VANCOUVER, British Columbia, Feb. 14, 2018 (GLOBE NEWSWIRE) — GT Gold Corp. (“GT Gold” or the “Company”) (TSXV:GTT) is pleased to announce initial metallurgical test results for the Saddle gold-silver discovery, located on the Company’s 100%-owned Tatogga property in northwestern British Columbia, Canada. Results show that the Saddle gold-silver mineralization is amenable to standard cyanidation processing with average recoveries of 84% gold and 25% silver, including numerous samples that showed recoveries of over 90%, and as high as 98%. The metallurgical test work was carried out by Blue Coast Research Ltd. of Parksville, B.C.
“These initial results are very encouraging even more so because they were unoptimized,” said Kevin Keough, President & CEO. “They constitute an important positive milestone for the advancement of the Saddle discovery.”
For metallurgical testing purposes 30 bulk composites spatially representative of the Saddle South Zone, and representative also of Saddle South style quartz-carbonate-sulphide mineralization, were created with drill core from 22 diamond core holes. Criteria for testing included standard bottle rolls using the following common processing parameters:
- 80% passing 100 μm
- retention time of 48 hours
The following table summarizes the initial metallurgical test results for Saddle:
| Composite Sample ID |
Assay Head Grade Au g/t |
Assay Head Grade Ag g/t |
Head Grade Calculated Au g/t |
Head Grade Calculated Ag g/t |
% Recovery Gold |
% Recovery Silver |
| Comp 1 | 5.96 | 9.00 | 6.20 | 9.51 | 65 | 34 |
| Comp 2 | 5.96 | 9.00 | 6.42 | 9.24 | – | – |
| Comp 3 | 4.36 | 3.30 | 4.02 | 3.67 | 88 | 55 |
| Comp 4 | 4.36 | 3.30 | 3.70 | 3.37 | – | – |
| Comp 5 | 5.96 | 9.00 | 6.33 | 9.17 | 67 | 43 |
| Comp 6 | 3.25 | 3.60 | 3.42 | 4.00 | 78 | 41 |
| Comp 7 | 39.63 | 222.60 | 46.01 | 227.39 | 81 | 45 |
| Comp 8 | 16.60 | 10.10 | 16.71 | 10.74 | 89 | 48 |
| Comp 9 | 7.03 | 2.50 | 4.57 | 2.84 | 88 | 37 |
| Comp 10 | 5.34 | 6.10 | 5.15 | 6.14 | 83 | 46 |
| Comp 11 | 7.89 | 17.90 | 7.59 | 18.04 | 85 | 36 |
| Comp 12 | 24.10 | 26.00 | 24.35 | 28.12 | 83 | 54 |
| Comp 13* | 7.79 | 17.70 | 7.66 | 16.70 | 77 | 61 |
| Comp 14* | 8.33 | 157.40 | 7.00 | 157.24 | 84 | 12 |
| Comp 15* | 2.55 | 3.10 | 2.36 | 3.51 | 81 | 77 |
| Comp 16 | 4.07 | 1.20 | 4.14 | 1.28 | 97 | 37 |
| Comp 17 | 8.24 | 1.10 | 7.51 | 1.41 | 97 | 65 |
| Comp 18 | 4.53 | 4.60 | 4.49 | 3.71 | 92 | 60 |
| Comp 19 | 11.23 | 5.65 | 11.18 | 5.12 | 86 | 49 |
| Comp 20 | 35.75 | 181.80 | 36.94 | 182.11 | 83 | 22 |
| Comp 21 | 25.10 | 5.80 | 64.87 | 5.94 | 98 | 79 |
| Comp 22 | 13.29 | 10.10 | 14.23 | 11.42 | 88 | 58 |
| Comp 23 | 14.84 | 367.00 | 14.55 | 384.90 | 75 | 15 |
| Comp 24 | 1.21 | 1.30 | 1.63 | 2.11 | 91 | 38 |
| Comp 25 | 11.20 | 5.50 | 11.18 | 4.15 | 92 | 64 |
| Comp 26 | 5.99 | 7.10 | 3.55 | 6.37 | 88 | 44 |
| Comp 27* | 20.34 | 31.10 | 20.87 | 31.24 | 86 | 60 |
| Comp 28* | 2.57 | 4.10 | 2.40 | 4.31 | 79 | 47 |
| Comp 29* | 7.00 | 5.95 | 7.20 | 5.71 | 82 | 63 |
| Comp 30* | 11.40 | 39.30 | 11.97 | 38.04 | 72 | 32 |
| Average | 10.86 | 39.07 | 12.27 | 39.92 | 84 | 25 |
| Note: All numbers are rounded. Composites highlighted with a * were ground to 25 μm | ||||||
NaCN consumption rates averaged 1.2 kg/t.
Independent Capital Markets Advisor
The Company has engaged an independent investor relations and capital markets advisory firm based in Toronto, to provide services on a non-exclusive basis for a three-month period, pursuant to which the Company has granted the advisory firm incentive stock options to purchase up to 90,000 shares. The options are exercisable for 2 years at a price of $0.70 cents.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
| For more information please contact: | ||||
| GT Gold Corp. | GT Gold Corp. | |||
| Kevin M. Keough | Charles J. Greig, P.Geo | |||
| President and Chief Executive Officer | Vice President, Exploration | |||
| Tel: (613) 832-4592 | 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.