GT Resources Completes $1.84M Financing, Starts 2000m Drill Program at Canalask Nickel-Copper Project

• GT Resources completed its $1.84 million non-brokered private placement to be used for 2024 Exploration Program
• Proceeds will fund a 2,000 meter drill program at the Canalask nickel-copper project in Yukon
• Drilling will test EM targets to expand the historical 400,000 tonne @ 1.35% Ni footwall resource
• Massive sulfides near the historical resource assayed up to 6.1% Cu, 0.15% Ni, 0.06% Co, 1.6 g/t Au, 28.1 g/t Ag
• Glencore Canada increased its ownership from 9.23% to 16.1% of GT's outstanding shares

GT Resources Inc. (TSXV: GT) is a mineral exploration company focused on advancing its flagship Canalask nickel-copper project located in the Yukon Territory of Canada. The company's goal is to expand the known historical mineral resources at Canalask and unlock the property's full potential through modern exploration techniques. GT Resources' experienced management team has a track record of success in mineral exploration and a clear strategy to create value for shareholders.

Financing Completed for 2024 Exploration Program

GT Resources is pleased to announce the successful completion of a $1.84 million non-brokered private placement. The company issued 26,666,667 flow-through common shares at a price of C$0.069 per share. Proceeds from the financing will be used to fund eligible Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures. This strategic financing allows GT Resources to aggressively advance the Canalask project during the 2023 field season.

The flow-through funds must be used for qualifying expenditures on or before December 31, 2025, and will be renounced to subscribers effective December 31, 2024. The shares issued are subject to a four-month hold period. No commissions or finder fees were paid as part of the financing.

Drilling to Commence at Canalask Project

With the financing closed, GT Resources is mobilizing drill rigs to the Canalask nickel-copper project to begin a 2,000 meter diamond drill program. The key objective is to test electromagnetic (EM) Maxwell plate anomalies that were identified during the 2023 field season. Additionally, borehole EM surveys will be conducted to better define zones of massive sulfide mineralization.

The company's primary target is locating the source of the historical footwall mineral resource, which was estimated at 400,000 tonnes grading 1.35% nickel. It's important to note that copper grades were not included in the historical estimate, although significant copper mineralization is known to occur on the property.

Highlight samples of massive sulfide mineralization collected near the historical Footwall deposit in 2021 returned assays up to 6.1% Cu, 0.15% Ni, 0.06% Co, 1.6 g/t Au and 28.1 g/t Ag. These high-grade results underscore the potential for the drill program to intersect similar nickel-copper mineralization and expand the known mineral resources.

Strategic Investor Increases Ownership

Glencore Canada Corporation, a wholly-owned subsidiary of global mining giant Glencore plc, has increased its ownership in GT Resources through the purchase of shares in the market. Prior to the recent acquisition, Glencore Canada held a 9.23% stake in GT. After acquiring an additional 26,666,667 shares at C$0.045 per share for a total consideration of C$1.2 million, Glencore Canada now owns 16.1% of GT's outstanding common shares.

The increased investment by Glencore Canada represents a strong vote of confidence in the potential of the Canalask project and GT's management team. Glencore is a world leader in the mining and marketing of metals and minerals, including nickel and copper. Their involvement brings significant technical expertise and financial capacity to help GT unlock the value of Canalask.

Glencore Canada is entitled to certain investor rights through an amended Investor Rights Agreement with GT Resources. These include participation rights in future equity financings and the right to nominate representatives to GT's board and committees. Having a major industry player like Glencore as a cornerstone investor positions GT well for continued success.

Next Steps & Upcoming Catalysts

With drilling now underway at Canalask, investors can look forward to a steady flow of news and updates as the program advances. Key information to monitor includes:

• Drill results: Assays from the current 2,000 meter drill program will be released as they become available. The confirmation of high-grade nickel-copper mineralization and/or the discovery of new zones could be significant catalysts for the stock.
• Resource updates: If the drilling successfully expands mineralization around the historical resource, the company may report an updated mineral resource estimate for the Footwall zone. A substantial increase to the tonnage and grade could positively re-rate the project.
• Metallurgical test work: As the project advances, look for GT Resources to report results from metallurgical studies to demonstrate if the mineralization is amenable to conventional extraction methods for nickel and copper. Positive test work would further de-risk the project.
• Regional exploration: While the current focus is on the Footwall zone, the Canalask property covers a large area that is prospective for additional nickel-copper discoveries. Geophysical surveys and mapping could generate new targets for follow-up drilling in future campaigns.
• Partnership opportunities: With Glencore as a major shareholder, GT Resources is well-positioned to attract other strategic partners to help fund the development of Canalask. Joint venture or earn-in agreements with larger miners could help validate the project and minimize dilution for GT's shareholders.

Conclusion

The completion of the $1.84 million financing and the commencement of drilling at the Canalask project mark a pivotal moment for GT Resources. The company is well-funded and has a clear path to create value by expanding the known nickel-copper mineralization. With a high-quality asset, experienced management team, and the backing of a major strategic shareholder in Glencore, GT Resources offers a compelling investment opportunity in the rapidly growing battery metals space.

As the world transitions towards clean energy technologies like electric vehicles, the demand for nickel and copper is expected to surge. Companies with high-grade, North American development projects will be in high demand. GT Resources is positioning itself to be a leader in this space, and the upcoming drill results from Canalask could be a key re-rating catalyst. Investors should monitor GT Resources closely as they continue to systematically advance and de-risk this exciting project in a top mining jurisdiction.