Gold Terra Announces 2023 Drill Program and Corporate Update

Rhea-AI Summary

Gold Terra Resource Corp. (TSXV:YGT, OTCQX:YGTFF) announced its 2023 drill program set to begin on January 16, 2023, aiming to drill an additional 10,000 metres on the Con Mine Option property. The program focuses on delineating more gold ounces at depth. The property has an indicated resource of approximately 109,000 ounces of gold. Additionally, Joe Campbell, the Chief Operating Officer, is retiring but will continue as a senior technical advisor. Gold Terra aims to re-establish Yellowknife as a premier gold mining district.

Positive

• Planned drill program of 10,000 metres on CMO property to explore gold potential.
• Indicated resource of approximately 109,000 ounces of contained gold as part of CMO property.
• Company's focus on re-establishing Yellowknife as a major gold mining district.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / December 1, 2022 / Gold Terra Resource Corp. (TSXV:YGT)(Frankfurt:TX0)(OTCQX:YGTFF) ("Gold Terra" or the "Company") is pleased to announce the following exploration and corporate update:

2023 Drill Program

The Company is pleased to announce that preparations are underway on the 2023 drill program to start on January 16, 2023. The Company intends to drill an additional 10,000 metres on the Con Mine Option (the "CMO") property, with the objective of delineating additional ounces at depth and along strike on the Campbell Shear, south of the mine as shown in Figure 1. The Company will also be preparing a deeper target in the main plunge of the deposit, where previous mining was stopped in high-grade shoots below -1900 metres, where the Robertson shaft is located. Geological interpretation of the Campbell shear, below the Con Mine operation suggests a very good high-grade potential to be tested. The CMO property is under option from subsidiaries of Newmont Corporation and is acquirable by the Company upon fulfillment of certain conditions set out in the CMO agreement, as reported in the Company's news release dated September 7, 2022.

The mineral resource estimate on the CMO property includes three gold deposits - Yellorex Main, Yellorex North, and Kam Point and consists of an underground indicated mineral resource of approximately 0.82 million tonnes averaging 7.55 g/t Au for 109,000 ounces of contained gold and an underground inferred mineral resource of approximately 2.0 million tonnes averaging 6.74 g/t Au for 432,000 ounces of contained gold. (See technical report titled "Technical Report on the Initial Mineral Resource Estimate for the Con Mine Option Property, Yellowknife City Gold Project, Yellowknife, Northwest Territories, Canada," with an effective date of September 2, 2022)

Figure 1 - Exploration Potential

Joe Campbell, P.Geo., Chief Operating Officerfor Gold Terra and Qualified Person within the meaning of NI 43-101, has reviewed and approved the technical information contained in this news release.

Corporate Update

The Company announces that Joe Campbell, P.Geo. and Chief Operating Officer for Gold Terra, is retiring from his position and will remain as a senior technical advisor for the Company. Mr. Campbell, a professional geologist with over 40 years of global experience in exploration and mining, founded TerraX Minerals (renamed Gold Terra in 2020) in 2008 and was instrumental in the acquisition of the large YCG project, one of few district-scale high-grade gold projects in Canada controlled by a junior exploration company. Joe has been Chief Operating Officer of the Company since October 2019; and was previously Executive Chairman from June 2018 to October 2019, and President and Chief Executive Officer from 2008 to June 2018.

Gerald Panneton, Chairman & CEO, stated, "We recognize and thank Joe for his great contributions as the founder of TerraX and for having the insight to acquire the large and strategic YCG land position which we have now expanded with the CMO. We are pleased that Joe will continue to support the Company in both his senior technical advisor and qualified person roles and work with our team to ensure success on our upcoming 2023 drill program."

About Gold Terra

The YCG project encompasses 800 square kilometers of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, Gold Terra controls one of the six major high-grade gold camps in Canada. Being within 10 kilometers of the City of Yellowknife, the YCG project is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power, and skilled tradespeople. Gold Terra is focusing its exploration activities on the prolific Campbell shear, where 14 million ounces of gold has been produced, and most recently on the CMO property claims immediately south of the past producing Con Mine (1938-2003).

The YCG project lies on the prolific Yellowknife greenstone belt, covering nearly 70 kilometers of strike length along the main mineralized shear system that host the former-producing high-grade Con and Giant gold mines. The Company's exploration programs have successfully identified significant zones of gold mineralization and multiple targets that remain to be tested which reinforces the Company's objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.

Visit our website at www.goldterracorp.com.

For more information, please contact:

Gerald Panneton, Chairman & CEO
gpanneton@goldterracorp.com

Mara Strazdins, Manager of Investor Relations
Phone: 1-778-897-1590 | 604-689-1749 ext 102
strazdins@goldterracorp.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

Certain statements made and information contained in this news release constitute "forward-looking information" within the meaning of applicable securities legislation ("forward-looking information"). Generally, this forward-looking information can, but not always, be identified by use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events, conditions or results "will", "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotations thereof.

All statements other than statements of historical fact may be forward-looking information. Forward-looking information is necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. In particular, this news release contains forward-looking information regarding the timing for commencing the 2023 drill program, the intention to drill an additional 10,000 metres on the CMO property, the objective of delineating additional ounces, the fulfillment of certain conditions set out in the CMO agreement, the mineral resource estimates, the timing of Mr. Campbell's retirement, the anticipated success of the upcoming 2023 drill program, and the Company's objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.

There can be no assurance that such statements will prove to be accurate, as the Company's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors" section in the Company's most recent MD&A and annual information form available under the Company's profile at www.sedar.com.

Although the Company has attempted to identify important factors that would cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The forward-looking information contained in this news release is based on information available to the Company as of the date of this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All of the forward-looking information contained in this news release is qualified by these cautionary statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof. Except as required under applicable securities legislation and regulations applicable to the Company, the Company does not intend, and does not assume any obligation, to update this forward-looking information.

SOURCE: Gold Terra Resource Corp.

View source version on accesswire.com:
https://www.accesswire.com/729737/Gold-Terra-Announces-2023-Drill-Program-and-Corporate-Update

FAQ

What is the start date of the 2023 drill program for Gold Terra Resource Corp?

The 2023 drill program for Gold Terra Resource Corp is set to begin on January 16, 2023.

What is the objective of the 2023 drill program for YGTFF?

The objective of the 2023 drill program is to delineate additional ounces of gold on the Con Mine Option property.

What are the mineral resources estimated on the CMO property for Gold Terra?

The CMO property has an indicated resource of approximately 109,000 ounces of contained gold and an inferred resource of approximately 432,000 ounces.

Who is retiring from Gold Terra Resource Corp and what is their new role?

Joe Campbell, the Chief Operating Officer, is retiring but will remain as a senior technical advisor to the company.