00:16:14 EDT Thu 13 Jun 2024
Enter Symbol
or Name
USA
CA



Gold Terra Resource Corp
Symbol YGT
Shares Issued 281,202,484
Close 2023-12-05 C$ 0.085
Market Cap C$ 23,902,211
Recent Sedar Documents

Gold Terra cheers Midas exploration at Yellowknife

2023-12-06 13:19 ET - News Release

Mr. Gerald Panneton reports

GOLD TERRA PROVIDES CORPORATE UPDATE ON LITHIUM DISCOVERIES UNDER A FARM OUT OPTION WITH MIDAS MINERALS, NWT, CANADA

Gold Terra Resource Corp. has provided an update on its option agreement with Midas Minerals Ltd. The option with Midas includes only lithium and rare earth outside the gold corridor of the Yellowknife project covering approximately 718 square kilometres. The Yellowknife region is known to host multiple lithium-bearing pegmatites, with associated tantalum minerals relating to multiple fertile stocks emanating from the Prosperous granite complex.

In the option agreement, Midas can earn first a 51-per-cent interest over three years by paying $1.2-million, issuing 2.2 million shares of Midas (done summer 2023) and spending a minimum of $5-million, subject to a 1.5-per-cent gross revenue royalty (GRR). Midas can up its interest to 80 per cent by spending another $5-million over the next two years and Gold Terra has a carry interest of 20 per cent up to a positive bankable feasibility study. Refer to the March 31, 2023, press release for full details.

Chairman and chief executive officer Gerald Panneton commented: "The lithium and RRE potential of our large Yellowknife land position has always been known to exist. Our agreement with Midas Minerals gives us excellent exposure to the potential for a critical minerals discovery at no cost to Gold Terra until a positive bankable feasibility study is completed. Midas has already fulfilled its 2023 commitment and spent over $350,000 in successfully evaluating the critical minerals potential in the Quyta belt area with sampling assays up to 4.65 per cent lithium. Well done, Midas crew!"

More than 100 LCT (lithium-cesium-tantalum) pegmatites are known in the region, including historic references to lithium and tantalum occurrences within the YLP tenure. Midas has completed its first season of exploration at the Yellowknife lithium project (YLP) in Northwest Territories, Canada (see also Midas Minerals Nov. 20, 2023, press release).

Highlights:

  • From May to late August, 2023, Midas collected a total of 567 rock chip samples in broad-spaced regional sampling programs over approximately 300 square kilometres.
  • Ten spodumene-bearing pegmatites confirmed to date returning maximum grades of up to 4.65 per cent lithium oxide (refer to Midas's Australian Securities Exchange release dated Aug. 2, 2023).
  • Midas has successfully defined fertile pegmatite swarms with combined 58 kilometres of strike and an area of 70 square kilometres.
  • Midas will undertake more detailed mapping in its 2024 field season to locate and define additional spodumene-bearing pegmatites within the fractionated pegmatite swarms located to date and prioritize targets for potential drill testing.

Gold Terra is pleased to announce that it has been invited to present at the Emerging Growth Conference on Dec. 6, 2023, at 2:55 p.m. to 3:05 p.m. EST.

Chairman and CEO Mr. Panneton will present an update on the Gold Terra's current deep drilling program below the existing Con mine underground workings. Drilling has confirmed the extension of the high-grade Campbell shear which remains open for over two kilometres in strike and at depth below the existing Robertson shaft (minus 1,900 metres).

If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available on the Emerging Growth website and on the Emerging Growth YouTube channel after the event. Please submit your questions for Mr. Panneton in advance to Questions@EmergingGrowth.com or ask your questions during the event.

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 pPoject (YP) encompasses 918 square 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 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).

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.