Gold Terra Completes 13 Holes in Phase 1 Winter Drill Program with Objective to Expand Current Mineral Resource on Con Mine Option Property, NWT
Gold Terra Resource Corp has completed Phase 1 of its winter drilling program on the Con Mine Option Property, focusing on expanding the initial September 2022 Mineral Resource Estimate (MRE). A total of 13 drill holes were finished, with 5,769 metres drilled. Assay results are pending for 12 of these holes. The drilling targeted the Campbell Shear, where significant mineralization was confirmed across all drill sites. Highlights include intersections like 5.3 g/t Au over 6.43 metres and up to 212 metres of the Campbell Shear mineralization. Preparations for a deep drilling program are also underway to further explore gold mineralization below the historic Con Mine workings. The company anticipates results for remaining holes soon, aiming to bolster its current MRE of 109,000 Indicated and 432,000 Inferred ounces of gold.
- Successful completion of 13 drill holes on the CMO Property.
- All holes intersected the Campbell Shear mineralization.
- Drill hole highlights include significant gold intersections, such as 5.3 g/t Au over 6.43 metres.
- Preparations for a deep drilling program targeting high-grade mineralization.
- Potential for significant expansion of the initial mineral resource estimate.
- None.
VANCOUVER, BC / ACCESSWIRE / April 11, 2023 / Gold Terra Resource Corp. (TSXV:YGT)(Frankfurt:TX0)(OTCQX:YGTFF) ("Gold Terra" or the "Company") is pleased to announce that Phase 1 of Gold Terra's 2023 winter drilling program has been completed on the Con Mine Option Property (the "CMO Property") with the objective of expanding the September 2022 initial Mineral Resource Estimate ("MRE") (see September 7, 2022 press release). To date, 13 drill holes have been completed on Yellorex North, Yellorex at depth, and Kam Point for a total of 5,769 metres drilled between surface and to a depth of 600 metres. Assays are pending for 12 holes. 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 Property agreement, as reported in the Company's news release dated November 22, 2021.
In addition, preparations are underway for the deep drilling program which will test gold mineralization at depth below the Con Mine workings where geological modeling indicates high potential for finding additional ounces.
Chairman and CEO, Gerald Panneton, commented, "Phase 1 of the winter drilling program has been successful as all holes have hit the targeted Campbell Shear and show significant intersections of visible multi-meter veining and sulphide mineralization. With 10 holes drilled in the Yellorex North area, we are confident that the results will warrant further drilling in 2023. We are now preparing for a deep drill hole targeting gold mineralization at depth below the historic Con Mine workings. The Campbell Shear structure is our highest priority target as the Con Mine produced historically more than 5 million ounces of high-grade gold (16 g/t Au). We expect to have results for the remaining Phase 1 drill holes in the coming weeks."
Phase 1 Drilling Highlights
All 13 drill holes intersected the Campbell Shear mineralization and were located on Yellorex North (10 holes), Yellorex at depth (1 hole), and Kam Point (2 holes) target areas as shown in the Figure 1 below:
Yellorex North drilling highlights:
- Hole GTCM23-042, the first hole of the program intersected 5.3 g/t Au over 6.43 metres (see March 3, 2023, press release). The drill hole was designed to verify and add depth extension to historical high-grade mineralization encountered in the Yellorex North zone of the Campbell Shear
- Hole GTCM23-045 intersected 107 metres of the Campbell Shear with 8 metres of good smoky veining, pyrite mineralization, and sericite alteration.
- Hole GTCM23-048 intersected 120 metres of the Campbell Shear; 15.1 metres of strong veining and strong sulphide mineralization.
- Hole GTCM23-053 intersected 111 metres of the Campbell Shear with strong mineralized zones with good alteration over almost 9 metres.
- Hole GTCM23-054 intersected 91.5 metres of the Campbell Shear with 4.5 meters of strong alteration, mineralization, moderate veining and 2 metres of moderate mineralized zones.
