GT Gold Corp. [GTT-TSXV; GTGDF-OTC] has released the final four drill holes from its 15,000-metre Phase 2 exploration program on its 100%-owned Tatogga property in the Golden Triangle region of northwestern British Columbia.
The holes were drilled at the Saddle South gold-silver vein system and were the only holes drilled there in 2019. Highlights included drill hole TTD135, which intersected 53.73 metres of 10 g/t gold and 46.84 g/t silver from 93.27 to 147 metres at Saddle South.
GT Gold shares advanced on the news, rising 4.5% or $0.05 to $1.16 on active volume of just over 1.0 million. The shares are currently trading in a 52-week range of 57 cents and $1.31.
GT Gold is focused on B.C.’s Golden Triangle area and is backed by Newmont Goldcorp. Corp. [NGT-TSX; NEM-NYSE], which recently increased its stake in GT Gold to 14.9% from 9.9% via a private placement of 6.9 million shares at $1.20 per share.
GT’s flagship asset is the Tatogga property, which is located in the Stikine region 14 km west of the Imperial Metals Red Chris copper-gold mine and less than 1 km from the town of Iskut. Tatogga contains a high-grade gold discovery known as the Saddle prospect. It consists of two parts: a high-grade, near surface epithermal gold-silver vein system at Saddle South and, close by at Saddle North, a largely covered, porphyry copper-gold-silver mineralized system.
In a press release that came after the close of trading on January 16, 2019, GT said the results from the latest batch of holes help to demonstrate the continuity and consistency of gold-silver mineralization at Saddle South. It said all four drill holes yield vein, dike and lithological data that will be critical to building geological and resource models for Saddle South.
“The drill holes also confirm the interpretation that the Saddle South mineralized zone represents a westerly plunging vein field of sulphide-rich and local sulphosalt-bearing extensional veins and local vein-breccias,” the company said.
“The mineralization delineated to date defines a near-surface zone of at least 500 metres in strike length and over 100 metres in width, and which can be traced to more than 500 metres below surface,’’ it said.
GT went on to say that the relatively well-constrained central and western parts of the Saddle South Zone are part of the larger but less well-defined Saddle South system that strikes a further 600 to 700 metres eastward, for a total strike length of well over a kilometre.
“The Saddle South zone remains open at depth, to the east and to the west, where it appears to change to a southerly trend,” GT said.
A total of 25,146 metres were drilled in the combined phase 1 and 2 programs on the Tatogga property in 2019. For Saddle North, all 41 drill holes, or 23,857 metres of drilling have now been reported, and for Saddle South, all four drill holes for a total of 1,289 metres have now been released.
GT said it has launched a comprehensive re-log of all Saddle North core, which it said is in storage in Southern B.C. The re-log is part of a thorough program designed to include study work that will ultimately progress Saddle North through resource estimation and economic evaluation, with an initial goal of completing a geological model for Saddle North by the end of the first quarter of 2020.