GT Gold has released a maiden resource estimate for the Saddle North gold-rich copper porphyry within its wholly owned 468-sq.-km Tatogga property in northern B.C.<\/p>\n
Total indicated resources stand at 298 million tonnes grading 0.28% copper, 0.36 g\/t gold and 0.8 g\/t silver, containing 1.8 million lb. of copper, 3.5 million oz. of gold and 7.6 million oz. of silver. Inferred resources total 543 million tonnes at 0.25% copper, 0.31 g\/t gold and 0.7 g\/t silver, for a further 3 million lb. of copper, 5.5 million gold oz. and 11.6 million oz. of silver.<\/p>\n
The deposit includes both open-pittable and underground components; the majority of the current resource is in the open pit classification.<\/p>\n At Tuesday’s close, on the TSXV, GT Gold’s stock was down 26%<\/p>\n<\/blockquote>\n<\/figure>\n \u201cWe are proud of the value generated for our shareholders, especially considering this is one of the most recently discovered gold-copper porphyries world-wide, with the first borehole drilled as recently as late 2017,\u201d Paul Harbidge, the company\u2019s president and CEO, said in a release.<\/p>\n In the open-pit category, indicated resources include 217.1 indicated tonnes grading 0.25% copper, 0.29 g\/t gold and 0.65 g\/t silver with a further 253.5 million inferred tonnes at 0.22% copper, 0.24 g\/t gold and 0.53 g\/t silver. These were estimated using a net smelter return (NSR) cut-off of $9 per tonne.<\/p>\n Underground indicated resources are at 80.9 million tonnes at 0.35% copper, 0.56 g\/t gold and 1.16 g\/t silver and inferred resources include 289.3 million tonnes grading 0.27% copper, 0.38 g\/t gold and 0.78 g\/t silver. This component is based on a mining shape derived using a $16 per tonne NSR cut-off.<\/p>\n At the end of April, the company provided a summary of the geological model for the Saddle North porphyry. The current mineralized system covers a surface area of 1.2 km by 850 metres and extends over a vertical span of 1.6 km; the deposit is open along strike and at depth.<\/p>\n Harbidge added that this year\u2019s exploration work will be focused on testing targets in the Quash Pass area at Tatogga, 7 km from the Saddle area, where GT has identified a 5 km to 6 km geochemical and geophysical anomaly \u2013 drilling is expected to start in late July.<\/p>\n GT Gold is also working on a preliminary economic assessment for Saddle North, expected by the end of this year, which will be based on the latest resource estimate.<\/p>\n At Tuesday’s close, on the TSXV, GT Gold’s stock was down 26%. The company has a C$199 million market capitalization.<\/p>\n\n