04:30:16 EDT Fri 31 Mar 2023
Enter Symbol
or Name

Gold Terra Resource Corp
Symbol YGT
Shares Issued 196,471,494
Close 2022-05-16 C$ 0.22
Recent Sedar Documents

Gold Terra drills 4 m of 18.79 g/t Au at Con

2022-05-17 10:59 ET - News Release

Mr. Gerald Panneton reports


Gold Terra Resource Corp. has released assay results for two holes, GTCM22-031 and 040, designed to test the Yellorex zone. Drill hole GTCM22-040 was drilled on Yellorex to test a gap in the drilling and confirmed two mainhigh-grade zones returning 8.00 g/t gold (Au) over 11.00 metres including 18.79 g/t Au over 4.00 metres, and 14.42g/t Au over 4.00 metres including 27.75 g/t Au over 2.00 metres. 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 Corporation (see November 22, 2021 press release).

The 2022 drill program along the Campbell Shear (CS) structure is well underway with a total of 14 drill holes (GTCM22-027 to 22-040) completed to date for a total of 7027 metres. The program is testing the Yellorex zone between surface and a 600-metre vertical depth along a 300-metre strike length, while the other drill rig is testing the CS at a depth of 1000 metres below surface in an area previously explored and where historic hole Y88 intersected gold mineralization of 13.72 g/t Au over 5.27 metres outside of the Con Mine underground workings.

Chairman and CEO, Gerald Panneton, commented, "We are continuing to tighten the drilling on the Yellorex zone in preparation for an updated mineral resource estimate by year-end and we expect to add ounces from the Yellorex zone. Our 2022 program is well underway to test the extension of the Campbell Shear at depth, and in the southern extension of the gold enriched structure."

The location of holes GTCM21-031 and 040 is shown in the following Figure 1:

Figure 1: Location of holes GTCM22-031 and 040.

Drilling Results

Hole GTCM22-031 is a hole drilled as part of the Mining Incentive Program (MIP) financed by the NWT government. Gold Terra received a grant of $100,000 to test the Campbell Shear north of the Yellorex fault where it was interpreted to be cut-off. The hole intersected the Campbell Shear, which was preserved at depth. The shear was intersected from 59 to 196 metres and was weakly mineralized with gold in the 100 ppb range. The low-grade gold intersection from 34 to 35 metres consists of semi-massive pyrite occurring within a primary pillow breccia horizon.

Hole GTCM22-040 was drilled on Yellorex to test a gap in the drilling between hole GTCM21-014 and GTCM21-022. It intersected two main high-grade zones returning 8.00g/t Au over 11.00 metres, including 18.79 g/t Au over 4.00 metres and 14.42 g/t Au over 4.00 metres. Both zones include 25 to 50% of smoky quartz veins with arsenopyrite, pyrite and traces of sphalerite mineralization within a strong sericite alteration zone.

A table of significant drill intersections for holes GTCM22-31 and 040 are shown in Table 1:

Figure 2 - Cross-section showing GTCM22-40

Figure 2: Yellorex ZoneThe 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 at https://www.goldterracorp.com and on SEDAR at www.sedar.com) and ultimately advance towards an economic study.

Technical AppendixThis news release reports the assay results from two (2) drill holes from which 167 core samples were assayed. Results include final assays from holes GTCM-031 and 040 for 818 meters of drilling. Assay results range from non-detectable gold to a highest assay of 50.0 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 ("ALS") in Yellowknife. After sample preparation, samples are shipped to ALS's Vancouver facility for gold analysis. Gold assays of >3 g/t are re-assayed 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 QC samples are reported.Drill holes GTCM22-031 and 040 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 percent 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 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 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 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 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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