Ubika Research analyst provides an update on the latest core sample results from GTA Mining and Resources Inc. (TSXV:GTA), which included 320.1 g/t gold
SmallCapPower | January 30, 2018: Bonanza grade from final assay results. On January 29, 2018, GTA Mining and Resources Inc. (TSXV:GTA) reported the last core sample from its completed drill campaign at Big Duck Lake located 25km north of Schreiber, Ontario. The results were highlighted by 320.1 g/t Au over 1.3m, including an interval grading 823.1 g/t Au over 0.5m. The stock responded well and ended 11% higher, posting one of the highest volume days over the past year. For reference, within the initial set of results shown released on January 15, there was one over-limit sample from Hole BD17-01 with over >10 g/t Au that had to be re-run at the lab.
Related: A Big Start for Big Duck Lake
Solid results to start. Recall, on January 15, GTA reported the initial drill results from Big Duck Lake located 25km north of Schreiber, Ontario. All holes hit and confirmed mineralization and were targeted within the historic pit shell. Results reported are from four holes, highlighted by 1.65 g/t Au over 44.0m, including an interval of 5m grading 5.9 g/t Au, as well as 36.8m grading 1.01 g/t Au. This drill program targeted the Coco-Estelle gold zone near surface, down to a depth of 90m.
What grades could make an open-pit mine in Canada? As shown below, most of the more well-known operating open-pit mines in Canada have reserves that range 1 g/t Au or lower. While these results are very early days, the results released in the program, in addition to the bonanza result, showed solid near-surface gold grades, which in our opinion, justify a follow up program.
The historic Winston Lake Mine produced at similar gold grades. For reference, Big Duck Lake is located 4km east of the Winston Lake mine, which produced 2.68Mt grading 1.05% Cu, 12.05% Zn, 1.07 g/t Au and 31.37 g/t Ag over 11 years.
Canadian Open-pit Reserve Grades
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