10:38:43 EDT Tue 18 Jun 2024
Enter Symbol
or Name

Gold Terra Resource Corp
Symbol YGT
Shares Issued 281,202,484
Close 2023-10-24 C$ 0.075
Market Cap C$ 21,090,186
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Gold Terra extends Campbell shear at Con mine

2023-10-25 12:17 ET - News Release

Mr. Gerald Panneton reports


Gold Terra Resource Corp.'s drill hole GTCM23-055 has successfully intersected over 60 metres of the gold-bearing Campbell shear from a downhole depth of 2,075 to 2,135 metres. The hole was shut down at a final downhole depth of 2,228 metres from surface. The hole was designed to test for gold mineralization below the Con mine underground workings on the Con mine option (CMO) property. The CMO property is under option from subsidiaries of Newmont Corp. and is 100 per cent 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.

Within the 60-metre Campbell shear (CS) intersection, approximately 30 metres of the CS within the footwall of the structure displays strong shear fabric, sericite alteration, prominent quartz veining and typical 1 to 5 per cent sulphide mineralization, including pyrite, pyrrhotite, and traces of sphalerite, stibnite and arsenopyrite. A mineralized laminated quartz vein at 2,116 metres contains fine specks of visible gold. Samples from the zone have been submitted for laboratory analysis and results are pending.

Chairman and chief executive officer Gerald Panneton commented: "We are excited to have achieved our first objective on the extension of the high-grade gold-bearing Campbell shear in hole GTCM23-055, some 200 metres below the existing Con mine underground workings. It is a major technical success to delineate a 30-metre intersection of prominent quartz veining and sulphide mineralization as well as the presence of visible gold. On comparing our intersection with historic intersections in the closest underground drilling, such as in historical hole 7940, we see major similarities to the current intersection some 250 metres above. This is indicative of the continuation of gold mineralization within the shear below the former Con mine where 5.1 million ounces of gold was produced at an average grade of 16 g/t [grams per tonne]. We will be now stepping up from our master/parent hole to add more intersections within a radius of 50 to 100 metres laterally and eventually up dip from our successful first intersection."

The quick log of the CS section in hole GTCM23-055 is as follows:

From and to in metres (m):

  • 1,500 m to 2,075 m -- massive mafic volcanics flows (some pillows);
  • 2,075 m to 2,135 m -- Campbell shear structure;
  • 2,093 m to 2,105 m -- developing schistosity plus small sections of quartz/carbonate veining with local sulphides mineralization (Py-Po) plus sericite alteration;
  • 2,105 m to 2,135 m -- well develop shearing with 30 to 50 per cent quartz veining (15-centimetre to 50 cm vein) with sulphide (2 to 5 per cent) mineralization throughout mainly Py-Po and traces of others;
    • 2,015 m to 2,020 m -- 50 per cent laminated smoky quartz veining and 3 per cent total sulphides (Py-Po traces of stibnite sphalerite and arsenopyrite);
    • Visible gold at 2,116.5 m in a 50 cm quartz vein;
  • 2,135 m to 2,228 m -- gradually back in the massive volcanics intermixed with sediments;
  • 2,228 m -- end of the hole.

Directional drilling

The company is continuing its drill program using master/parent hole GTCM23-055 to add multiple intersections or cut into the Campbell shear structure. With Foraco's control directional drilling team, already on site in Yellowknife, the company is able to continue its assessment of the Campbell shear to obtain more intersections on a 50 to 75 m spacing laterally and up dip.

Future updates

To hear about drilling updates and the company's future drilling plans, please join Gold Terra on Tuesday, Nov. 7, at 11:20 a.m. at the Red Cloud Fall Mining Showcase, Sheraton Centre Toronto Hotel, 123 Queen St. West, Toronto, Ont., M5H 2M9.

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 Moz 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 which reinforces the company's objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.

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