06:25:49 EDT Fri 31 Mar 2023
Enter Symbol
or Name

Gold Terra Resource Corp
Symbol YGT
Shares Issued 196,471,494
Close 2022-03-21 C$ 0.235
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Gold Terra drills 4 m of 19 g/t Au at Yellowknife City

2022-03-22 08:30 ET - News Release

Mr. Gerald Panneton reports


Gold Terra Resource Corp. has released partial assay results in drill hole GTWL22-002, which intersected 19 grams per tonne gold over four metres, including 73.9 g/t gold over one metre, in the Mispickel area. Drilling continues to extend the new high-grade MP-Ryan zone at least 200 metres north of the main Mispickel area. The hole is part of a small winter drill program in the northern part of the company's Yellowknife City gold project. So far, a total of 10 holes (GTWL22-002, GTWL22-003, GTWL22-004, GTWL22-005, GTWL22-006, GTWL22-007, GTWL22-008, GTWL22-009, GTWL22-0013 and GTWL22-0014) of the first 13 holes have intersected visible gold in a sheared vertical structure currently extended over a minimum strike length of 400 metres. Assays are pending for all remaining holes.

The company's 2022 primary drilling program remains focused on testing the continuity of the mineralized zones within the Campbell shear, located south of the former Con mine, with the objective of adding high-grade ounces to the current inferred resource of 1.2 million ounces (see March 31, 2021, technical report).

Chairman and chief executive officer Gerald Panneton commented: "On top of our drilling success along the Campbell shear in 2021, and continuing in 2022, we are having very positive drill results in the former Mispickel area north of town (approximately 20 kilometres north of Yellowknife). Today's preliminary drill results from our additional winter drilling program in that area along the new MP-Ryan zone is providing insight to the amazing high-grade potential of the Yellowknife belt, illustrated by this second-priority drill program. This additional small winter program is very exciting, as 10 holes have intersected visible gold in a sheared vertical structure."

Drilling results

The main zone of GTWL22-002, which intersected 19 g/t gold over four metres from 20 m to 24 m vertical depth, occurs within a moderate-strong shear with 10 per cent smoky-grey salt-pepper quartz veining and 3 per cent to 4 per cent pyrrhotite plus or minus pyrite (infill texture and as stringers in host rock), and with 1 per cent medium-grained arsenopyrite, chlorite-biotite selvages and visible gold.

Drilling in the new MP-Ryan zone is currently extending the zone along a 500-metre, high-grade trend that remains open in all directions. To date, 4,611 metres have been drilled, with approximately 3,198 samples taken. Visible gold has been reported in 10 holes, and assays are pending for all holes.

2022 drill program

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.

The 2022 drill program is well under way with four drills turning. Two rigs are drilling the Campbell shear, with one deep drill rig targeting the Campbell shear at a depth of approximately 1,000 metres below surface and at 200-metre spacings. A second drill rig is allocated to test the Campbell shear (north of the Yellorex zone, which was not part of the original agreement with Newmont (September, 2020), but is now part of the updated agreement (November, 2021) covering all Newmont claims and leases over the former Con mine area). Two drill rigs are doing a small 4,000-to-6,000-metre winter program in the vicinity of the new, high-grade MP-Ryan zone, located 200 metres north of the main Mispickel area.

Technical appendix

This news release reports the assay results from one drill hole, from which 14 core samples were assayed. Results include partial assay results for 15 metres of core from hole GTWL22-02. Assay results range from non-detectable gold to a highest assay of 73.91 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 the 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 g 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 quality control 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 herein are interpreted to be approximately 90 per cent of 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.

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