04:28:22 EDT Fri 14 Jun 2024
Enter Symbol
or Name

Gold Terra Resource Corp
Symbol YGT
Shares Issued 281,202,484
Close 2024-02-06 C$ 0.055
Market Cap C$ 15,466,137
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Gold Terra begins second deep drill hole at Con

2024-02-07 12:30 ET - News Release

Mr. Gerald Panneton reports


Gold Terra Resource Corp. has started a second deep drill hole to continue establishing the extension of high-grade gold mineralization in the Campbell shear (CS) below the Con mine underground workings on the Con mine option (CMO). 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.

Deep drilling update

The company's first deep drill hole, GTCM23-055, was a success in confirming gold mineralization 200 metres below existing underground workings and extending the CS with a typical gold intersection of 12.73 grams per tonne Au over 1.7 metres. While the drilling operator was completing a lateral wedge from this master hole targeting the CS approximately 75 metres north of the first intersection, the drilling operator made a mistake with setting up a second wedge, and the hole had to be abandoned. As a result, it was decided to start a second deeper hole approximately 600 metres below the Robertson shaft (1,900 metres below surface), to test a larger area for gold mineralization in the CS. The second deep drill hole is estimated to intersect the CS, approximately 600 metres below the underground workings, which will allow the company a bigger area to add multiple wedges, and intersections of the CS.

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 moving the drill to a new location for a second deep hole. We look forward to completing another successful deep drill hole to intersect both the Con shear which produced one million ounces at 20 g/t Au as well as our primary target, the Campbell shear (CS), which produced 5.1 million ounces of gold at an average grade of 16 g/t from the Con mine."

Qualified persons

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 Moz 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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