In a Sept. 4 research note, Haywood analyst Mick Carew reported that GT Gold Corp.'s (GTT:TSX.V) recent drill results from the Saddle North discovery at its Tatogga project in British Columbia are "positive overall."
"The results complement earlier results from Saddle North and demonstrate continuity within both high-grade core and lower-grade, near-surface mineralization," he added.
Carew reviewed the new drill results, which are from the completed first phase, consisting of 10,000 meters (10,000m), of the Saddle North program.
Assay highlights included 1,206 meters (1,206m) grading 0.57 grams per ton (0.57 g/t) gold, 0.26% copper, 0.96 g/t silver from 18m downhole, including 51m grading 4.05 g/t gold, 0.3% copper and 3.06 g/t silver.
Mineralization extended downplunge and along strike. Specifically, hole TTD126 extended copper-gold mineralization at depth to about 1,400–1,500m downplunge. At that depth, the higher-grade core spans about 250–300m in width by about 250–300m in strike length.
Hole TTD125 suggested the potential for near-surface, open-pit mining as it showed lower-grade, near-surface copper-gold mineralization. It extended this shallow zone 200m to the northwest. Carew pointed out, however, that the bulk of the Saddle North deposit would likely require underground mining if an economic resource were defined, and such an approach can be capital intensive.
Carew noted the next steps for GT Gold and Saddle North. The company is now in the drill program's second phase, which will consist of a total of 15,000m of infill and expansion drilling along with drilling of peripheral targets around Saddle North.
Once phase two is completed, likely in October, GT Gold intends to pursue preparation of an initial resource estimate. Already management has started "to consult with external engineering groups and others to garner a better understanding of what is required for an initial resource estimate as well as the economic potential of the project," added the analyst.
GT Gold is trading today at around CA$0.98 per share.[NLINSERT]
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Disclosures from Haywood Securities, GT Gold Corp., Uncovered Radar Flash, September 4, 2019
Analyst Certification: I, Mick Carew, hereby certify that the views expressed in this report (which includes the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report) accurately reflect my/our personal views about the subject securities and the issuer. No part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendations.
Of the companies included in the report the following Important Disclosures apply:
▪Haywood Securities, Inc. has reviewed lead projects of GT Gold Corp. (GTT-V) and a portion of the expenses for this travel have been reimbursed by the issuer.
▪ Haywood Securities Inc. or an Affiliate has managed or co-managed or participated as selling group in a public offering of securities for GT Gold Corp. (GTT-V) in the past 12 months.
Other material conflict of interest of the research analyst of which the research analyst or Haywood Securities Inc. knows or has reason to know at the time of publication or at the time of public appearance: n/a.
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