Toronto, Ontario--(Newsfile Corp. - March 11, 2024) - GT Resources Inc. (TSXV: GT) (OTCQB: NKORF) (FSE: 7N11) (the "Company" or "GT") is pleased to announce final results from the 2023 drill program on the Tyko II Property, which forms part of the larger Tyko Nickel-Copper Project in Ontario, Canada.
Highlights
- Represents GT's first drill testing on the Tyko II Property.
- Massive sulphide was intercepted at the base of the Moshkinabi intrusion thereby supporting the prospectivity for additional massive sulphide mineralization at Tyko II. Drilling returned:
- 0.8% Ni, 0.6% Cu over 0.7 meters including 0.9% Ni, 0.6% Cu over 0.4 meters in hole TK23-141
- Also intersected was disseminated copper-palladium-rich mineralization, within the Kejimalda Zone, which represents an additional style of mineralization and further supports the prospectivity of the area. Drilling returned:
- 0.1% Cu, 0.33 g/t TPM ("Platinum + Palladium + Gold") over 24.3 meters including 0.23% Cu, 0.73 g/t TPM over 2.0 meters in hole TK23-142.
- The Kejimalda Zone extends over a 3-kilometer strike length and ranges in width from a few meters up to 30 meters in width.
- In Q4 2023, 3,028 meters were drilled in 22 diamond drill holes on the Tyko Project, twelve holes were drilled on the Tyko I Property and ten on the Tyko II Property which are detailed in this release.
- The Gionet Zone has returned up to 0.38% Cu in soils coincident with VTEM ("Versatile Time Domain Electromagnetic") anomalies and remains to be drill tested following receipt of exploration drill permits.
"The first drilling on the Tyko II property has returned encouraging results including up to 0.9% Ni in massive sulphide. The drill program was focused on the Moshkinabi intrusion which is the best mapped and hence understood part of the wider Faries-Moshkinabi mafic-ultramafic complex. Large parts of this intrusive complex remain untested, notably the Gionet Zone which has demonstrated strong copper and nickel soil anomalies coincident with VTEM anomalies. Plans are underway to further explore this large mafic-ultramafic complex once additional Exploration Permits are received," stated Derrick Weyrauch, President and CEO.
The 2023 drill program comprised 22 holes totalling 3,028 meters on both the Tyko I and Tyko II Properties. The program included twelve holes targeting the West Pickle area of Tyko I (see news release Feb 1, 2024) and ten drill holes on the Tyko II Property, primarily targeting the Moshkinabi intrusion. Drilling on the Moshkinabi intrusion targeted both massive and disseminated sulphides.
The primary drill target was massive sulphide mineralization along the base of the intrusion such as that found in a historic trench which returned grab samples up to 1.0% Ni, 0.2% Cu, 0.13% Co, 2.42 g/t Pd, and 0.15 g/t Pt (see news release November 21, 2023). A 2023 VTEMmax survey outlined several isolated conductors located near the base of the Moshkinabi intrusion which could represent additional massive sulphide accumulations (see news release September 28, 2023). Holes TK23-140 and 141 successfully intersected Ni-rich semi-massive and massive sulphide similar to the grab samples from the historic trench, however several other holes intersected highly deformed sulphide facies banded iron formation in the volcanic wall rock to the Moshkinabi intrusion. It is currently thought that many of these VTEM anomalies are due to this wall rock sulphide, however ~50% of the drill holes did not intersect any significant sulphide and these VTEM targets remain unexplained. The fact that the Moshkinabi intrusion has produced basal-style Ni-rich massive sulphides is highly encouraging and the presence of sulphide facies banded iron formation in the wall rock could also serve as a source of sulphur. This style of mineralization warrants additional follow up.
The secondary target was disseminated Cu-Pd-rich mineralization higher up in the Moshkinabi intrusion belonging to the Kejimalda Zone, which has been defined by historical mapping and prospecting over three kilometers of strike length. Disseminated style mineralization was intersected in six holes with widths ranging from two to twenty-four meters. The disseminated style mineralization appears to parallel the lower contact of the intrusion, which dips shallowly the northeast, and could represent a reef-style system.
The final hole of the program TK23-144 targeted an isolated VTEM anomaly and intersected semi-massive pyrrhotite-rich mineralization with minor chalcopyrite in highly deformed volcanics. It is thought to be volcanogenic massive sulphide ("VMS") style mineralization with potential similarities to the nearby world-class Geco mine that produced over 49.3 Mt of ore grading 1.85% Cu, 3.78% Zn, and 56.2 g/t Ag (Puumala et al., 2020).
Figure 1. Simplified geology map of the Tyko II Property, showing grab samples from historic mineralized zones, and location of 2023 drill holes. Inset maps are of the Gionet Zone showing VTEM as the background and 2023 soil sampling results.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6502/201068_879ff01344905a41_001full.jpg
Figure 2. Detailed geology map of the southwestern contact of the Moshkinabi Intrusion showing the location of 2023 drill holes.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6502/201068_879ff01344905a41_002full.jpg
Figure 3. 2023 drill holes and VTEM anomalies with the outline of Moshkinabi intrusion (translucent brown).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6502/201068_879ff01344905a41_003full.jpg
About Tyko Nickel - Copper Project
The Tyko Nickel - Copper Project, is located approximately 65 kilometers northeast of Marathon Ontario, Canada. Tyko is an early stage, high sulphide tenor, nickel - copper (2:1 ratio) project and with multiple mineralized zones spanning over a 20-kilometer strike length and demonstrating the potential for a new greenfield nickel - copper district.
