GT Gold Mobilizes to Drill Saddle High-Grade Discovery

Vancouver, British Columbia, CANADA


VANCOUVER, British Columbia, June 04, 2018 (GLOBE NEWSWIRE) -- GT Gold (TSX-V:GTT) (the “Company” or “GT Gold”) is pleased to announce that exploration crews are now mobilizing to commence an 18,000-metre drill program targeting significant expansion of two important discoveries last year at the company’s 100%-owned Tatogga Project. 

Highlights:

  • Initial drilling with two rigs will simultaneously step out west and east of the high-grade near-surface gold zone defined at Saddle South through abundant multi-gram intercepts last summer including 51.53 g/t Au over 6.95 m (TTD007), 14.75 g/t Au over 12.15 m (TTD019) and 20.02 g/t Au over 8.25 m (TTD046). 

  • Drilling will begin by mid-June and is more than fully funded given GT Gold’s current $9 million cash position. 

  • GT Gold’s large-scale Tatogga Project in northwest B.C.’s prolific Golden Triangle covers 425 sq. km and features its own “triangle” of potential deposit opportunities - Saddle South, Saddle North and Quash-Pass, all with excellent nearby infrastructure and on trend with the Red Chris mine to the southeast. 

Kevin Keough, GT Gold President and CEO, stated:  “As demonstrated by exciting new discoveries at Saddle and elsewhere in the Golden Triangle last year, this region’s mineral potential is truly exceptional.  GT Gold will once again play a leading role on the exploration front in northwest B.C. this summer and we’re also constructing a sturdier, winterized camp to extend the drilling season further into Q4.” 

Saddle South

A wide-open high-grade gold system with mineralized intercepts along 1 km of E-W strike to >500 metres down-dip from surface was outlined by 86 drill holes in 2017 (first-ever drilling).   Significantly, only two holes tested an 800-metre long IP anomaly to the east that may represent sulphide-rich veins as demonstrated by late-season hole TTD059, which returned 12.12 g/t Au over 5.83 metres. 

Saddle North

Two of the last drill holes in 2017, spaced 1 km apart (TTD062 and TTD064) on the eastern side of Saddle North, intersected a copper-gold-silver porphyry system, parts of which host sheeted quartz veins enriched with gold and silver, and metal ratios, akin to those seen at Red Chris.  High-priority targets are being defined at Saddle North as GT Gold’s geological team follows up on this exciting early-stage discovery that may be interpreted as the “engine” of the Saddle mineralizing system, intersected over an east-west distance of nearly 3 km in 2017. 

Quash-Pass

Further evidence of robust mineralizing events at Tatogga comes from the Quash-Pass area which is 7 km southwest of Saddle and features a 6-km-long trend of elevated gold and silver, along with Saddle South “pathfinder” elements such as zinc, copper, and bismuth in soils.  Quash-Pass, which has yet to be drilled, features many of the same geological, geochemical and geophysical characteristics as Saddle South, and crews will be further investigating this promising area in the months ahead. 

Qualified Person

Charles J. Greig, M.Sc., P.Geo., Vice President, Exploration for GT Gold Corp. and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this press release.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

About GT Gold

GT Gold Corp. is focused on exploring for gold in the geologically fertile terrain of British Columbia’s renowned Golden Triangle.  The Company’s flagship asset is the wholly-owned, 42,500-hectare Tatogga property, located near Iskut, BC, close to roads and grid power.  The Company achieved, in 2017, a major new gold-silver discovery at its Saddle prospect, located up a gentle valley only 10 kilometres off Highway 37.  The Saddle discovery comprises 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. Geophysical surveying suggests that both may be large in scale, and early drill results suggest that Saddle North bears similarities to the nearby Red Chris deposit.  The discovery at Saddle was internationally recognized for its significance in November 2018 with the Mines and Money “Exploration Discovery Award”.  The Company has the backing of major institutions and key Canadian investors, has $9 million dollars in the treasury, and will shortly commence a fully funded, 18,000-metre program of expansion drilling on this exciting new discovery.

For more information please contact:

GT Gold Corp.  GT Gold Corp.
Kevin M. Keough  Charles J. Greig
President and Chief Executive Officer  Vice President, Exploration
Tel: (613) 622-1916    Tel: (250) 492-2331
Website: www.gtgoldcorp.ca  

Cautionary Statement Regarding Forward Looking Statements

This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws.  All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved".  Forward-looking statements involve risks, uncertainties and other factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements.  Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.