BURLINGTON, ONTARIO -- (Marketwired) -- 07/02/13 -- GTA Resources and Mining Inc. (TSX VENTURE: GTA) and Metals Creek Resources Corp. (TSX VENTURE: MEK) are pleased to announce commencement of their joint exploration program on the Squid East project in the Matson Creek area in the Yukon. The initial phase of exploration will consist of a trenching program focused on a strong northwest trending gold plus pathfinder element soil anomaly located on the Squid East claim block. Anomalous values are remarkably continuous between sample locations with gold ranging from 15 ppb (parts per billion) to 1086 ppb. Associated with the gold assays are strong pathfinder element results which include Ag from below detection up to 78.5 parts per million (ppm), Pb from 5.3 up to 4493.5 ppm, Sb from 0.1 up to 241.2 ppm, Ba from 133 up to 2370 ppm, and Hg from below detection up to 36.3 ppm. The anomaly has minimum dimensions of approximately 450m long by 200m wide and appears to be coincident with a distinct northwesterly trending magnetic low. (See MEK News Release dated October 23, 2012). Several other Au, As and Ba anomalies are also present within this mag low and will be followed up with infill soil sampling. The strength and size of this newly discovered anomaly is comparable to soil anomalies associated with the recent discoveries in the White Gold District and the associated pathfinder elements are typical of these new discoveries. The trenching and soil sampling program will be followed by a 400 metre drill program scheduled for mid-August.
GTA can earn an initial 51% interest in the Squid East property as previously announced in a press release dated January 12, 2013. Terms include cash payments of $60,000 over three years (of which $20,000 has already been paid), issuance of 2,000,000 GTA shares over three years (of which 200,000 have already been issued) and work expenditures of $2,000,000 over three years ($500,000 firm including a minimum 400 meters of drilling by the 1st anniversary). Metals Creek will be the operator during the earn-in period. If a 51% interest is earned by GTA, either a 51/49 joint venture will be formed, or GTA may elect to increase its interest to 70% by making additional payments of $210,000 and 400,000 GTA shares and incurring expenditures of $1,000,000 by the 5th anniversary. GTA would assume operatorship once it had earned a 51% interest.
The Squid East claims are 100% owned by MEK, subject to the current option agreement, and are located proximal to the Matson Creek placer gold operations, approximately 90km southwest of Dawson City. A four wheel drive access road and airstrip service the placer camp and GTA's current field work will use the placer camp airstrip, accommodations and equipment to help carry out the program. The soil anomaly is 3 km from the Matson Creek four wheel drive road and permits are in place to complete an access trail to the target area.
Robert Duess, P. Geo, VP Exploration for the Corporation and a qualified person as defined in National Instrument 43-101, is responsible for this release, and supervised the preparation of the information forming the basis for this release.
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