Following years of diligent work, the Company has found, under the direct field supervision of geologist Charles J. Greig, an entirely new, high grade gold-silver system at its Saddle prospect in British Columbia’s renowned Golden Triangle. Come with us as we explore this exciting new discovery.
The Saddle target emerged from successive programs of regional and closely spaced local soil and rock geochemical sampling carried out in 2013 and 2014 by geologist Clinton Smyth, P.Geo and Emily Miller, GIT, then working for New Chris Minerals Ltd. (now wholly-owned by GT Gold Corp.), following which the project was mothballed due to then-current depressed industry conditions.
Several factors may have resulted in the Saddle discovery being missed by early prospectors and geologists in the region. Until New Chris’s initial soil and rock sampling in 2013 and 2014, and initial drilling in summer 2017 by GT Gold, the immediate area of the target had had no known historical rock or soil sampling, or drilling. Exposure over the target area is poor, with extensive soil and alpine grassland covering the ridges, and thick gravel deposits in the valley bottoms. Erosion may not yet have eaten down deeply into the mineralized system, resulting in little colour evident on surface, and little material to be observed in the drainages. The mineralization also appears to have very little of the quartz that would typically resist the effects of wind and water, standing up and attracting the eye post erosion.
In April 2016 one of BC’s best-known geologists, Charles J. 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 expertise and his own financial resources to make Saddle blossom, with additional sampling and assaying in August-October 2016, 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.
Charlie Greig’s geochemical sampling work in 2016, when combined with the sampling programs carried out in 2013 and 2014 by Emily Miller under the supervision of Clinton Smyth, revealed when data sets were combined, two sub-parallel, probably related, WNW trending gold-in-soil anomalies covering approximately 1.5 kilometres (Saddle South) and 1.0 kilometres (Saddle North) (image, below). 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 (“RC”) and diamond core drilling, with initial emphasis on the Saddle South portion of the larger Saddle target area. A fly camp was established on-site in mid-June, and a program of ground-based geophysics got underway shortly thereafter, coupled with a maiden round of RC drilling with one drill, and diamond core drilling, also with a single drill, thereafter. As announced July 25, 2017, this work resulted in an impressive 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.
The overriding initial objective of the summer 2017 exploration program at Saddle had been to achieve a discovery. With this accomplished, the follow-up goal became to expand the known limits of the discovery, and our understanding of the geology, to the maximum degree possible before the onset of winter.
With additional capital in hand from an August 2017 financing, the onsite heli-supported camp was doubled in size to accommodate as many as 50 people, staffing levels for geology staff, core cutters and loggers were bolstered, and a second core drill was mobilized to the property. Working 24/7, the two drills combined completed an average of about 200 metres of core drilling per day from mid-August to October 5th, when both drills were removed.
Concurrent with the scaled-up drilling effort, geophysical crews were called back to the property in August to expand the ground IP grid over the broader Saddle target area both to the east and west, ultimately encompassing, in total, 32 line-kilometres. Also in August, a program of drone-based photogrammetry was flown over the entire area of the Saddle discovery, providing detailed orthophoto and topographic outputs, as well as survey control. In September, a 165 line-kilometre program of detailed heli-borne magnetics was flown over the immediate area of the discovery and, also in September, a prospecting program comprising rock (178 samples) and soils (156 samples) was carried out over the area of the Pass Gossan and Valleyside anomalies, located 7 kilometres to the southwest of Saddle.
As announced in press releases dated August 31, September 18, October 16, November 8, November 20, and December 4, 2017, these core drilling, geophysical, photogrammetry and sampling activities generated materially positive results:
At Saddle South:
At Saddle North:
Selected Saddle Core Drilling Program Results
Widths reported above are drilled lengths. True widths are estimated to be approximately 85-90% of drilled lengths for minus 50-degree holes, and approximately 70% for minus 70-degree holes. All assays were 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. Assay results presented above are fire assay results only. For gold, fire assays were performed as per ALS protocol Au-AA26 (0.01-100.00 g/t Au) using 50 grams of sample with assays equal to or greater than 5 g/t Au calculated gravimetrically, and lower-grade samples measured by (AA) atomic absorption.
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.