14:46:21 EDT Wed 29 Mar 2023
Enter Symbol
or Name

Gold Terra Resource Corp
Symbol YGT
Shares Issued 196,471,494
Close 2022-03-14 C$ 0.245
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Gold Terra Resource drills 4.55 m of 3.61 g/t Au at Con

2022-03-15 09:43 ET - News Release

Mr. Gerald Panneton reports


Gold Terra Resource Corp. has released assay results of a near-surface mineralized zone in drill hole GTCM22-029 which intersected 3.61 grams per tonne gold over 4.55 metres including 15.75 g/t over 0.75 metre at 30 metres vertical depth on the Con mine property. The Con property was recently optioned from Newmont Canada FN Holdings ULC and Miramar Northern Mining Ltd., both wholly owned subsidiaries of Newmont Corp. (see Nov. 22, 2021, press release). Drill hole GTCM22-029 is still in progress and approaching its primary target on the Campbell shear at 1,000 vertical metres depth. Final drill holes results for holes GTCM21-023, 024, 025 and 026 are from testing the edge of the Yellorex deposit as part of the 2021 drilling program.

In addition, Gold Terra is pleased to announce that the TSX Venture Exchange has accepted the filing of the option agreement to acquire Miramar Northern Mining, which includes 100 per cent of all the assets, mineral leases, Crown mineral claims and surface rights comprising the Con mine, from Newmont Canada, a wholly owned subsidiary of Newmont. The company's future obligations under the option agreement are set forth in Gold Terra's news release dated Nov. 22, 2021.

Chairman and chief executive officer of Gold Terra, Gerald Panneton, commented: "We are well-financed for our 2022 drill program and with four drills turning, our objective is to add high-grade ounces in 2022 to the current 1.2-million-ounce inferred resources (see March 31, 2021, technical report). Our primary target remains to test the continuity of the mineralized zones within the Campbell shear south of the former Con mine. An additional target for winter drilling is at the Mispickel area on the new MP-Ryan zone located to the north of the main area where previous very good high-grade intersections were obtained in the past. This additional small winter program is well under way with each of the first eight holes intersecting visible gold (see pictures on our website and further in this press release) in a sheared vertical structure that is now being followed over a minimum strike length of 400 metres."

  • The Company is well-financed to complete approximately 30,000 metres of drilling;
  • The 2022 drill program is well under way with four drills turning;
  • The company is reporting a new discovery on the Con shear in the hanging wall of the Campbell shear;
  • Two rigs are drilling the Campbell shear south of the former high-grade Con mine, with one big drill rig targeting the Campbell shear at a depth of approximately 1,000 metres below surface and at a 200-metre spacing. A second drill rig is allocated to test the Campbell shear, north of Yellorex zone which was not part of the agreement with Newmont (September, 2020);
  • In addition, two drill rigs are doing a small 4,000-metre winter program in the vicinity of the new high-grade MP-Ryan zone 200 metres north of the main Mispickel area. Drilling is targeting high-grade trends with the objective of expanding known high-grade mineralization which is open in all directions and identifying new similar zones. To date, 2,265.41 metres have been drilled with approximately 1,100 samples taken. Visible gold (VG) has been reported in eight holes and assays are pending.

Drilling results

GTCM22-029 is a deep hole designed to test the Campbell shear at a depth below 1,000 vertical metres and in a one-kilometre-long portion of the Con shear which was previous tested by only two shallow holes from the 1940s. One of the historic holes reported a historical intersection of 30.86 g/t Au over one foot. To reach the 1,000-metre depth on the Campbell shear, hole GTCM22-029 was collared immediately west of the Con shear, a secondary structure from which about one Moz of gold at a grade of 19.5 g/t Au was mined at the Con mine. Gold was intersected at a very shallow depth of 30 metres with 3.61 g/t Au over 4.55 metres. Intersecting the Con shear close to surface in this area has the potential to define more ounces in the hanging wall of the Campbell shear, but also being close to surface represents a bonus to the company's 2022 objectives.

The four holes (GTCM21-023 to 026) were completed in 2021 as part of the company's program on the Yellorex zone and were testing the edge of the zone. All holes successfully intersected the Campbell shear with various widths, but the strong sericitic alteration and smokey quartz veining typical of high-grade mineralization was missing.

