Nov 5, 2024

GT Resources Intersects 1.95% Nickel over 33.5 meters at Canalask Project, Yukon

Introduction:

GT Resources Inc. (TSXV: GT) has reported significant nickel intercepts from its 2024 drilling program at the Canalask Nickel-Copper Project in Yukon, Canada, highlighted by 1.95% nickel over 33.5 meters.

Drill Results:

33.5m @ 1.95% Ni, 0.05% Cu, 0.03% Co, 0.19 g/t Au, 0.44 g/t Pd from 24.6m (Footwall Zone) (CSK24-05)
5.5m @ 4.15% Ni, 0.04% Cu, 0.07% Co, 0.24 g/t Au, 0.85 g/t Pd from 51.0m (included in above) (CSK24-05)
0.2m @ 12.90% Ni, 0.12% Cu, 0.23% Co, 0.81 g/t Au from 55.1m (included in above) (CSK24-05)
19.9m @ 2.12% Ni, 0.03% Cu, 0.03% Co, 0.19 g/t Au, 0.37 g/t Pd from 17.6m (Footwall Zone) (CSK24-02)

Project Overview:

The Canalask Nickel-Copper Project is located in Yukon, Canada. It is part of the White River Intrusive Complex, considered a favorable setting for magmatic nickel-copper sulphide mineralization. The project hosts potential for both "magmatic feeder-type" basal deposits and "epigenetic footwall-type" deposits.

A historical resource estimate from 1968 quotes 400,000 tonnes at 1.35% nickel for the Main Zone (Footwall Zone), though this estimate has not been verified by to current standards.

Program Details:

The 2024 exploration campaign consisted of 5 diamond drill holes totaling 1,010 meters. Two holes targeted the historic high-grade Footwall style mineralization, while three holes were planned to test an EM conductor and the favorable gabbro at the base of the Ultramafic Feeder Dyke. Challenging ground conditions prevented full testing of the gabbro unit target. The Footwall Style mineralization consisted of massive veins, pods and disseminations of pyrrhotite-pentlandite hosted within intermediate volcanic rocks.

Understanding These Results:

The drill results demonstrate significant wide zones of high-grade nickel mineralization in the Footwall Zone. The presence of previously unrecognized precious metals including palladium and gold adds further value. The mineralization style suggests both physical and hydrothermal remobilization of nickel-sulphide.

The presence of substantial footwall mineralization indicates potential for an undiscovered source of nickel-copper sulphide within the ultramafic Feeder Dyke. The intercepts close to surface (starting at 24.6m downhole) are particularly encouraging for potential open-pit scenarios.

Management Commentary:

Derrick Weyrauch, President and CEO:

"Drill hole CSK-24-05 returned another broad interval of predominantly nickel mineralization and impressive grades. In addition to the significant wide zone of high-grade nickel mineralization, previously unrecognized precious metals including palladium and gold were encountered. 2024's drilling program suggests the Footwall Zone comprises a combination of physically and hydrothermally remobilized nickel sulphide. The presence of footwall hosted nickel sulphide also suggests that a larger accumulation of nickel sulphide ought to occur within the immediately adjacent Kluane Ultramafic Feeder Dyke.

"The favourable gabbro zonet at the base of the ultramafic dyke was not tested in 2024, however the Company plans to test the gabbro zone / basal contact during the 2025 drill program. Gabbro hosted mineralization within this zone, returned 0.8% Ni and 0.2% Cu over 3 meters in historic hole VQ-7 and is the primary massive-sulphide target at Canalask"

Next Steps & Catalysts:

The Company plans to test the gabbro zone / basal contact during the 2025 drill program. This zone returned 0.8% Ni and 0.2% Cu over 3 meters in historic hole VQ-7 and is considered the primary massive-sulphide target at Canalask.

Future exploration will aim to trace a physical connection between the Footwall Style mineralization and the prospective basal gabbro unit. Drilling will target the ultramafic dyke footwall contact near the historic high-grade Footwall Zone.

Commodity Outlook:

Nickel and copper are critical metals for the green energy transition, with strong demand forecasts driven by electric vehicle battery production and renewable energy infrastructure. The Yukon is an attractive mining jurisdiction with established infrastructure and supportive regulations for resource development.

Conclusion:

GT Resources' latest results from Canalask demonstrate significant high-grade nickel mineralization with associated copper and precious metals credits. The wide intercepts and near-surface nature of the Footwall Zone mineralization are encouraging. With multiple untested targets and the potential for a larger nickel-copper sulphide system within the Ultramafic Feeder Dyke, Canalask shows promise as an emerging nickel-copper project in a favorable jurisdiction.

Sources:

GT Drill Results Announcement

Additional Figures:

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Nov 14, 2024