GT Resources Intersects 2.12% Nickel Over 20 meters at the Canalask Nickel-Copper Project
GT Resources Intersects 2.12% Nickel Over 20
meters at the Canalask Nickel-Copper Project
Toronto, Ontario--(Newsfile Corp. - September 24, 2024) - GT Resources Inc. (TSXV: GT) (OTCQB:
CGTRF) (FSE: 7N1) (the
"Company"
or "
GT Resources
") is pleased to announce initial diamond drill
assay results from the 2024 exploration campaign at the Canalask Nickel-Copper Project, Yukon,
Canada.
A total of five holes were drilled, totalling 1,010 meters.
2.12% nickel
, 0.03% copper, 0.03% cobalt 0.19 g/t gold, and 0.37 g/t palladium was intersected
over 19.9 meters
(Hole CSK-24-02) in the Footwall Zone.
including
4.45% Ni
, 0.05% Cu, 0.06% Co, 0.37 g/t Au, and 1.44 g/t Pd
over 1.3 meters
.
The intercept began close to surface, at 17.6 meters down hole.
CSK-24-02 targeted the high-grade Footwall Zone.
The property size was increased to capture the potential down dip extension of known
mineralization.
11 new claims were staked, totalling approximately 200 hectares.
"Drill hole CSK-24-02 returned a broad interval of 2.12% nickel which far exceeds the Historic Footwall
Resource Estimate
1
grade of 1.3% and shows the presence of significant gold and palladium
mineralization. Historically, precious metals were not systematically analysed for, thus scope exists for
precious metals discovery.
Our drilling represents the first drill testing of the Footwall Zone since the 1990's and suggests the
Footwall Zone comprises a combination of physically and hydrothermally remobilized nickel sulphide.
The presence of footwall hosted nickel sulphide also suggests that a larger accumulation of nickel-
sulphide ought to occur within the immediately adjacent Kluane Ultramafic Feeder Dyke.
Drilling the ultramafic rocks within the Feeder Dyke encountered challenging ground conditions and
these conditions demand different drilling techniques in the next drill campaign.
As a consequence of
ground conditions and associated difficulty in finding appropriate mud mixtures, holes targeting the
favourable gabbro unit at the base of the ultramafic dyke did not reach their targeted depth.
The gabbro hosted mineralization, returned 0.8% Ni and 0.2% Cu over 3 meters in historic hole VQ-7
and is the primary massive-sulphide target at Canalask." stated Derrick Weyrauch, President and CEO.
Note 1 - Historical Resource Estimate - Canalask
Readers are cautioned that the Company has not attempted to verify the historic Footwall 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.
A Historical Resource Estimate on the Main Zone is quoted at 400,000 tonnes at 1.35% nickel (copper
was not reported) by Discovery Mines Ltd. in 1968 (Yukon Assessment Report 094599).
Figure 1.
Location Map of Canalask project, 2024 drill program (yellow dots), background is total field
magnetics. Newly stakes claims are outlined in blue on inset image in the top right-hand corner.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6502/224380_957f23fdd49349b0_001full.jpg
Figure 2.
Drill hole location map superimposed on an Isometric view looking southwest of the modelled
ultramafic dyke (purple), modelled Electromagnetic ("EM") Maxwell plate (yellow) and position of historic
drill holes including VQ-7 which intersected mineralized gabbro. Inset map in the upper left is a stylized
cross section showing the depth achieved by 2024 drill holes within the feeder dyke and illustrates the
exploration target consisting of disseminated and massive magmatic sulphides located within and
adjacent to gabbroic rocks at the base of the ultramafic dyke.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6502/224380_957f23fdd49349b0_002full.jpg
Figure 3.
Drill hole cross section of the Footwall Zone looking west.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6502/224380_957f23fdd49349b0_003full.jpg
Figure 4.
Massive sulphide vein at 55 meter down hole in CSK24-05, containing a matrix of pyrrhotite
(darker grey) and pentlandite (brighter white spots)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6502/224380_957f23fdd49349b0_004full.jpg
This summer's program represented the Company's first drilling campaign on the Canalask project. In
addition to drilling the Company conducted down-hole surveys and is currently reviewing the Borehole
Electromagnetic ("BHEM") data.
A total of 5 holes were drilled totaling 1,010 meters. Two (2) holes targeted the historic high-grade
Footwall style mineralization (Figure 1, 2, 3 & 4) while three (3) holes were planned to pierce the
Electromagnetic ("EM") conductor (see news release
January 16, 2024
) and the favourable gabbro at
the base of the Ultramafic Feeder Dyke.
