04:51:42 EDT Fri 31 Mar 2023
Enter Symbol
or Name

Gold Terra Resource Corp
Symbol YGT
Shares Issued 196,471,494
Close 2022-08-03 C$ 0.195
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Gold Terra drills 11 m of 8 g/t Au at Con

2022-08-03 11:08 ET - News Release

Mr. Gerald Panneton reports


Gold Terra Resource Corp. has started its summer drilling program, as well as released the remaining assay results on the Campbell shear winter drilling program designed to test the Campbell shear along strike south of the former producing Con mine and at depths of approximately 1,000 metres at 200-metre drill spacing. High-grade gold mineralization was intersected in multiple targeted zones, which include new assay results for hole GTCM22-039, an initial hole drilled at Yellorex North.

Chairman and chief executive officer Gerald Panneton commented: "The 2022 winter drilling program results along the southern extension of the Campbell shear shows multiple mineralized zones which demonstrate great potential for additional ounces on the Con option property. We have now completed 22,491 metres of drilling on the Campbell shear since September, 2020, and, as we are working on a mineral resource update for early Q4 2022, the Campbell shear remains our focus and the best target on our properties."

2022 summer drilling program

Drilling on the Campbell shear will continue this summer to follow up on the winter program's positive results. Drilling will continue to test the Y-88 zone with 50-metre-spaced wedges drilled from hole GTCM22-037, which intersected strong alteration and gold mineralization indicative of proximity to high-grade lodes. The planned wedges off GTCM22-037 are designed to test both strike and dip extensions of those lodes. The summer drilling program commenced in mid-July, 2022. Compilation of assay results from the drilling indicate possible mineralized trends that will be tested further in the summer drilling program.

2022 winter drilling program summary

Fifteen diamond drill holes were completed for a total of 8,327.96 metres between Jan. 20, 2022, and May 13, 2022. Four gold targets were tested: Yellorex Main (six holes), Yellorex North (one hole), Campbell shear/Con shear (six holes) and Y-88 zone (two holes) which tested the Campbell shear at a depth below 1,000 metres where historic drill hole Y-88 intersected high-grade gold mineralization.

Yellorex North

New assay results from hole GTCM22-039 at Yellorex North are listed in an attached table.

GTCM22-039 was the only hole drilled on Yellorex North, located at shallow depth north of the Pud fault. The hole intersected two main mineralized zones similar to the Yellorex Main mineralized zones. The drilling confirms that the mineralization encountered at Yellorex continues beyond the Pud fault, where it has been shifted to the northeast within the same fault bock that hosted the five million ounces (Moz) of gold produced in the Campbell shear. The mineralized zones display the same features as the main Yellorex deposit when it comes to alteration, mineralization and veins. A strong sericite alteration halo is surrounding the main zones, which consist of smoky quartz veins with intense arsenopyrite and pyrite mineralization.

Campbell shear/Con shear

New assays for the six holes drilled to test the Campbell shear, including one previously released hole, GTCM22-029, to test the Con shear, are listed in an attached table.

Previously released deep hole GTCM22-029 designed to test the Campbell shear at a depth below 1,000 vertical metres intersected 3.02 grams per tonne (g/t) gold (Au) over 1.05 metres from 1,307.95 to 1,309.00 metres. 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 Moz of gold at a grade of 19.5 g/t Au was mined at the Con mine. This resulted in an intersection 3.61 g/t Au over 4.55 metres, including 15.75 g/t over 0.75 metre at 30 metres vertical depth. A one-kilometre-long portion of the Con shear in this area was previous tested by only two shallow holes from the 1940s. One of the historic holes reported a historical intersection of 30.86 g/t Au over one foot.

A follow-up was done to test the Con shear with an additional six holes (GTCM22-032 to 038), totalling 988.29 metres. The Con shear was intersected in all the holes, ranging from 2.50 metres to 15.50 metres wide. In some holes, the Con shear occurs as several anastomosed shears. The shears consist of chlorite and calcite schist with trace to 1 per cent of arsenopyrite and pyrite with limited quartz veining. This portion of the Con shear is still underexplored and more holes will be required to test thoroughly this gold-bearing structure.

Y-88 zone

Previously released hole GTCM22-037 is a deep hole drilled below historical holes Y-88 (13.72 g/t Au over 5.27 metres) and referred to as the Y-88 zone and above Y-86 and Y-96A (8.32 g/t Au over 4.45 metres and 18.11 g/t Au over 0.83 metre, respectively). GTCM22-037 intersected two gold zones of 1.60 g/t over 14.57 metres and 0.59 g/t Au over 12.65 metres. Although the zone is located within the Campbell shear, its gold mineralization style contrasts with the usual sericite-rich alteration and arsenopyrite-rich smoky quartz veins style intersected at Yellorex. 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 to 1,257.84 metres.

GTCM22-041 is also a deep hole drilled about 150 metres to the south of GTCM22-037. It intersected scarce mineralization in pyrite along abundant quartz-ankerite veins with associated laminated sericite alteration. As most of the hole drilled through the Campbell shear, two distinct gold zones were intersected.

Yellorex zone

Modelling of the high-grade Yellorex zone is currently under way and will be included in an updated mineral resource estimate that will 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 from 10 drill holes from which 857 core samples were assayed. Results include final assays from the three deep holes (GTCM-029, 037 and 041), from the one hole on Yellorex (GTCM22-039) and the six holes drilled on the Con shear, for a total of 5,637 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 (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 staff 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 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.

All the 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 Resource Corp.

Gold Terra's YCG project encompasses 800 square kilometres of contiguous land immediately north, south and east 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 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 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.

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