Toronto, Ontario--(Newsfile Corp. - November 4, 2024) - GT Resources Inc. (TSXV: GT) (OTCQB: CGTRF) (FSE: 7N1) (the "Company" or "GT Resources") is pleased to announce additional diamond drill assay results from the 2024 exploration campaign at the Canalask Nickel-Copper Project, Yukon, Canada.
1.95% nickel, 0.05% copper, 0.03% cobalt 0.19 g/t gold, and 0.44 g/t palladium was intersected over 33.5 meters (Hole CSK24-05) in the Footwall Zone.
including 4.15% Ni, 0.04% Cu, 0.07% Co, 0.24 g/t Au, and 0.85 g/t Pd over 5.5 meters.
including 12.90% Ni, 0.12% Cu, 0.23% Co, and 0.81 g/t Au over 0.2 meters.
The intercept began close to surface, at 24.6 meters down hole.
"Drill hole CSK-24-05 returned another broad interval of predominantly nickel mineralization and impressive grades. In addition to the significant wide zone of high-grade nickel mineralization, previously unrecognized precious metals including palladium and gold were encountered. 2024's drilling program suggests the Footwall Zone comprises a combination of physically and hydrothermally remobilized nickel sulphide. The presence of footwall hosted nickel sulphide also suggests that a larger accumulation of nickel sulphide ought to occur within the immediately adjacent Kluane Ultramafic Feeder Dyke.
"The favourable gabbro zonet at the base of the ultramafic dyke was not tested in 2024, however the Company plans to test the gabbro zone / basal contact during the 2025 drill program. Gabbro hosted mineralization within this zone, returned 0.8% Ni and 0.2% Cu over 3 meters in historic hole VQ-7 and is the primary massive-sulphide target at Canalask," stated Derrick Weyrauch, President and CEO.
Figure 1. Location Map of Canalask project, 2024 drill program (yellow dots), background is total field magnetics. Newly staked claims are outlined in blue on inset image in the top right-hand corner.
1. see Historical Resource Estimate disclaimer below
Figure 2. Drill hole location map superimposed on an Isometric view looking southwest of the modelled ultramafic dyke (purple), modelled Electromagnetic ("EM") Maxwell plate (yellow) and position of historic drill holes including VQ-7 which intersected mineralized gabbro. Inset map in the upper left is a stylized cross section showing the depth achieved by 2024 drill holes within the feeder dyke and illustrates the exploration target consisting of disseminated and massive magmatic sulphides located within and adjacent to gabbroic rocks at the base of the ultramafic dyke.
1. see Historical Resource Estimate disclaimer below
Figure 4. Massive sulphide vein at 55.1-55.2 meters down hole in CSK24-05, containing a matrix of pyrrhotite (darker grey) and pentlandite (brighter white spots), this sample returned 12.9% Ni over 0.2 meters.
This summer's program represented the Company's first drilling campaign on the Canalask project. In addition to drilling the Company conducted down-hole surveys and is currently reviewing the Borehole Electromagnetic ("BHEM") data.
A total of 5 holes were drilled totaling 1,010 meters. Two (2) holes targeted the historic high-grade Footwall style mineralization (Figure 1, 2, 3 & 4) while three (3) holes were planned to pierce the Electromagnetic ("EM") conductor (see news release January 16, 2024) and the favourable gabbro at the base of the Ultramafic Feeder Dyke.
While drilling proceeded smoothly on the Footwall Zone holes, challenging overburden and blocky faulted ground was encountered within the ultramafic Feeder Dyke. As such only one of the three holes tested the shallow EM conductor, which now appears to be the result of thin pyrrhotite coated fractures in brittle fault zones. None of the three holes targeting the massive sulphide potential of the gabbro unit at the base of the Feeder Dyke achieved planned depth. Within this gabbro unit at the base of the Feeder Dyke, historic hole VQ-07 returned 0.8% Ni and 0.2% Cu over 3 meters (Figure 2).
The Footwall Style mineralization consisted of massive veins, pods and disseminations of pyrrhotite-pentlandite hosted within intermediate volcanic rocks (Figure 4). This style of mineralization bears hallmarks of both physical and hydrothermal remobilization of nickel-sulphide and segregation of nickel-rich and copper-rich sulphide zones. The presence of such significant footwall mineralization suggests an undiscovered source of nickel-copper sulphide could exist within the ultramafic Feeder Dyke. Future exploration will try and trace a physical connection between the Footwall Style mineralization and the prospective basal gabbro unit, future drilling will target the ultramafic dyke footwall contact near the historic high-grade Footwall Zone.
