GT Resources Announces Diamond Drilling Underway on the Canalask Nickel-Copper Project
GT Resources Announces Diamond Drilling
Underway on the Canalask Nickel-Copper
Project
Toronto, Ontario--(Newsfile Corp. - July 8, 2024) - GT Resources Inc. (TSXV: GT) (OTCQB: CGTRF)
(FSE: 7N1) (the
"Company"
or "
GT Resources
") is pleased to announce drilling of the
Electromagnetic ("EM") targets at the Canalask Nickel-Copper Project is now underway.
"The first drill hole is well underway and is targeting a ~1000m x 400m EM Maxwell plate in the feeder
dyke, proximal to the Historic Resource Estimate containing 1.35% nickel in 400kt (while abundant,
copper was not historically reported).
Given the strong EM response that we have, our target is massive
sulphide (copper-nickel) mineralization in the main body of the feeder dyke,"
stated Derrick Weyrauch,
President and CEO.
Plans include drilling up to 2,000 meters plus conducting downhole EM surveys to locate massive nickel-
copper sulphide mineralization (see news release
January 16, 2024
).
Figure 1
- Drill setup on the first drill pad of the 2024 drill program.
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Figure 2
- Drill setup on the first drill pad of the 2024 drill program.
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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. As evidenced by
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.
Figure 3.
Isometric view new looking southwest of the modelled ultramafic dyke (purple) and modelled
Maxwell plate (yellow) from the 2023 ground EM survey and position of historic drill holes including VQ-7
which is located near the upper northeast corner of the plate. Insert map in the upper left is a stylized
cross section illustrating the exploration target consisting of massive magmatic sulphides located at the
base of the ultramafic dyke.
To view an enhanced version of this graphic, please visit:
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Canalask Historical Resource Estimate
Readers are cautioned that the Company has not attempted to verify the historic mineral resource
estimate and therefore readers should not place any reliance on the historical estimate. A qualified
person has not done sufficient work to classify the historical estimate as a current mineral resource. The
Company is not treating the historical estimate as current mineral resource.
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.
With a focus on climate change risks and opportunities, GT Resources Inc.'s (TSXV: GT) strategy is to
discover and ultimately produce critical Green Transportation Metals, including but not limited to sulphide
nickel, copper, palladium, platinum and cobalt. A Canadian mineral exploration and development
company, GT Resources is advancing district scale deposits in Canada and Finland. The Läntinen
Koillismaa (LK) Project in north-central Finland, is a PGE-copper-nickel project that has existing NI43-
101 Mineral Resources, while both the Tyko and Canalask high-grade nickel-copper projects are
located in Ontario and the Yukon, Canada, respectively. Our strategy includes delivering Net-Zero
Greenhouse Gas ("GHG") emissions considering the full life cycle of exploration, development, mining
activities and that of the metals we strive to produce.
Follow GT Resources on
,
, and at
www.gtresourcesinc.com
.
ON BEHALF OF THE BOARD
"Derrick Weyrauch"
President & CEO, Director
For further information contact:
Derrick Weyrauch, President & CEO
Email:
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.
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https://www.newsfilecorp.com/release/215678