Mr. Gerald Panneton reports
GOLD TERRA ANNOUNCES FILING OF TECHNICAL REPORT ON THE CON MINE OPTION PROPERTY, NWT
Gold Terra Resource Corp. has filed a technical report prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, on the Con mine option (CMO) property, which is under option from subsidiaries of Newmont Corp. and acquirable by the company upon fulfilment of certain conditions set out in the CMO agreement as reported in the company's news release dated Sept. 7, 2022.
The October 21, 2022 technical report, titled "Initial Mineral Resource Estimate for the CMO Property, Yellowknife City Gold Project, Yellowknife, Northwest Territories, Canada" with an effective date of September 2, 2022 can be found on the Company's website at https://www.goldterracorp.com and on SEDAR at www.sedar.com. The Mineral Resource Estimate on the CMO Property includes three gold deposits - Yellorex Main, Yellorex North, and Kam Point. The CMO Property is located adjacent to the Company's 100% owned Yellowknife City Gold project (the "YCG Project") in the Northwest Territories which has Mineral Resource Estimates on the Crestaurum, Barney, Sam Otto, and Mispickel deposits.
Mineral Resource Estimate Highlights
Con Mine Option Property initial Mineral Resource Estimate:
- Underground Indicated Mineral Resource of 0.45million tonnes averaging 7.55 g/t Au for 109,000 ounces of contained gold
- Underground Inferred Mineral Resource of 2.0 million tonnes averaging 6.74 g/t Au for 432,000 ounces of contained gold
In addition to the CMO Mineral Resource Estimate the Company has 1.2 Moz Inferred Mineral Resources for the Crestaurum, Barney, Sam Otto and Mispickel deposits (see March 2022 Technical Report) on their adjacent 100% owned YCG Project. These Mineral Resource Estimates are also included in the current technical report. This extensive land package is close to the City of Yellowknife with all its extensive existing infrastructure.
Potential to Delineate Additional High-Grade Ounces Along the Campbell Shear
The Company is planning a winter 2023 drilling program which will include testing all zones mentioned in the initial Mineral Resource Estimate at depth and along strike, south of the Mine. If budget permits, the Company also will be testing the Campbell shear at depth of up to 2000 metres below surface. Potential drilling targets are shown in Figure 1:Figure 1: Potential to Delineate Additional High-Grade Ounces Along the Campbell Shear at Depth
The Mineral Resource Estimate for the CMO Property and YCG Project was prepared by Dr. Allan Armitage, P.Geo. from SGS, an Independent Qualified Person as defined under NI 43-101.
Dr. Allan Armitage and Joe Campbell, P. Geo., Chief Operating Officer for Gold Terra, both Qualified Persons within the meaning of NI 43-101, have reviewed and approved the technical information contained in this news release.
About Gold Terra
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 kilometers 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 focusing its exploration activities on the prolific Campbell shear, where 14 Moz of gold has been produced, and most recently on the Con Mine Option Property claims immediately south of the past producing Con Mine (1938-2003).
The YCG lies on the prolific Yellowknife greenstone belt, covering nearly 70 kilometers 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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