GT Gold Corp. [GTT-TSXV; GTGDF-OTC] released assay results from the latest two holes from the Saddle North discovery at its wholly-owned Tatogga property in northwest British Columbia’s Golden Triangle area.
The shares sank on the news, falling 34.16% or $0.55 to $1.06 on volume of 3.15 million.
The company said results from holes TTD098 (southeast step-out) and TTD102 (northwest step-out) have 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 are estimated at more than 700 metres, encompassing a strongly mineralized core area estimated at 450 metres true width.
GT Gold is focused on BC’s Golden Triangle area. 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.
On September 10, 2018, the stock rallied after the company reported a new porphyry discovery that is known to come to surface beneath thin glacial sediments and has been intersected in multiple holes.
The company said 10 widely-spaced holes targeted the discovery during the recently completed drilling campaign and all holes have returned strong visual intercepts of mineralization over significant intervals, demonstrating broad continuity laterally and to depth.
Step-out hole TTD098 returned 0.40 g/t gold, 0.26% copper, 1.03 g/t silver (0.81 g/t gold equivalent) over 685 metres from 473 to 1,158.00 metres.
Northwest step-out hole TTD102 is the most northwesterly of the holes drilled at Saddle North to date. It returned 0.42 g/t gold, 0.23% copper, 0.45 g/t silver (0.77 g/t gold equivalent) over 357.49 metres from 531.90 to 889.39 metres.
Saddle North remains open for expansion down-dip and along strike, GT said.
“These two latest well-mineralized intercepts in step-outs 98 and 102, coupled with earlier results from holes 85, 90 and 93, continue to build the picture of a very large discovery at Saddle North – a very broad zone of mineralization in place close to surface, extending many hundreds of metres to depth and along strike, and encompassing some impressively rich grades of gold, copper and silver, now shown to be continuous down dip and along the length of the system,’’ said GT Gold, Vice-President, Exploration Charles Greig.
“Our teams looks forward to receiving the results from our remaining 2018 holes and, in particular, those from holes 106 to 108, both of which were drilled up-dip of hole 93, which will test whether or not the high-grade stockwork and sheeted vein zone common near the footwall of the intrusive complex approaches surface,’’ Greig said.
“We are also eagerly anticipating the results of our deepest drill hole, TTD109, which is testing down-dip of holes 93 and 85.”