05:46:36 EDT Fri 31 Mar 2023
Enter Symbol
or Name

Gold Terra Resource Corp
Symbol YGT
Shares Issued 196,471,494
Close 2022-06-27 C$ 0.16
Recent Sedar Documents

Gold Terra Resource drills 6.5 m of 1.97 g/t Au at Con

2022-06-27 08:32 ET - News Release

Mr. Gerald Panneton reports


Gold Terra Resource Corp. has released assay results of GTCM22-037, which was designed to test the Campbell shear at a depth of 1,000 vertical metres. GTCM22-037 intersected the Campbell shear as planned, with the main zone carrying 1.6 grams per tonne gold over 14.57 metres, including two gold zones of 1.97 g/t Au over 6.5 metres from 1,263.3 m to 1,269.8 m and two g/t Au over 4.5 metres from 1,256.08 m to 1,260.58 m.

Hole GTCM22-037 encountered alteration, veining and mineralization consistent with descriptions of typical Campbell shear gold zones from historical production. It was drilled below historical hole Y-88 (13.72 g/t Au over 5.27 metres) and above historical holes Y-86 and Y-96A (8.32 g/t Au over 4.45 metres and 18.11 g/t Au over 0.83 m) along the Campbell shear structure. The past-producing Con mine property is under option to purchase 100 per cent by the company from Newmont Canada FN Holdings ULC and Miramar Northern Mining Ltd., both wholly owned subsidiaries of Newmont Corp. (see Nov. 22, 2021, press release). These intersections are historical in nature and have not been verified by Gold Terra. Hole location, down-hole survey, assay and lithologic data were obtained from the Con mine database and, therefore, are assumed by Gold Terra to be reasonably valid.

Chairman and chief executive officer Gerald Panneton commented: "Our drilling program is getting positive results on the Campbell shear at depth and confirming gold mineralization in the area of historical holes Y-88 and Y-86. At the past-producing Con mine (five million ounces at 15 g/t Au), it was typical to go from low-grade gold (approximately one to three g/t Au) to high grade in the span of 10 metres. For example, we have observed visible gold, and the Campbell shear is present and well altered and mineralized, south of the Pud fault. Our 2022 program will continue to test this area, using hole 37 to set up wedges on 50-metre spacing. For the second half of 2022, we are well financed to continue with the deep drilling program and updating our current mineral resource to include the high-grade Yellorex zone for Q4 2022."

The 2022 drill program along the Campbell shear structure is well under way, with a total of 15 drill holes (GTCM22-027 to GTCM22-041) completed to date for a total of 8,391 metres. The company has received $132,000 in funding from the 2022/2023 Northwest Territories Mining Incentive Program for the Campbell shear project.

The company also received the remaining assays for hole GTCM21-029.

Drilling results

Hole GTCM22-037 is a deep hole drilled below historical hole Y-88 (13.72 g/t Au over 5.27 metres) and above historical holes Y-86 and Y-96A (8.32 g/t Au over 4.45 metres and 18.11 g/t Au over 0.83 m, respectively). GTCM22-037 intersected two gold zones of 1.6 g/t over 14.57 metres and 0.59 g/t Au over 12.65 metres. Although the zones are located within the Campbell shear, its gold mineralization style contrasts with the usual sericite-rich alteration and arsenopyrite-rich smoky quartz vein style intersected at Yellorex. The main difference is the absence of sericite alteration, chlorite and calcite being the main alteration present. Local sericitized clasts and angular fragments of semi-massive, laminated pyrite suggest a late remobilization or setting of the gold. The gold is associated with quartz-tourmaline breccia veins. Locally, two pinpoint visible gold specks were found within one of those quartz-tourmaline veins at a depth of 1,257.38 metres to 1,257.84 metres.

Additional assays received from previously released hole GTCM22-029, which is a deep hole designed to test the Campbell shear at a depth below 1,000 vertical metres, intersected 3.02 g/t Au over 1.05 metres from 1,307.95 m to 1,309 m. To reach the 1,000-metre depth on the Campbell shear, hole GTCM22-029 was collared immediately west of the Con shear, a secondary structure from which about one million ounces of gold at a grade of 19.5 g/t Au were mined at the Con mine. This resulted in an intersection of 3.61 g/t Au over 4.55 metres, including 15.75 g/t over 0.75 metre, at 30 m vertical depth (see May 15, 2022, press release). A one-kilometre-long portion of the Con shear in this area was previously tested by only two shallow holes from the 1940s. One of the historical holes reported a historical intersection of 30.86 g/t Au over one foot.

Hole GTCM22-041 has been completed to a depth of 1,364 metres, and assays are pending.

A table of significant drill intersections for holes GTCM22-029 and GTCM22-037 is provided herein.

The company has completed approximately 14,402 metres year to date, with the objective to delineate a high-grade gold mineral resource to add to the company's current 1.2 million inferred ounces and, ultimately, advance toward an economic study.

Technical appendix

This news release reports the final assay results for two drill holes, from which 374 core samples were assayed. Results include final assays from holes GTCM-029 and GTCM-037 (2,833 metres of drilling). Assay results range from non-detectable gold to a highest assay of 15.75 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 GTCM-029 and GTCM-037 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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