Mr. Gerald Panneton reports
GOLD TERRA INTERSECTS 6.41/T GOLD OVER 26.50 METRES INCLUDING 14.15 G/T OVER 5.50 METERS ON YELLOREX ZONE, YELLOWKNIFE, NWT AS DRILLING CONTINUES ON CON MINE PROPERTY
Gold Terra Resource Corp. has released assay results for three holes to test the Yellorex zone. Drill hole GTCM22-030 intersected 6.41 grams per tonne (g/t) gold over 26.50 metres, including 9.05 g/t over 4.00 metres, 10.66 g/t gold over 3.0 metres and 14.15 g/t gold over 5.50 metres. The hole was drilled along strike on the Campbell shear for metallurgical testing required for the company's upcoming updated resource estimate on the project. The Yellorex zone is situated on the Con mine property 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). Holes GTCM22-027 and GTCM22-028 were drilled to test the Yellorex zone at depth of 400 m below surface, with GTCM22-028 intersecting 6.21 g/t gold over 1.5 metres and GTCM22-027 intersecting 2.43 g/t gold over 1.0 metre.
Chairman and chief executive officer Gerald Panneton commented: "The latest drilling on the Yellorex zone was completed in preparation for our updated mineral resource estimate by year-end as the core from hole 30 will be used for metallurgical testing. Our updated mineral resource estimate is expected to add ounces from the Yellorex zone."
Hole GTCM22-030 was drilled as an off-angle hole obliquely to the strike of the Campbell shear to confirm the interpreted geometry of the Yellorex deposit's strike and plunge. The interpreted zone orientation was confirmed, and three high-grade lenses were intersected consisting of smoky quartz veins with arsenopyrite and pyrite with minor sphalerite and stibnite. The sericite alteration halo surrounding the high-grade lenses is intensive and extends from 237 to 587 metres along the hole. The recognition of an extensive alteration halo signature extending for more than 200 metres along strike around a high-grade mineralized zone is significant for the future exploration of the Campbell shear. This will allow Gold Terra to test the shear at a larger (200-metre) spacing using the signature alteration halo as a tool to vector into high-grade lenses such as Yellorex. The excellent intersection of 26.5 metres of ore typical of the Campbell shear in hole GTCM22-030 will provide more core volume for the metallurgical testing. The historical recovery of more than five million ounces of gold at the Con mine averaged around 90 per cent over the years it was in production.
Holes GTCM22-027 and GTCM22-028 tested the Yellorex deposit at depth and are believed to be off the main plunge of hole GTCM21-014, which intersected 5.22 g/t over 17.86 metres, including 11.2 g/t gold over 4.57 metres (press release Sept. 7, 2021). Both holes intersected the Campbell shear at about 400 to 500 metres and minor mineralized zones consisting of arsenopyrite and pyrite stringers within a sericite alteration zone. Both holes intersected the alteration halo surrounding the Yellorex main deposit, which contains anomalous gold values in the 100 parts per billion (ppb) range over a width of approximately 100 metres. These holes are consistent with previous intersections just outside of the main high-grade plunge, typical of the Campbell shear zone.
Significant drill intersections for holes GTCM22-027, -028 and -030 are shown the "GTCM21-027, -028 and -030 intersections" table.
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.
This news release reports the assay results from three drill holes from which 679 core samples were assayed. Results include final assays from holes GTCM-027, -028 and -030 for 1,918 metres of drilling. Assay results range from non-detectable gold to a highest assay of 30.0 g/t Au. The company inserts certified standards and blanks into the sample stream as a check on laboratory quality control (QC). 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 over 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 GTCM22-027 and -028 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. Hole GTCM22-030 was drilled obliquely to the interpreted strike of the mineralization to test the interpreted geometry of the mineralized zone and for metallurgical testing purpose.
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 (YCG)
The YCG project encompasses 800 square kilometres 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, hydro-electric power and skilled tradespeople. Gold Terra is currently focusing its drilling on the prolific Campbell shear, where 14 million ounces (Moz) of gold have 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.
© 2023 Canjex Publishing Ltd. All rights reserved.