The Yellorex North long section showing 2023 drilling intersections, historic drilling, and hole GTCM23-42 is presented in Figure 2 further below.
Kam Point Drilling:
- Hole GTCM23-050 intersected 145 metres of the Campbell Shear with up to five intersections of good mineralization.
- Hole GTCM23-051 intersected 183 metres of the Campbell Shear.
Yellorex Deposit:
- Hole GTCM23-052 was drilled to a depth of 710 metres and intersected 212 metres of the Campbell Shear with up to six intersections of good mineralization of variable width between 3 and 5 metres wide. Despite not having the assay results of the deepest hole on Yellorex, we have confirmed that the zone is open at depth and will require more drilling.
The focus of the drilling program is to expand the September 2022 initial MRE (see September 7, 2022 press release) of 109,000 Indicated ounces of contained gold and 432,000 Inferred ounces of contained gold between surface and to a depth of 400 metres below surface along a 2 kilometre corridor of the Campbell Shear. Please see the October 21, 2022 technical report, titled "Initial Mineral Resource Estimate for the CMO Property, Yellowknife City Gold Project, Yellowknife, Northwest Territories, Canada" with an effective date of September 2, 2022, by Qualified Person, Allan Armitage, Ph. D., P. Geo., SGS Geological Services, which can be found on the Company's website at https://www.goldterracorp.com and on SEDAR at www.sedar.com.
Deep Drilling Program
The deep drill hole program is designed to target high-grade gold zones below the northern end of the lowest mining levels of the historical Con Mine. Historical underground drill holes that were drilled below the lowest workings have intersected various high-grade gold zones in this area and very high-grade assays exist in many historical holes immediately above the target area. The objective is to expand these zones at depth.
The initial hole is aiming to intersect the Campbell Shear 300 metres below the lowest working, or approximately 2,080 metres below surface. The opportunity will exist to wedge off the initial hole and target other high-grade zones in the area. The target area is shown in Figure 3 below.
Qualified Persons
Joe Campbell, P. Geo., Senior Technical Advisorfor Gold Terra is a Qualified Person within the meaning of NI 43-101 and has reviewed and approved the technical information contained in this news release.
About Gold Terra
The YCG project encompasses 800 sq. km 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 is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power, and skilled tradespeople. Gold Terra is currently focusing its drilling on the prolific Campbell Shear, where 14 Moz of gold has been produced, and most recently on the Con Mine Option claims immediately south of the past producing Con Mine (1938-2003).
The YCG and CMO property lie 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.
Information Concerning Estimates of Mineral Resources
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Therefore, investors are cautioned not to assume that all or any part of an Inferred Mineral Resource could ever be mined economically. It cannot be assumed that all or any part of "Measured Mineral Resources," "Indicated Mineral Resources," or "Inferred Mineral Resources" will ever be upgraded to a higher category. The Mineral Resource estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential development of such mineral resources. Refer to the Technical Report, once filed, for more information with respect to the key assumptions, parameters, methods and risks of determination associated with the foregoing.
Cautionary Note to United States Investors
The Company prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to Mineral Resources in this news release are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended ("CIM Standards"). The U.S. Securities and Exchange Commission (the "SEC") has adopted amendments effective February 25, 2019 (the "SEC Modernization Rules") to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934. As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources", which are defined in substantially similar terms to the corresponding CIM Standards. In addition, the SEC has amended its definitions of "Proven Mineral Reserves" and "Probable Mineral Reserves" to be substantially similar to the corresponding CIM Standards.
U.S. investors are cautioned that while the foregoing terms are "substantially similar" to corresponding definitions under the CIM Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance any Mineral Resources that the Company may report as "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources" under NI 43-101 would be the same had the Company prepared the Mineral Resource estimates under the standards adopted under the SEC Modernization Rules. In accordance with Canadian securities laws, estimates of "Inferred Mineral Resources" cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101.
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 current drilling on the Campbell Shear, potentially adding ounces to the Company's current YCG mineral resource, 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
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