GTA-V up 28% on the day, closed 21 cents
GTA Resources and Mining (GTA-V) Dec 17, '13 has commenced 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 continuing 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 Highway 11 located 15 kilometres 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 landholder in the area, holding 100-per-cent title to more than 69,000 contiguous acres.
Robert Duess, PGeo, vice-president, 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. |