(1) Reported widths are "drilled widths" not true widths and may not be indicative of the true grade, width and style of mineralization on the property. (2) Values from hole CSK24-02 are previously released, see news release September 24, 2024
Table 2: Drill Hole Locations for this News Release
Hole
Azimuth
Dip
Length
NAD83 z7 East
NAD83 z7 North
Elevation
CSK-24-01
45
-65
127
525012.5
6868606
800
CSK-24-02
350
-50
200
524332.6
6869344
755
CSK-24-03
25
-75
104
525012.5
6868606
800
CSK-24-04
25
-75
408.5
525252.5
6868661
791
CSK-24-05
346
-69.6
170
524332.6
6869344
756
Exploration Target
The "White River Intrusive Complex" ("WRIC") is a favourable setting for magmatic nickel-copper sulphide mineralization and is considered a "feeder system" with a high volume of magma flow. Due to the abundance of magmatic Ni-Cu-PGE showings at the base of the WRIC and the discovery of the nickel-rich Canalask footwall deposit, the project hosts strong potential for both "magmatic feeder-type" basal deposits and "epigenetic footwall-type" footwall deposits. The geological setting draws comparison to the world-class Norilsk Ni-Cu-PGE camp.
Readers are cautioned that the Company has not attempted to verify historic mineral resource estimates and therefore readers should not place any reliance on any historical estimate. A qualified person has not done sufficient work to classify a historical estimate as a current mineral resource, additionally, a qualified person has not yet determined what work needs to be done to upgrade or verify a historical estimate as a current mineral resources or mineral reserves. The Company is not treating any historical estimates as current mineral resources.
A Historical Resource Estimate on the Main Zone (also referred to as the Footwall Zone) of the Canalask Project is quoted at 400,000 tonnes at 1.35% nickel (copper was not reported) by Discovery Mines Ltd. in 1968 (Yukon Assessment Report 094599). The parameters, methodology and categorise used are not known, and thus the reliability of the estimate cannot be determined, however, it is still considered relevant as underground development and diamond drilling in the 1950 & 1960s supported the estimate and provides a guide for future exploration.
QA/QC
The drilling program was carried out under the supervision of Neil Pettigrew, M.Sc., P.Geo., Vice President of Exploration, and a Director of the Company.
Drill core samples were split using a rock saw by Company staff, with half retained in the core box and stored in a secured locked facility in Whitehorse.
Samples were transported in secure bags directly by Company staff from the logging facility at the onsite exploration camp, to the ALS Geochemistry ("ALS") lab in Whitehorse, Yukon. All samples are crushed to 2 millimeters with a 250-gram split pulverized to 105 microns. Analysis for PGEs is performed using a 30 grams fire assay with an ICP-MS finish and for Ni, Cu, and Co using 0.25 grams by 4 acid digestion with ICP-AES finish. Ni, Cu and Co samples over 1.0 wt% were re-analysed by ore grade methods using 4 acid digestion with ICP-AES finish.
Certified standards, blanks and crushed duplicates are placed in the sample stream at a rate of one QA/QC sample per 10 core samples. Results are analyzed for acceptance within the defined limits of the standard used before being released to the public.
Qualified Person
The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P.Geo., Vice President of Exploration and a director of the Company and the Qualified Person as defined by National Instrument 43-101.
About GT Resources Inc.
GT Resources Inc. (TSXV: GT) is a mineral exploration company with a strategy to develop copper and nickel mining projects in Europe and North America. Our projects are located in Finland and Canada and are comprised of district scale opportunities that have attracted strategic investment from a major mining company.
ON BEHALF OF THE BOARD "Derrick Weyrauch" President & CEO, Director
For further information contact: Derrick Weyrauch, President & CEO Email: info@gtresourcesinc.com
Neither the TSX Venture Exchange nor its Market Regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release is not an offer or a solicitation of an offer of securities for sale in the United States of America. The common shares of GT Resources Inc. have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
Information set forth in this press release may contain forward-looking statements. Forward-looking statements are statements that relate to future, not past events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in mineral and commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the absence of dividends; competition; dilution; the volatility of our common share price and volume; and the impact of governmental entities. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
