VANCOUVER, British Columbia, May 25, 2020 (GLOBE NEWSWIRE) -- GT Gold Corp. (TSX-V:GTT) (the “Company” or “GT Gold”) reports its audited financial results for the quarter ended March 31, 2020. Copies of both the Financial Statements and the Management’s Discussion & Analysis may be obtained on the Company’s website at www.gtgoldcorp.ca or under the Company profile on SEDAR.
First Quarter Highlights
- March 31, 2020: The Company completed the work required to develop a well-constrained geological model of the Saddle North gold-rich copper porphyry in northern British Columbia. Published in April, the model comprises a robust three-dimensional digital representation of lithology, alteration, mineralization and structure, which will be used as the basis for both the initial mineral resource estimate anticipated to be released by the end of June 2020, as well as a Preliminary Economic Assessment for Saddle North expected by year-end.
- February 20, 2020: GT Gold reported positive results for initial metallurgical test work on two composite samples from the Saddle North Cu-Au porphyry, showing favourable recoveries for both high- and lower-grade composites as well as the potential for a simple, conventional flowsheet for Saddle North style mineralization.
- January 16, 2020: The Company announced the results from the final holes of the 2019 drilling program at the Saddle South Au-Ag vein target.
“We are extremely pleased with our progress made to date in 2020,” commented Paul Harbidge, President and Chief Executive Officer. “Despite the onset of the global COVID-19 pandemic, we have successfully advanced the Saddle North project technicals on schedule and continue to expect to deliver an inaugural resource by the end of next month. As we progress toward the summer field season, we continue to prioritize the safety and protection of all employees and community members. We are fortunate that the Tahltan Central Government has provided ongoing clear communication of expectations for cautions and protocols required for work in Tahltan Territory and GT Gold will continue to align all work preparations according to both the saftety requirements established by the Tahltan, as well as those outlined by the B.C. Provincial Health Officer.”
At March 31, 2020, the Company had a cash position of C$14.4 million, which is expected to be sufficient to fund all expenditures up to and including the Preliminary Economic Assessment (“PEA”), as well as to provide a sizeable buffer for work following the PEA into 2021, to be planned based on the results of the 2020 technical program.
About GT Gold
GT Gold Corp. is focused on exploring for base and precious metals in the geologically fertile terrain of British Columbia’s renowned Golden Triangle. The Company’s flagship asset is the wholly-owned, 46,827 hectare Tatogga property, located near Iskut, BC, upon which it made two significant discoveries in 2017 and 2018 at its Saddle prospect: a precious metal rich vein system at Saddle South and a gold rich copper porphyry system at Saddle North.
For further information, please contact:
| GT Gold Corp. Paul Harbidge President and Chief Executive Officer Tel: (236) 427 5744 Website: www.gtgoldcorp.ca |
GT Gold Corp. Shawn Campbell Chief Financial Officer Tel: (236) 427 5744 |
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. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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