 metres of strike length and to over 200 metres from surface.
Concurrent with the initial Saddle South discovery drilling, a program of ground-based Induced Polarization (“IP”) geophysics was conducted over the entire area encompassing both the Saddle South and Saddle North targets. This work demonstrated the Saddle South mineralization to be coincident with an excellent IP response, resulting in greatly improved drill targeting. Importantly, the IP program also revealed a large target coincident with, and trending east under cover from, the Saddle North target. As of July 25, 2017, a first-ever drill test of the important Saddle North target was underway.
Plans for the remainder of the summer 2017 exploration season anticipate the expansion of the program to two drills. Should the initial test of the Saddle North target prove successful, one of the two drills may focus on exploring that area, while the other carries out discovery expansion drilling on the Saddle South target.
The high grades, strong intercept widths, and good continuity down dip and along strike that have been demonstrated in the drilling to date at Saddle South, suggest the discovery has, to borrow a well-worn term, “legs”. The nature of the mineralization encountered in drilling - quartz-carbonate semi-massive to massive sulphide veins and vein-breccias – is commonly deep-running, and the tuffaceous, fragmental volcanic rocks of the Hazelton Group in which the mineralization occurs, is known to host many of the Golden Triangle’s significant mineral deposits.
Management therefore looks forward to delivering a great deal more from this story, as exploration proceeds.
The technical information on this website pertaining to geology, geochemistry, geophysics, soil and rock sample assays, and drill assays, has been reviewed and approved by GT Gold’s Vice President, Exploration, Charles J. Greig, P.Geo., a Qualified Person as such term is defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
A thorough description of the risks associated with the Company’s exploration and other business activities can be found in the Filing Statement of Manera Capital Corp. dated October 28, 2016 and posted to www.sedar.com as of that date. A copy of the Filing Statement may also be downloaded here.
Investors are cautioned that mineral exploration and development involves a high degree of risk, and the exploration targets on GT Gold’s properties are early-stage and conceptual in nature. Very few properties, and very few individual targets which are explored, ultimately develop into producing mines. GT Gold Corp.’s properties do not presently contain mineral “resources” or “reserves”, as those terms are defined in National Instrument 43-101, nor is there any guarantee that they ever shall.
The process of confirming, or alternatively disproving, the presence of resources or reserves on the Company’s properties will require following an exploration and development pathway comprised of sequential steps, the execution of each of which is fraught with risk and predictated on successful results from the step immediately prior to it. Failure at any step generally, though not always, puts an end to exploration or development activities.
As the exploration and development pathway is followed, the metal or mineral content of the area under exploration is quantified and assessed to an increasing degree of certainty, generally by increasing the density of drilling and the amount of sampling and assaying, coupled with volume and grade modelling. With increasing certainty comes, initially, “Inferred” level resources, followed by resources in the “Indicated” and “Measured” categories, none of which have demonstrated economic viability.
Only through the later application of technical (metallurgical, mining, processing, environmental etc.) and economic parameters appropriate to the resources under study, and the completion of prefeasibility and ultimately, feasibility studies by qualified geologists, engineers and geoscientists, can resources potentially be converted to “reserves” (“ore”), which by definition would be potentially economic to mine and process, under the technical and economic criteria utilized in the feasibility study or studies applied to them.
These steps and activities are costly. Should ore reserves ultimately be demonstrated to exist on the Company’s properties, a positive decision to take the ore reserves thus demonstrated to commercial production would not be a given.
In addition to the steps and studies detailed above, a positive production decision would require environmental approvals, the securing of various permits, and consideration and evaluation of additional factors including, but not limited to the cost of construction of production facilities; the availability and cost of financing; anticipated ongoing costs of production; market prices for the minerals to be produced; environmental compliance regulations and restraints (including potential environmental liabilities associated with historical exploration activities); and the political climate and/or governmental regulation and control.