11:30:08 EDT Tue 18 Jun 2024
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CA



Gold Terra Resource Corp
Symbol YGT
Shares Issued 281,202,484
Close 2023-09-18 C$ 0.085
Market Cap C$ 23,902,211
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Gold Terra resumes deep drilling program at Con

2023-09-18 10:36 ET - News Release

Mr. Gerald Panneton reports

GOLD TERRA RESUMES DRILLING PROGRAM ON CON MINE OPTION PROPERTY AFTER LIFTING OF YELLOWKNIFE WILDFIRE EVACUATION ORDER

Gold Terra Resource Corp. has resumed the deep drilling program to test for gold mineralization on the Con mine option property. Hole GTCM23-055 was stopped at 1,900 metres on the Yellowknife wildfire evacuation order. The hole is targeted to intersect the down-plunge extension of the prolific Campbell shear zone at depth below the Con mine deposit (1938 to 2003), where 5.1 million ounces of gold was produced at an average grade of 16 grams per tonne (g/t). The Con mine option (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 property agreement, as reported in the company's news release dated Nov. 22, 2021.

Gerald Panneton, chairman and chief executive officer, commented: "We are very pleased for the safe return of everyone in Yellowknife, as well as our geological team and drilling contractor. It has been a very difficult time for all residents of Yellowknife. We thank everyone that stayed behind to safeguard Yellowknife. As the deep drill hole has resumed, we expect the Campbell shear to be intersected in the next two to three weeks, with assays to follow."

Watch the latest interview

BTV is featuring Gold Terra on the BNN Bloomberg channel. Watch the latest interview with Gerald Panneton, chairman and CEO of Gold Terra Resource, on the strategy to discover gold on the company's vast landholdings covering approximately 900 square kilometres in the Yellowknife gold belt.

The focus of the 2023 drilling program is to expand the September, 2022, initial mineral resource estimate (MRE) (see Sept. 7, 2022, press release) of 109,000 indicated ounces of contained gold and 432,000 inferred ounces of contained gold between surface and to a depth of 400 metres below surface, along a two-kilometre corridor of the Campbell shear. Refer to 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, by qualified person, Allan Armitage, PhD, PGeo, SGS Geological Services, which can be found on the company's website and on SEDAR.

Qualified person

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

About Gold Terra Resource Corp.

The Yellowknife project (YP) encompasses 918 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 YP 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 million ounces of gold have been produced, and most recently on the Con mine option (CMO) property claims immediately south of the past-producing Con mine, which produced 6.1 million ounces between the Con, Rycon and Campbell shear structures (1938 to 2003).

The YP and CMO properties lie on the prolific Yellowknife greenstone belt, covering nearly 70 kilometres of strike length along the main mineralized shear system that hosts 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, reinforcing the company's objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.

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