04:50:03 EDT Fri 14 Jun 2024
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Gold Terra Resource Corp
Symbol YGT
Shares Issued 281,202,484
Close 2024-01-03 C$ 0.065
Market Cap C$ 18,278,161
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Gold Terra to resume Con deep drilling program

2024-01-04 13:33 ET - News Release

Mr. Gerald Panneton reports

GOLD TERRA PROVIDES UPDATE ON DRILLING PROGRAM AT THE CON MINE OPTION PROPERTY, NWT, AND GRANTS STOCK OPTIONS

Gold Terra Resource Corp. has provided an update on its deep drilling directional program designed to establish the extension of high-grade gold mineralization in the Campbell shear (CS) 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.

2023 highlights post last mineral resource estimate (see Sept. 7, 2022 news release):

  • Completion of 5,769-metre drilling program to expand the Campbell shear gold structure near surface at the Yellorex zones south of the existing Con mine underground workings;
  • The first deep drill hole GTCM23-055 completed in October (2,228 metres from surface) intersected the CS approximately 200 metres below the Robertson shaft (minus 1,900 metres) with an excellent high-grade intersection of 12.70 grams per tonne gold over 1.7 metres (see Nov. 15, 2023, press release). The confirmation of the extension of the high-grade CS structure at depth opens up the high-grade Campbell shear zone in all directions.

The company controls over 70 kilometres of the CS structure north and south of the Con mine option where it holds 100 per cent of the district potential outlined in the last mineral resource update of September, 2022 (see Sept. 7, 2022, press release) with multiple high-grade satellite zones that could potentially contribute to a larger mill operation.

The deep drilling program targeting the CS at depth is expected to resume the week of Jan. 8, 2024, with Foraco drilling company. The next hole is a lateral wedge from GTCM23-055, the master hole, targeting the CS approximately 75 metres north of the first high-grade gold intersection.

Grant of stock options

The company announces that the board of directors has approved a grant of stock options under the company's stock option plan to its directors, officers, employees and consultants to purchase up to an aggregate of 1.2 million treasury shares at 10 cents.

The options are exercisable at a price of 10 cents per share for a period of five years and are subject to the policies of the TSX Venture Exchange and the company's stock option plan which includes a vesting period beginning six months after issue for 25 per cent of the options, and 25 per cent every six months following.

The company has also granted 200,000 stock options to Henry Weingarten as compensation for strategic planning advice, marketing and business timing recommendations as a marketing and corporate development consultant commencing Jan. 1, 2024, and continuing on a month-to-month basis.

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 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.

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