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Gold Terra Resource Corp
Symbol YGT
Shares Issued 160,593,235
Close 2020-05-15 C$ 0.40
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Gold Terra drills 50.6 m of 1.3 g/t Au at Yellowknife

2020-05-19 06:30 ET - News Release

Mr. David Suda reports

GOLD TERRA INTERSECTS 1.30 G/T AU OVER 50.6M AT SAM OTTO MAIN ON ITS YELLOWKNIFE CITY GOLD PROJECT IN THE NORTHWEST TERRITORIES

Gold Terra Resource Corp. has released results of the remaining six drill holes from Sam Otto on its 100-per-cent-owned Yellowknife City gold (YCG) project in the Northwest Territories. This concludes the winter drilling program at Sam Otto with 34 holes totalling 9,622 metres.

Highlights include:

  • 1.30 grams per tonne gold over 50.6 metres, including 3.02 g/t Au over 9.0 m (TSO20-083);
  • 1.18 g/t Au over 51.65 m, including 2.07 g/t over 11.05 m and 2.03 g/t over 13.5 m (TSO20-081).

The three holes drilled at Sam Otto Main covered a strike length of 300 metres (100 m spacing) and all intersected wide zones of gold mineralization, with two of the holes having the widest greater than one g/t gold intersections ever drilled at Sam Otto to date. In addition, these holes were drilled below the current pit-constrained inferred resource (based on a $1,300 (U.S.) gold price) and therefore remain open at depth. The mineralized system is also open along strike to the north as only two shallow holes were drilled (TSO17-021 and 025) and both intersected 10- to 20-metre zones of greater than one g/t. The other three holes drilled in the connector zone (area between Sam Otto Main and Sam Otto South) did not intersect any significant gold mineralization.

With the assistance of Vrify, the company has posted on its website a model with cross-sections depicting the results of the 2020 winter drilling program at Sam Otto, which extends for a strike length of 4.5 kilometres.

President and chief executive officer David Suda stated: "Over all, the drilling campaign at Sam Otto was successful in expanding the footprint of the gold-mineralized system and indicating the potential to add to the current inferred mineral resource estimate dated Nov. 4, 2019. With the first part of our 2020 drilling program completed, we will now move our sights to further resource expansion with a drilling program on the Crestaurum high-grade deposit as soon as conditions permit."

Technical appendix

This news release reports the assay results from six drill holes totalling 1,925 metres from which 1,320 core samples were assayed. Assay results range from non-detectable gold to a highest assay of 15.05 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 (ALS) preparation laboratory in Yellowknife. After sample preparation, samples are shipped to ALS's Vancouver facility for gold analysis. Gold assays of greater than three g/t are reassayed on a 30 g split by fire assay with a gravimetric finish. Samples with visible gold are additionally assayed using a screen metallics 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 zones of 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 85 to 95 per cent of 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.

                    SAM OTTO MAIN AND CONNECTOR -- DDH INTERSECTIONS 

Drill hole               From                To          Interval                Au
                          (m)               (m)               (m)             (g/t)

TSO20-081              200.95            252.60             51.65              1.18
                       200.95            212.00             11.05              2.07
                       218.50            232.00             13.50              2.03
                       258.00            260.15              2.15              0.75
TSO20-082              152.20            154.20              2.00              2.11
                       173.50            204.00             30.50              0.57
                       179.50            182.50              3.00              1.58
                       198.85            202.00              3.15              1.70
                       227.40            230.90              3.50              0.62
                       254.93            258.04              3.11              1.63
                       290.50            295.50              5.00              0.68
TSO20-083              247.90            256.50              8.60              0.50
                       269.90            320.50             50.60              1.30
                       294.00            303.00              9.00              3.02
TSO20-084                                              no significant intersections
TSO20-085                                              no significant intersections
TSO20-080                                              no significant intersections
                                                                      

About the Yellowknife City gold project

The Yellowknife City gold (YCG) project encompasses 783 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 km of the city of Yellowknife, the YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydroelectric power and skilled tradespeople.

The YCG lies on the prolific Yellowknife greenstone belt, covering 70 km of strike length along the main mineralized shear system that host 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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