GTI Resources secures Niagara gold ground
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Special Report: GTI confirms ground consolidation within the highly prospective and historically underexplored Niagara trend after granting of two prospecting licences allows settlement of their acquisition.
The grant and subsequent settlement of the acquisition of P40/1513 and P40/1518 gives the company a contiguous package of prospecting licences covering 5km of trend, which hosts numerous historical shafts and workings in Western Australia’s Eastern Goldfields region.
GTI Resources (ASX:GTR) acquired the original prospecting licence applications in August from Leon Gianni for 2.5 million GTR shares.
Reverse circulation drilling is currently underway at the project to follow-up on first pass shallow aircore drilling that had intersected elevated gold values of up to 2.78 grams per tonne (g/t).
The RC drilling is due to be completed before Christmas with assays expected by February next year.
Niagara is close to the promising Kookynie gold project where exceptional drilling results have given a huge boost to Metalicity (ASX:MCT) and Nex Metals (ASX:NME).
While the area contains numerous historical workings including the Cosmopolitan mine that produced about 300,000oz of gold at an average grade of 15g/t, modern exploration was limited to broad-spaced soil sampling and very minor reconnaissance drilling programs.
Since acquiring the licences, GTI has carried out aeromagnetic surveying, field sampling and aircore drilling.
Evaluation and interpretation of the site’s geochemistry suggests that gold mineralisation is potentially linked to anomalous (low grade) levels of bismuth, tungsten and tellurium.
This was used to refine the exploration model, which in turn led to the current RC drilling.
This article was developed in collaboration with GTI Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.