05:42:00 EDT Fri 31 Mar 2023
Enter Symbol
or Name

Gold Terra Resource Corp
Symbol YGT
Shares Issued 196,471,494
Close 2022-05-04 C$ 0.25
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Gold Terra drills 7m of 3.59 g/t Au at Yellowknife City

2022-05-05 10:19 ET - News Release

Mr. Gerald Panneton reports


Gold Terra Resource Corp. has released assay results for four additional drill holes, GTWL22-003, 005, 006 and 007 in the Mispickel area as drilling continues to extend the new high-grade MP-Ryan zone at least 200 metres north of the main Mispickel area. Hole GTWL22-007 intersected 3.59 grams per tonne gold over seven metres including 8.02 g/t Au over two metres. To date, the company has released five holes out of the 19-hole winter program.

The drilling is part of a small winter program in the northern part of the company's Yellowknife City gold project with 19 holes completed to date totaling 6011 metres. Ten 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 the remaining 14 holes. The company's 2022 primary drilling program remains focused on testing the continuity of the mineralized zones within the Campbell shear south of the former Con mine with the objective of adding high-grade ounces to the current 1.2-million-ounce inferred resources (see March 31, 2021, technical report). Following closure of the winter program, the company is continuing its drilling on the Campbell shear structure south of the former Con mine which produced 6.1 Moz (1938 to 2003).

Chairman and chief executive officer of Gold Terra, Gerald Panneton, commented: "While our focus is drilling along the Campbell shear south of the Con mine and delineating the high-grade Yellorex zone, we continue to receive positive results in the Mispickel area located approximately 20 kilometres north of Yellowknife. The drill results from this winter drilling program along the new MP-Ryan zone indicate that the zone remains open in all directions. The Mispickel area is of great importance as it has the potential to serve as a high-grade satellite deposit to the main area of focus along the Campbell shear south of the Con mine."

Drilling results

GTWL22-003 was drilled on the southern side of the Mispickel main zone and intersected a zone of weak to moderate shearing from 147 m to 184.5 m depth, with zones of salt-and-pepper veining and 1 per cent to 3 per cent each pyrite and pyrrhotite and up to 2 per cent arsenopyrite. Anomalous gold numbers were encountered in this zone including 1.01 g/t Au over five metres from 164 to 169 metres. A second zone of 1.34 g/t Au over five metres was encountered in the hanging wall of the Mispickel zone, with similar veining and sulphide content.

GTWL22-005 passed through a foot wall zone of shearing and anomalous gold values, containing a smoky grey quartz vein with several grains of visible gold at 63.78 metres and returning 3.86 g/t Au over two metres including 6.47 g/t Au over one metre. Anomalous gold was also intersected in a shear zone from 110 to 138 metres.

GTWL22-006 was drilled 30 metres south of GTWL22-003. It passed through similar mineralized zones, encountering multigram gold in veins in both the hanging wall and foot wall zones. Highlighted intersections are 2.11 g/t Au over one metre from 183 to 184 metres and 2.46 g/t Au over one metre from 259 to 260 metres. Mineralized intersections feature salt-and-pepper veining and up to 3 per cent each pyrite, pyrrhotite and arsenopyrite.

GTWL22-007 was drilled 100 metres north of the Mispickel main zone and encountered significant gold in the foot wall of the trend. An intersection at 102-109 metres assayed at 3.59 g/t Au over seven metres, including 8.02 g/t Au over two metres from 102 to 104 metres in strongly sheared mudstone with significant quartz veining and arsenopyrite mineralization. A zone of 1.65 g/t Au over four metres was encountered from 147 to 151 metres, in a zone of light shearing and silicification. An intersection of 1.90 g/t Au over one metre at 310-311 metres is likely an expression of the hanging wall mineralization from the Mispickel main zone.

A table of significant drill intersections for holes GTWL22-003, 005, 006 and 007 is included in the release.

        GTWL22-003, 005, 006 AND 007 INTERSECTIONS

Hole        From (m) To (m)           Width (m) Grade (g/t Au)

GTWL22-003      148    149                   1           1.73 
GTWL22-003      164    169        And        5           1.01 
GTWL22-003      164    165  Including        1           2.24 
GTWL22-003      182    183        And        1           1.36 
GTWL22-003      218    223        And        5           1.34 
GTWL22-003      218    221  Including        3           1.81 
GTWL22-005       63     65                   2           3.86 
GTWL22-005       63     64  Including        1           6.47 
GTWL22-006      183    184                   1           2.11 
GTWL22-006      259    260        And        1           2.46 
GTWL22-007       46     48                   2           1.63 
GTWL22-007      102    109        And        7           3.59 
GTWL22-007      102    104  Including        2           8.02 
GTWL22-007      147    151        And        4           1.64 
GTWL22-007      148    150  Including        2           2.40 
GTWL22-007      310    311        And        1           1.90 

Drilling in the new MP-Ryan zone is extending the zone along a 500-metre high-grade trend which remains open in all directions. During the winter 2022 program 6,011 metres have been drilled in 19 holes. Visible gold (VG) has been reported in 10 holes. Logging and sampling are continuing, with completion of sample shipments expected by the end of May.

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 (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.

The 2022 drill program is well under way with two rigs drilling the Campbell shear south of the former high-grade Con mine, with one deep 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 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.

Technical appendix

This news release reports the assay results from four drill holes totalling 1,031 metres from which 677 core samples were assayed. Assays results range from non-detectable gold to a highest assay of 9.78 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 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, 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 premiere gold mining districts in Canada.

We seek Safe Harbor.

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