20:48:46 EDT Thu 30 Mar 2023
Enter Symbol
or Name

Gold Terra Resource Corp
Symbol YGT
Shares Issued 238,880,745
Close 2023-01-17 C$ 0.155
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Gold Terra begins 8,000-metre CMO winter drill program

2023-01-18 10:57 ET - News Release

Mr. Gerald Panneton reports


Gold Terra Resource Corp. has begun an 8,000-metre winter drilling program on the Con Mine Option (CMO) property in Yellowknife, NWT. The CMO property is under option from subsidiaries of Newmont Corp. and is acquirable by the company upon fulfilment of certain conditions set out in the CMO agreement, as reported in the company's news release dated Nov. 22, 2021.

The initial drilling program will consist of 20 holes drilled from surface to a depth of negative 600 metres over a two-kilometre stretch with the objective of expanding the September, 2022, initial mineral resource estimate (MRE) (see the press release dated Sept. 7, 2022) along the Campbell shear south of the Con mine. In addition, preparations are under way to move in a second drill which is capable of drilling 2,500-metre holes to test the depth extension of mineralization below the former Con mine.

Chairman and chief executive officer Gerald Panneton commented: "This winter drilling program will continue to focus on expanding the current near-surface mineral resources on the CMO on where the initial MRE was based on. At the same time, we are planning to drill the down-plunge extension of the Con mine deposit below negative 1,900 metres as we strongly believe there is significant additional high-grade potential. The current MRE remains open in all directions along the prolific six-kilometre-long Campbell shear structure from which the Con mine produced more than five million ounces of high-grade gold (16 g/t [grams per tonne] gold) on two kilometres of strike length alone. Our goal is to advance the project towards an economic study and bring further value to our shareholders."

Drilling program on the Yellorex North, Yellorex and Kam Point deposits

The focus of the winter drilling program is to expand the current mineral resource estimate.

All these targets are located along the Campbell shear structure between surface and negative 500 metres of depth, with the exception of one hole, which will test the depth of the Yellorex Main deposit where most of the initial MRE is located.

The drilling program will start on the Yellorex North target this week, with the first seven holes drilled near surface representing the best underexplored target of the area. The target area is very close to existing underground mining infrastructure and tested only by one hole in 2022 (GTCM22-039).

Deep drilling program below the Con mine

The objective is to drill two holes targeting high-grade gold shoots beneath the Con mine workings.

Two thousand twenty-two key achievements

  • The Company announced an initial MRE of an underground indicated 820,000 tonnes averaging 7.55 g/t for 109,000 ounces of contained gold and an underground inferred of two million tonnes averaging 6.74 g/t for 432,000 ounces of contained gold (see the press release dated Sept. 7, 2022, for full details). The Oct. 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 Sept. 2, 2022, can be found on the company's website and on SEDAR.
  • The initial CMO mineral resources was delineated at a discovery cost of $12 per ounce.
  • On Nov. 21, 2022, the company completed a non-brokered private placement for gross proceeds of $3.8-million. This financing allows the company to have a substantial winter drilling program on the CMO property.

Qualified person

Joe Campbell, PGeo, senior geological advisor for Gold Terra, is a qualified person within the meaning of National Instrument (NI) 43-101; he has reviewed and approved the technical information contained in this news release.

About Gold Terra Resource Corp.

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 (million ounces) 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 and CMO property lie 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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