While drilling proceeded smoothly on the Footwall Zone holes, challenging overburden and blocky faulted
ground was encountered within the ultramafic Feeder Dyke. As such only one of the three holes tested
the shallow EM conductor, which now appears to be the result of thin pyrrhotite coated fractures in brittle
fault zones. None of the three holes targeting the massive sulphide potential of the gabbro unit at the
base of the Feeder Dyke achieved planned depth.
Within this gabbro unit at the base of the Feeder
Dyke, historic hole VQ-07 returned 0.8% Ni and 0.2% Cu over 3 meters (Figure 2).
The Footwall Style mineralization consisted of massive veins, pods and disseminations of pyrrhotite-
pentlandite hosted within intermediate volcanic rocks (Figure 4). This style of mineralization bears
hallmarks of both physical and hydrothermal remobilization of nickel-sulphide and segregation of nickel-
rich and copper-rich sulphide zones. The presence of such significant footwall mineralization suggests
an undiscovered source of nickel-copper sulphide could exist within the ultramafic Feeder Dyke. To try
and trace a physical connection between the Footwall Style mineralization and the prospective basal
gabbro unit, future drilling will target the ultramafic dyke footwall contact near the historic high-grade
Footwall Zone.
Table 1:
Assay Results: Canalask Project 2024 drill results.
Hole
Target
From (m)
To (m)
Width (m)
Ni
%
Cu %
Co %
TPM g/t
(Pd+Pt+Au)
Pd g/t
Pt g/t
Au g/t
CSK24-01
Feeder
Dyke
Stopped short of target, assays pending
CSK24-02
Footwall
17.6
37.5
19.90
2.12
0.03
0.03
0.56
0.37
0.00
0.19
Inc.
19.4
26.7
7.35
3.42
0.04
0.04
0.90
0.53
0.00
0.37
Inc.
24.5
25.8
1.30
4.45
0.05
0.06
1.82
1.44
0.00
0.37
Footwall
56.0
71.0
15.00
0.28
0.17
0.01
0.04
0.00
0.00
0.03
Inc
61.5
69.0
7.55
0.41
0.21
0.02
0.06
0.00
0.00
0.05
Footwall
101.0
103.5
2.50
0.41
0.24
0.04
0.03
0.00
0.00
0.03
Inc.
102.0
102.5
0.50
1.34
0.37
0.09
0.10
0.00
0.00
0.10
Gold-
Copper
137.52
138.6
1.08
0.01
1.24
0.01
0.42
0.00
0.00
0.42
CSK24-03
Feeder
Dyke
Stopped short of target, assays pending
CSK24-04
Feeder
Dyke
Stopped short of target, assays pending
CSK24-05
Footwall
Assays pending
Hole
Target
From (m)
To (m)
Width (m)
Ni
%
Cu %
Co %
TPM g/t
(Pd+Pt+Au)
Pd g/t
Pt g/t
Au g/t
(1)
Reported widths are "drilled widths" not true widths and may not be indicative of the true grade, width and style of mineralization on the property.
Table 2:
Drill Hole Locations for this News Release
Hole
Azimuth
Dip
Length
NAD83 z7 East
NAD83 z7 North
Elevation
CSK-24-01
45
-65
127
525012.5
6868606
800
CSK-24-02
350
-50
200
524332.6
6869344
755
CSK-24-03
25
-75
104
525012.5
6868606
800
CSK-24-04
25
-75
408.5
525252.5
6868661
791
CSK-24-05
346
-69.6
170
524332.6
6869344
756
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. Due to
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.
QA/QC
The drilling program was carried out under the supervision of Neil Pettigrew, M.Sc., P.Geo., Vice
President of Exploration, and a Director of the Company.
Drill core samples were split using a rock saw by Company staff, with half retained in the core box and
stored in a secured locked facility in Whitehorse.
Samples were transported in secure bags directly by Company staff from the logging facility at the onsite
exploration camp, to the ALS Geochemistry ("ALS") lab in Whitehorse, Yukon. All samples are crushed
to 2 millimeters with a 250-gram split pulverized to 105 microns. Analysis for PGEs is performed using a
30 grams fire assay with an ICP-MS finish and for Ni, Cu, and Co using 0.25 grams by 4 acid digestion
with ICP-AES finish. Ni, Cu and Co samples over 1.0 wt% were re-analysed by ore grade methods using
4 acid digestion with ICP-AES finish.
Certified standards, blanks and crushed duplicates are placed in the sample stream at a rate of one
QA/QC sample per 10 core samples. Results are analyzed for acceptance within the defined limits of the
standard used before being released to the public.
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 North Rock, Tyko and Canalask are high-grade nickel-copper projects
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
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that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar
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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,
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circumstances should change. Investors are cautioned against attributing undue certainty to forward-
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