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GTI Resources (ASX:GTR) - Executive Director, Bruce Lane
Executive Director, Bruce Lane
Source: The Market Herald
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  • GTI Resources (GTR) has received historical records from mines within its newly acquired prospecting licences at the Niagara project in the central Goldfields of WA
  • A compilation report assessed the historical gold production and exploration activity and potential prospectivity
  • The report found the historic workings were largely in operation between 1898 to 1914 and worked again between 1940 and 1941 but with limited success
  • Significant intersections included a maximum single assay value at the May‐White Cross area of 140g/t of gold over 1 metre
  • In addition to the drilling records, rock chip results included 165g/t of gold at White Cliffs, 91.8g/t of gold from Green Bullet and 40g/t of gold at May – White Cross
  • The company says it’s now evaluating options to create shareholder value from the project as a plan and permits are prepared to properly test the area using modern exploration techniques
  • GTI shares are trading 5 per cent higher at 2.1 cents per share

GTI Resources (GTR) has received historical records from mines within its newly acquired prospecting licences at the Niagara project in the central Goldfields of WA.

An independent compilation of historical records from WAMEX reports, by CSA Global, assessed the historical gold production and exploration activity and potential prospectivity.

The report found the historic workings were largely in operation between 1898 to 1914 and targeted high‐grade quartz veins. Production for the period was reportedly 6800 tonnes at 25.8 grams per tonne (g/t) of gold for 5100 ounces of gold.

Significant intersections included a maximum single assay value at the May‐White Cross area of 140g/t gold over one metre and also a longer intersection of up to seven metres at 2.95g/t gold.

At the York – Good Friday area, an intersection of four metres at 3.2 g/t gold from 12 metres was reported.

Perseverance noted six metres at 1.5 g/t of gold from 54 metres.

Over at Green Bullet, historical drilling included three metres at 15.7g/t gold from 14 metres.

In addition to the drilling records, rock chip results included 165 g/t of gold at White Cliffs, 91.8 g/t of gold from Green Bullet and 40 g/t of gold at May – White Cross.

Interestingly, the goldfield was briefly worked again between 1940 and 1941 but with limited success.

GTI says the May workings represent the highest priority for follow‐up drilling, however, the collar locations of historical drilling should be ground‐truthed where possible to assist in drill hole targeting.

Executive Director Bruce Lane commented on the report saying it has “pulled together all of the known historical information available for the newly consolidated land package” and that the results have exceeded the company’s expectations, “in terms of the exciting gold potential of the ground.”

Considering the future of the project, he continued to say, “we are now evaluating our options to create shareholder value from the project as we prepare a plan and permits to properly test this historically heavily worked area using modern exploration techniques.”

The report found the historical drilling was at shallow levels, typically a depth of 50 metres or less. Therefore GTI believes there is an opportunity to extend the known mineralisation to deeper levels and along strike with further drilling.

The company has divided the prospect areas into exploration targets at different stages and is currently evaluating exploration programs and preparing a programme of work.

The first priority stage will focus on the May‐White Cross, York‐Good Friday and Christmas targets as they have good coverage by historical exploration, and significant drilling intersections reported.

The second priority intermediate‐stage targets include Jarrahdale‐Spinaway and Perseverance. These areas have recorded historical gold production but are less developed than the advanced targets.

Finally, the third priority early‐stage targets are Green Bullet and White Cliffs as there has been limited or no recorded historical production but both have yielded high‐grade rock chips during previous exploration.

GTI shares are trading 5 per cent higher at 2.1 cents per share at 11:27 am AEDT.

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