by Greg Klein | August 20, 2015
Newly acquired turf helps Ontario gold explorer GTA Resources and Mining TSXV:GTA diversify into Newfoundland zinc and copper “in a proven producing belt with excellent infrastructure and a mining-friendly jurisdiction,” the company announced August 19. GTA staked 26 claim units for its Burnt Pond property, now totalling 136 claim units or 3,400 hectares.
Located eight kilometres on strike from Teck Resources’ (TSX:TCK.A and TCK.B) Duck Pond mine, Burnt Pond is “underlain by the same geological package of altered felsic volcanic rocks,” the company added. The new ground features what third parties have interpreted as a 500-metre-long zinc- and lead-rich stringer sulphide zone.
The zinc market appears ready for a strong rebound in both demand and pricing and this represents an opportunistic low-cost entry into this market, with no option commitments or future royalties payable.—Wayne Reid, president/CEO
of GTA Resources and Mining
2001 drilling featured a best result of 0.79% copper, 24% lead, 25.8% zinc, 791.1 grams per tonne silver and 1.6 g/t gold over 0.37 metres at a vertical depth of 405 metres, GTA stated. With limited historic drilling, extensive geophysical and geochemical surveys show untested electromagnetic targets coinciding with anomalous base metals in rock and soils.
“The existing targets can be easily advanced to a drill stage with the use of more modern technology,” said GTA president/CEO Wayne Reid. “The zinc market appears ready for a strong rebound in both demand and pricing and this represents an opportunistic low-cost entry into this market, with no option commitments or future royalties payable.”
After compiling previous work, plans call for gravity and EM surveys with drilling anticipated late this year.
Last month GTA reported gold samples up to 1.13 g/t from its Ivanhoe project west of Timmins. The company’s flagship is its Northshore project on the Hemlo-Schreiber Greenstone Belt. Having earned a 51% interest in the joint venture with Balmoral Resources TSX:BAR, GTA is considering the project’s potential for a small-scale contract mining operation.