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.
Grant of Incentive Awards
GT Resources also announces that its board of directors has granted:
- 650,000 restricted share units ("RSUs") to certain employees, advisors and consultants which vest in three years from the date of issue and have a term of 5-years;
- 3,000,000 deferred shares units ("DSUs") to certain officers and directors, which are exercisable upon departure from the Company and which vest immediately;
- 3,825,000 stock options to certain officers and directors, which are exercisable for five years at a price of $0.05 per common share with 1/3rd vesting immediately and 1/3rd every 6-months thereafter; and
- 725,000 stock options to certain employees, advisors and consultants, which are exercisable for five years at a price of $0.05 per common share with 1/3rd vesting immediately and 1/3rd every 6-months thereafter.
About GT Resources
GT Resources Inc. (TSXV: GT) is focused on discovering environmentally and socially conscious Critical Green Transportation Metals. A Canadian mineral exploration and development company, GT is targeting district scale, nickel - copper sulphide and platinum-group-element (PGE) 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. Follow GT Resources on LinkedIn, Twitter, and at https://gtresourcesinc.com/.
ON BEHALF OF THE BOARD
"Derrick Weyrauch"
President & CEO, Director
For further information contact:
Derrick Weyrauch, President & CEO
Email: info@GTResourcesinc.com
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.
Table 1: Assay Results: Tyko Project 2023 drill results from the Tyko II Property
| Hole | Rock Type | From (m) | To (m) | Width (m) | Ni % | Cu % | Co % | TPM g/t (Pd+Pt+Au) | Pd g/t | Pt g/t | Au g/t |
| TK23-135 | No Significant Mineralization | ||||||||||
| TK23-136 | Gabbro | 26.0 | 30.0 | 4.0 | 0.04 | 0.09 | 0.01 | 0.38 | 0.29 | 0.08 | 0.01 |
| TK23-137 | Gabbro | 87.0 | 94.5 | 7.5 | 0.06 | 0.15 | 0.01 | 0.49 | 0.37 | 0.10 | 0.02 |
| TK23-138 | No Significant Mineralization | ||||||||||
| TK23-139 | Gabbro | 12.0 | 13.5 | 1.5 | 0.05 | 0.10 | 0.01 | 0.28 | 0.20 | 0.06 | 0.02 |
| TK23-140 | Semi-Massive Sulphide | 8.8 | 12.9 | 4.1 | 0.20 | 0.47 | 0.02 | 1.00 | 0.79 | 0.21 | 0.00 |
| TK23-141 | Massive Sulphide | 5.8 | 6.5 | 0.7 | 0.84 | 0.57 | 0.10 | 2.60 | 2.22 | 0.33 | 0.06 |
| 6.1 | 6.5 | 0.4 | 0.90 | 0.65 | 0.11 | 2.81 | 2.44 | 0.35 | 0.01 | ||
| TK23-142 | Gabbro | 40.0 | 64.3 | 24.3 | 0.04 | 0.11 | 0.01 | 0.33 | 0.25 | 0.07 | 0.02 |
| 44.0 | 46.0 | 2.0 | 0.07 | 0.23 | 0.01 | 0.73 | 0.54 | 0.14 | 0.04 | ||
| TK23-143 | Gabbro | 86.0 | 88.5 | 2.5 | 0.05 | 0.14 | 0.01 | 0.56 | 0.46 | 0.08 | 0.02 |
| 99.2 | 102.0 | 2.8 | 0.04 | 0.12 | 0.01 | 0.30 | 0.22 | 0.07 | 0.01 | ||
| TK23-144 | Volcanic | 67.0 | 67.5 | 0.5 | 0.02 | 0.31 | 0.02 | 0.02 | 0.00 | 0.00 | 0.01 |
(1) Reported widths are "drilled widths" not true widths.
Table 2: Drill Hole Locations for assay results from this news release
| Hole | Azimuth | Dip | Length | NAD83 z16 East | NAD83 z16 North | Elevation |
| TK23-135 | 255 | -45 | 159.0 | 605223.1 | 5444267 | 40 |
| TK23-136 | 222 | -45 | 153.0 | 605489.9 | 5443376 | 44 |
| TK23-137 | 169.6 | -45 | 150.0 | 606280.3 | 5443071 | 57 |
| TK23-138 | 125 | -80 | 30.5 | 606197.1 | 5442929 | 73 |
| TK23-139 | 190.2 | -45 | 81.4 | 606195.4 | 5442913 | 48 |
| TK23-140 | 227.9 | -45 | 171.0 | 605600.3 | 5443025 | 54 |
| TK23-141 | 166.1 | -45 | 150.0 | 605610.1 | 5443011 | 24 |
| TK23-142 | 175.1 | -45 | 126.0 | 606668.3 | 5443074 | 101 |
| TK23-143 | 194.8 | -70.1 | 102.5 | 605806.8 | 5443076 | 92 |
| TK23-144 | 134.4 | -45 | 120.0 | 606040.7 | 5435975 | 32 |
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/201068
SOURCE: GT Resources Inc.
