GT Gold advances on Saddle North assays
GT Gold Corp. [GTT-TSXV; GTGDF-OTC] shares rallied in active trading Wednesday July 17 after the company released assay results from drilling on its Saddle North copper-gold porphyry discovery at its wholly-owned Tatogga property in northwest British Columbia’s Golden Triangle region.
The latest results are from the first six holes of a 10,000-metre Phase 1 exploration program, which aims to expand the Saddle North discovery. The company said results have confirmed that the high grades identified in hole TTD108 continue up-dip to surface at Saddle North, and holes TTD116 and 112 show that a direct link of excellent and increasing grades exists between the near surface mineralization through moderate depths to the deeper and generally highest- grade mineralization at Saddle North.
Highlights include drill hole TTD112, which returned 0.70 g/t gold, 0.44% copper, 1.09 g/t silver (0.96% copper equivalent and 1.31 g/t gold equivalent) over 685 metres from 21 to 706 metres.Â That includes 0.91 g/t gold, 0.55% copper, 1.34 g/t silver (1.23% copper equivalent and 1.67 g/t gold equivalent) over 500 metres from 206 to 705 metres.
The company said TTD116 returned 0.46 g/t gold, 0.33% copper, 0.91 g/t silver (0.68% copper equivalent and 0.93 g/t gold equivalent) over 431 metres from 17 to 447 metres, thus helping to substantiate the link suggested by TTD112 between the very high grades encountered in 2018 deep holes with near-surface high grades (TTD108,111, and 113).
GT Gold shares rose 7.78% or $0.07 to 97 cents Wednesday on active volume of 1.9 million. The shares trade in a 52-week range of 41 cents and $2.15.
The company said previous results expanded the mineralized dimensions of the Saddle North mineralized intrusive complex to almost 600 metres of strike, and to greater than 900 metres vertically from surface (1,100 metres down-dip).
True widths of the mineralized envelope were previously estimated at more than 700 metres, encompassing a strongly mineralized core area estimated at 450 metres true width.
GT Gold is focused on B.C.’s Golden Triangle. Its flagship asset is the Tatogga property, which contains a high-grade gold discovery known as the Saddle prospect. The Saddle discovery 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.
The company said drilling continues with two drill rigs, with one continuing to extend near-surface high-grade mineralization northwest along strike from holes TTD113, 111, and 108, and a second testing the deeper high-grade zone centred around 2018 drill holes TTD093 and TTD109.
A total of 6,500 metres out of a planned 10,000-metre Phase 1 program have been drilled, with an expected completion by early August. The company said Saddle North mineralization remains open in most directions, with particular potential evident at depth and to the northwest.
Once the Phase 1 program is complete, Saddle North targets will be re-prioritized and drilling will focus on producing a preliminary resource for Saddle North. A number of targets peripheral to Saddle North will also be drilled. “Any other new targets showing significant promise may also be tested in an anticipated Phase 2 program, scheduled to begin in early August,” the company said.