21:33:32 EDT Sat 22 Jun 2024
Enter Symbol
or Name

Gold Terra Resource Corp
Symbol YGT
Shares Issued 281,202,484
Close 2024-04-10 C$ 0.08
Market Cap C$ 22,496,199
Recent Sedar Documents

Gold Terra arranges $2.5-million private placement

2024-04-10 14:36 ET - News Release

Mr. Gerald Panneton reports


Gold Terra Resource Corp. has arranged a non-brokered private placement with Eric Sprott as the lead investor. The offering consists of 50 million common shares of the company at a price of five cents per share for gross proceeds of $2.5-million.

The offering is non-brokered with no warrants and the company will pay finders' fees of 6 per cent to eligible parties in accordance with applicable securities laws and TSX Venture Exchange policies. The offering is expected to be closed on or around April 19, 2024.

The net proceeds from the offering will be used for general corporate purposes and for the drilling program already in progress on the Campbell shear target below the underground workings at the Con mine option property, under option from a subsidiary of Newmont Corp.

The current drill program at the Con mine is aimed at increasing its current indicated and inferred resource (mineral resource estimate of October, 2022) near surface and south of the Con mine, targeting the prolific Campbell shear structure, which produced 14 million ounces of gold at an average grade of 16 to 22 grams per tonne gold. The current drilling is targeting below the existing underground workings, where the potential exists to add significant free milling high-grade ore. The Con mine property has excellent infrastructure, including the Robertson shaft, a water treatment plan (2015), a warehouse and offices. The Con mine closed in 2003, with approximately 650,000 ounces at 11 to 12 grams per tonne gold in historic reserves and combined resources (please refer to the Oct. 21, 2022, technical report, titled "Initial Mineral Resource Estimate for the CMO Property, Yellowknife City Gold Project, Yellowknife, Northwest Territories, Canada," with an effective date of Sept. 2, 2022, by qualified person Dr. Allan Armitage, PhD, PGeo, SGS Geological Services, which can be found on the company's website and on SEDAR+).

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's 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 million ounces 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.

We seek Safe Harbor.

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