GTCM21-024 was drilled to the north of the Yellorex deposit and designed to test the Campbell shear at 250 metres vertical depth. The hole intersected an alteration halo with a higher-than-average gold background of 331 parts per billion gold over 16.97 metres between 258.83 and 275.80 metres with sericite alteration and mineralized zones similar to an alteration halo usually found surrounding a high-grade mineralized lens, indicating that high-grade mineralization is close to the hole.

GTCM21-025 was drilled underneath the Yellorex deposit and designed to test the Campbell shear below 500 metres vertical depth. The hole intersected several sericite-altered and mineralized zones with anomalous gold values similar to an alteration halo usually found surrounding a high-grade mineralized lens, indicating that high-grade mineralization is close to the hole. This alteration halo has a higher-than-average gold background of 372 ppb gold over 22.82 metres within a halo intersected between 592.58 and 615.40 metres.

GTCM21-026 was drilled to test the extension of the Yellorex deposit to the North and close to the Yellorex fault. Several small, mineralized zones were intersected consisting of quartz veins with strong pervasive sericite alteration, and with pyrite and arsenopyrite mineralization. The hole intersected 7.35 g/t Au over 0.55 metre at 200.87 to 201.42 metres.


DDH No.      From (m)   To (m) Length (m)  Au (g/t)

GTCM21-024    272.85    275.8       2.95      1.54    
GTCM21-025    592.58   592.58       0.80      1.20    
GTCM21-025    596.00   597.00       1.00      1.22    
GTCM21-025    612.50   613.50       1.00      1.45    
GTCM22-025    614.30   615.40       1.10      1.00    
GTCM21-026    200.87   201.42       0.55      7.35    
GTCM21-026    207.66   208.16       0.50      1.02    
GTCM21-026    216.50   217.03       0.53      5.22    
GTCM21-026    293.85   294.35       0.50      1.82    
GTCM22-029     16.00    17.00       1.00      1.52    
GTCM22-029     19.50    20.50       1.00      1.39    
GTCM22-029     37.00    41.55       4.55      3.61    
Including      37.00    37.75       0.75     15.75   

The 2021 drill program of 26 holes totalling 12,687 metres was completed on Dec. 18 targeting the Campbell Shear over a strike length of three kilometres immediately south of the former Con mine (1938 to 2003). The Campbell shear target and gold mineralization were intersected in all the holes of the 2021 program illustrating the continuity of the structure and identifying typical gold zoning similar to the former Con mine gold mineralization.

The company intends to drill approximately 40,000 metres in 2022 with the objective to delineate a high-grade gold mineral resource to add to the company's current 1.2 million inferred ounces (see the technical report, titled "Technical Report on the 2021 Updated Mineral Resource Estimates, Northbelt Property, Yellowknife City Gold Project, Yellowknife, Northwest Territories, Canada" with an effective date of March 14, 2021, which can be found on the company's website and on SEDAR) and ultimately advance toward an economic study.

Technical appendix

This news release reports the assay results from five drill holes from which 495 core samples were assayed. Results include final assays from holes GTCM023 to 026 for 2,069 m of drilling, and the top 46 m of hole GTCM-029. Assays results range from non-detectable gold to a highest assay of 15.75 g/t Au. The company inserts certified standards and blanks into the sample stream as a check on laboratory quality control. Drill core samples are cut by diamond saw at Gold Terra's core facilities in Yellowknife. A halved core sample is left in the core box. The other half core is sampled and transported by Gold Terra personnel in securely sealed bags to ALS preparation laboratory in Yellowknife. After sample preparation, samples are shipped to ALS's Vancouver facility for gold analysis. Gold assays of greater than three g/t are reassayed on a 30-gram split by fire assay with gravimetric finish. Samples with visible gold are additionally assayed using a screen metallic method. ALS is a certified and accredited laboratory service. ALS routinely inserts certified gold standards, blanks and pulp duplicates, and results of all QC samples are reported.

Drill holes were drilled at right angles to the structure hosting the mineralization and dip angles of holes were designed to intersect the zones as close to normal as possible. Zones reported here are interpreted to be approximately 90 per cent true thickness.

The technical information contained in this news release has been reviewed and approved by Joseph Campbell, chief operating officer, a qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Gold Terra's Yellowknife City gold project

The YCG project encompasses 800 square 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 kilometres of the city of Yellowknife, the YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydroelectric 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 to 2003).

The YCG lies on the prolific Yellowknife greenstone belt, covering nearly 70 kilometres 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.

We seek Safe Harbor.

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