01:43:50 EDT Fri 14 Jun 2024
Enter Symbol
or Name

Gold Terra Resource Corp
Symbol YGT
Shares Issued 281,202,484
Close 2024-01-24 C$ 0.06
Market Cap C$ 16,872,149
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Gold Terra Resource resumes deep drilling at Con

2024-01-25 11:00 ET - News Release

Mr. Gerald Panneton reports


Gold Terra Resource Corp.'s 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 has resumed after the Christmas drilling break. 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.

Chairman and chief executive officer Gerald Panneton commented: "After successfully confirming the extension of the high-grade Campbell shear zone 200 metres vertically below the Robertson shaft with hole GTCM23-055, we are now extending the zone with a wedge off a target 75 metres north of the first intersection. The former Con mine deposit produced 5.1 million ounces of gold at an average grade of 16 g/t [grams per tonne] and is our prime target below the existing underground workings."

2024 deep drilling update

The company is continuing its drill program using master/parent hole GTCM23-055 to add multiple intersections into the CS structure. Currently, the company is drilling a wedge hole, GTCM23-055A, off from hole GTCM23-055, at a downhole depth of 1,641 metres with the aim of intersecting the CS structure at the same depth as the parent hole but 75 metres to the north. The wedge is at a current depth of 2,105.5 metres and has entered the CS zone at 2,058 metres down hole.

The restart of the drilling after the Christmas break has been slower than anticipated but is now progressing well.

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 approximately 14 million ounces of gold has been produced (refer to Gold Terra Oct. 21, 2022, technical report), 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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