GTA Mining and Resources Inc. (TSXV:GTA) reported results from an initial National Instrument 43-101 mineral resource estimate for the Afric Zone on the Northshore property near Schreiber, Ontario, Canada. Highlights included, using a cutoff grade of 0.50 grams of gold per tonne, an indicated resource of 391,000 ounces gold in 12,360,000 tonnes at a grade of 0.99 g/t gold, and inferred resource of 824,000 ounces gold in 29,580,000 tonnes at a grade of 0.87 g/t gold and the potential for expansion in all resources.
As quoted in the press release:
GTA is encouraged with this initial resource estimate as it not only exceeds management’s expectations, but it also exceeds the historical resources estimated by Noranda Explorations in the early 1990′s. The above table shows both indicated and inferred gold mineral resources for the Afric Zone at various incremental gold cut-off grades. The cut-off grade of 0.50 gpt gold was highlighted as it is believed that this value represents a reasonable cut-off grade for exploiting a bulk tonnage gold deposit, such as the Afric Zone, located in northern Ontario with excellent existing infrastructure. The table also shows a cut-off grade of 0.20 gpt gold with an estimated contained inferred mineral resource of over 1.1 million ounces of gold (63,490,000 tonnes grading 0.58 gpt) and an indicated resource of over 0.5 million ounces gold (27,980,000 tonnes grading 0.61 gpt). These results clearly show that the Afric Zone is a significant, large intrusive-related gold system with a higher grade inner gold zone.
GTA CEO, Wayne Reid, said:
This is the first time that a NI 43-101-compliant resource has been estimated on the Afric Zone, and we were able to complete this maiden resource in just over 2 years from the commencement of our initial drill program. Going forward, we will focus on expanding the zone and scoping out the economic potential of both the bulk tonnage Afric Zone and the near surface higher grade mineralization within the central part of the zone.