10:47:12 EDT Tue 18 Jun 2024
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or Name
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Gold Terra Resource Corp
Symbol YGT
Shares Issued 306,482,484
Close 2024-05-21 C$ 0.07
Market Cap C$ 21,453,774
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Gold Terra talks Campbell shear drill hole at Con

2024-05-22 12:20 ET - News Release

Mr. Gerald Panneton reports

GOLD TERRA'S DRILL HOLE APPROACHING THE PROLIFIC CAMPBELL SHEAR WITH CURRENT DOWNHOLE DEPTH AT 2,265 METRES, CON MINE OPTION PROPERTY, NWT

Drill hole GTCM24-056, targeting the Campbell shear (past production of 5.1 million ounces at 16 grams per tonne; refer to the Oct. 21, 2022, technical report) on Gold Terra Resource Corp.'s Con mine option property (CMO), is progressing well at a current depth of 2,265 metres. The drilling is estimated to intersect the Campbell shear (CS) target at an approximate downhole depth of 2,600 metres, or approximately 600 metres below the historic Con mine underground workings. The CMO Property is under option from a subsidiary of Newmont Corporation and is 100% acquirable by the Company upon fulfillment of certain conditions set out in the CMO Property Option agreement, as reported in the Company's news release dated November 22, 2021 .

Chairman and CEO, Gerald Panneton, commented, "We are very pleased with the excellent progress of Hole GTCM24-056. The CS target has a strike length of at least 1-kilometre, and the hole target of 600 metres below the Con Mine Robertson shaft (1900 metres depth) will open a large under-explored area to add high grade ounces. Once the hole is completed, we will follow up with a strategy of selective wedge holes off this master hole GTCM24-056 as this is a cost-effective way to test the extension of the CS zone mineralization."

Drilling Highlights

The current drill hole, GTCM24-056, has identified new gold mineralization ranging up to 13.90 g/t Au over 0.60 metres in the hanging granite wall of the Con Shear. The Con Shear was intersected further down the hole at a depth of 1,366-1,405 metres from surface with anomalous gold assays up to 0.6 g/t Au over 0.6 metres.

Drill hole GTCM24-056 was collared in mafic volcanics and subsequently intersected a granite from 264 meters to 1,365 metres. The intrusive contains numerous quartz veins with pyrite, arsenopyrite, stibnite, sphalerite and one occurrence of visible gold.

At the granite's lower contact, the Con Shear ( past production 1 million ounces of gold at a grade of 20g/t , refer to the Oct. 21, 2022 Technical Report ) was encountered, representing the deepest intersection of the Con Shear, with a multi-metre wide white quartz vein and numerous narrow smoky grey quartz veins. The Con shear was intersected where anticipated, suggesting good predictable of shear-hosted mineralization at depth on the Con Mine property. The new intersection adds potential for the Con Shear to be expanded to supplement the CS.

The drill hole has since been in mafic volcanics with minor shear fabrics forming as the CS intersection is approached. The first deep hole, GTCM23-055, intersected 12.63 g/t Au over 1.7m in the CS structure approximately 150 metres below the Con Mine workings, demonstrating the potential of the CS at depth.

Deep Drilling Objectives

Deep drill hole GTCM24-056 aims to confirm that the gold-rich CS continues further than what was mined at the former Con Mine (6.1 million ounces of gold with an average gold grade of 16-20g/t between 1938-2003, refer to the Oct. 21, 2022 Technical Report ) as shown in Figure 1 .

The deep hole will serve as a master hole for several more wedge holes that can test adjacent parts of the Campbell Shear without incurring the extremely high drilling costs (see long section, Figure 2) .

The 2024 deep drilling program aims to expand the September 2022 initial Mineral Resource Estimate ("MRE") (see September 7, 2022, press release) of 109,000 Indicated ounces of contained gold and 432,000 Inferred ounces of contained gold between surface and 400 metres below surface along a 2-kilometre corridor of the Campbell Shear ( October 21, 2022 MRE titled " Initial Mineral Resource Estimate for the CMO Property, Yellowknife City Gold Project, Yellowknife, Northwest Territories, Canada " by Qualified Person, Allan Armitage, Ph. D., P. Geo., SGS Geological Services, which can be found on the Company's website at Home | Gold Terra Resource Corp. (goldterracorp.com) and on SEDAR at www.sedar.com .

Technical Appendix

This news release reports the assay results from one (1) drill hole with assays results ranging from non-detectable gold to a highest assay of 13.9 g/t Au. The Company inserts certified standards and blanks into the sample stream as a check on laboratory Quality Control (QC). Drill core samples are cut by diamond saw at Gold Terra's core facilities in Yellowknife. A halved core sample is left in the core box. The other half core is sampled and transported by Gold Terra personnel in securely sealed bags to ALS preparation laboratory ("ALS") in Yellowknife. After sample preparation, samples are shipped to ALS's Vancouver facility for gold analysis. Gold assays of >3 g/t are re-assayed on a 30 g split by fire assay with gravimetric finish. Samples with visible gold are additionally assayed using a screen metallic method. ALS is a certified and accredited laboratory service. ALS routinely inserts certified gold standards, blanks and pulp duplicates, and results of all QC samples are reported.

Drill holes were drilled at right angles to the structure hosting the mineralization and dip angles of holes were designed to intersect the zones as close to normal as possible. Zones reported here are interpreted to be approximately 90 percent true thickness.

The technical information contained in this news release has been reviewed and approved by Joseph Campbell, Chief Operating Officer, a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

About Gold Terra

The Yellowknife Project (YP) encompasses 918 sq. 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, hydro-electric 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 (1938-2003).

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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