05:47:10 EDT Fri 31 Mar 2023
Enter Symbol
or Name

Gold Terra Resource Corp
Symbol YGT
Shares Issued 196,471,494
Close 2022-06-06 C$ 0.185
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Gold Terra drills 3 m of 31.89 g/t Au, Yellowknife City

2022-06-07 09:35 ET - News Release

Mr. Gerald Panneton reports


Gold Terra Resource Corp. has released assay results for three additional drill holes, GTCM22-004, 008 and 014 designed to expand high-grade mineralization in the Mispickel area. Drilling continues to extend gold mineralization in the new high-grade MP-Ryan zone, a second zone situated west of the main Mispickel area that has the potential to add ounces to the original Mispickel zone, with both zones near surface. To date, the company has released eight holes out of the 19-hole winter program which totals 6,011 metres.

Significant intersections for the three holes in the MP-Ryan zone include:

  • GTWL22-014 -- intersected 31.89 grams per tonne gold over three metres including 69.4 g/t Au over one metre;
  • GTWL22-004 -- intersected 7.63 g/t gold over three m, including a visible gold-bearing vein which returned 22.5 g/t Au over one m;
  • GTWL22-008 -- intersected 4.17 g/t Au over six m, including 11.35 g/t Au over one m, and including 11.8 g/t Au over one m.

Chairman and chief executive officer of Gold Terra, Gerald Panneton, commented: "These high-grade drill results indicate that the MP-Ryan zone is developing into a new high-grade gold zone approximately 100 to 150 m west of the main Mispickel area. This additional high-grade gold zone is a great indication of a larger system than previously thought in this area and opens up the whole area for other significant high-grade discoveries. The Mispickel area will be part of our updated NI 43-101 resource scheduled to be announced in Q4 of this year. The Mispickel area is situated 20 kilometres north of Yellowknife and complements our flagship Con mine property where we are currently drilling at depth along the Campbell Shear south of the Con."

This drilling program of 19 holes totalling 6,011 metres was part of a small winter program in the northern part of the company's Yellowknife City gold project. At least 10 holes have intersected visible gold (VG) in a wide sheared vertical structure currently extended over a minimum strike length of at least 450 metres. Assays are pending for all the remaining 11 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).

Drilling results

Hole GTWL22-004 intersected a zone of moderately sheared silty bedding with argillitic intervals hosting increased mineralization and veining. Visible gold is present in a small (four centimetres) quartz vein from 57 to 60 metres returning 7.63 g/t Au over three metres, including a visible gold-bearing vein which returned 22.5 g/t Au over one metre.

A second zone from 84.5 to 93.5 metres also returned anomalous gold values with 0.96 g/t Au over nine metres, including 2.47 g/t Au over 1.5 metres, and 4.27 g/t Au over 1 metre.

GTWL22-008 was drilled on the same northing as hole GTWL22-004 and was designed to intersect the Footwall, Main and Hanging Wall zones. Anomalous gold was intersected in all three zones.

  • Footwall zone -- The hole intersected broad zones of anomalous gold mineralization from 44 to 98 metres containing 4.17 g/t Au over six metres, and including 11.35 g/t Au over one metre and 11.8 g/t Au over one metre. The Footwall zone contains subcentimetre smoky laminated quartz veins with spotty chlorite along vein selvages with a halo of medium-grained arsenopyrite in the host rock adjacent to veining. There were three grains of gold in smoky quartz ranging from matchhead to pinhead at 78.3 metres.
  • Main zone -- The hole intersected 0.37 g/t Au over 18 metres from 109 to 127 metres with similar veining and mineralization to the Footwall zone.
  • Hanging Wall zone -- An interval of pale to smoky grey quartz veining with minor fine and needle to coarse arsenopyrite plus or minus pyrrhotite in the pressure shadows was encountered from 324 to 333 metres. This includes 0.74 g/t Au over nine metres, including 1.75 g/t Au over three metres from 326 to 329 metres.

GTWL22-014 -- The hole was drilled to expand on the newly discovered zone from hole GTWL22-007 (May 5, 2022, press release). This hole is approximately 30 metres along strike to the south from hole 007. The hole intersected zones of strong mineralization and quartz veining, similar to what is observed in Mispickel proper.

  • An intersection of smoky veining from 43 to 46 metres contains a large pale to smoky quartz vein with multiple grains of visible gold along small fractures in the vein. The vein is mineralized with arsenopyrite, pyrite plus or minus sphalerite and contains small sections of patchy chlorite. This intersection grades 31.89 g/t Au over three metres, including 69.4 g/t Au over one metre.
  • An intersection from 81 to 89 metres that contains 15 per cent dark smoky grey quartz veining with pyrrhotite, pyrite and arsenopyrite mineralization grades 1.15 g/t Au over eight metres, including 2.54 g/t Au over three metres.
  • A zone from 138 to 140 metres with narrow quartz veins and minor arsenopyrite in argillitic rocks grades 1.79 g/t Au over two metres.

           FOR HOLES GTWL22-004, 008 AND 0014

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

GTWL22-004        56      59          3            7.63          
Including         57      58          1            22.5          
And             84.5    93.5          9            0.96          
Including       84.5      86        1.5            2.47          
Including       91.5    92.5          1            4.27          
GTWL22-008        78      84          6            4.17          
Including         78      79          1           11.35         
Including         83      84          1            11.8          
And              326     329          3            1.75          
GTWL22-014        43      46          3           31.89         
Including         44      45          1            69.4          
And               81      89          8            1.15          
Including         85      88          3            2.54          
And              138     140          2            1.79          

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. Logging and sampling are continuing, with completion of sample shipments expected by the end of June.

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 three drill holes totalling 812 metres from which 658 core samples were assayed. Assays results range from non-detectable gold to a highest assay of 69.4 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 or to Actlabs assay lab in Kamloops, B.C. Samples prepared by ALS 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. Both ALS and Actlabs are certified and accredited laboratory services. ALS and Actlabs 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, 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 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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