Mining
Thursday, January 25th, 2024 3:19 pm EDT
Key Points
- Resumption of Deep Drilling Program: Gold Terra Resource Corp. has announced the resumption of its deep drilling directional program aimed at 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) Property. The program, which resumed after the Christmas drilling break, involves extending the high-grade Campbell Shear zone with a wedge off a target situated 75 meters north of the first intersection. The primary target is below the former Con Mine deposit, which historically produced 5.1 million ounces of gold at an average grade of 16 g/t.
- 2024 Deep Drilling Update: Gold Terra is continuing its drill program using the master/parent hole GTCM23-055 to add multiple intersections into the CS structure. A wedge hole, GTCM23-055A, is being drilled off from the master hole with the goal of intersecting the CS structure at the same depth but 75 meters to the north. The restart of drilling after the Christmas break was slower than anticipated but is now progressing well. The company aims to extend the high-grade gold mineralization in the Campbell Shear, building on the success of confirming the extension vertically below the Robertson shaft.
- Yellowknife Project and Con Mine Option: Gold Terra’s exploration focus is on the Yellowknife Project (YP), covering 918 sq. km of land immediately north, south, and east of the City of Yellowknife in the Northwest Territories. The YP is within 10 kilometers of Yellowknife, close to vital infrastructure. The company is particularly drilling on the prolific Campbell Shear, which has historically produced approximately 14 Moz of gold. Additionally, the Con Mine Option (CMO) property claims, located south of the past-producing Con Mine, are a prime target for exploration. Gold Terra aims to re-establish Yellowknife as one of the premier gold mining districts in Canada through its exploration programs.
Gold Terra Resource Corp. (TSXV:YGT)(Frankfurt:TX0)(OTCQX:YGTFF) (“Gold Terra” or the “Company“) is pleased to announce that the 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 Corporation and is 100% acquirable by the Company upon fulfillment of certain conditions set out in the CMO Property agreement, as reported in the Company’s news release dated November 22, 2021.
Chairman and CEO, 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 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 (see Figure 1). The wedge is at a current depth of 2,105.5 metres and has entered the CS zone at 2,058 metres downhole.
The restart of the drilling after the Christmas break has been slower than anticipated but is now progressing well.
Figure 1 – Longitudinal Section showing Campbell Shear intersection:
Qualified Persons
Joe Campbell, P. Geo., Senior Technical Advisor for Gold Terra is a Qualified Person within the meaning of NI 43-101 and has reviewed and approved the technical information contained in this news release.
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.
Visit our website at www.goldterracorp.com.
For more information, please contact:
Gerald Panneton, Chairman & CEO
gpanneton@goldterracorp.com
Mara Strazdins, Investor Relations
Phone: 1-778-897-1590 | 604-689-1749 ext 102
strazdins@goldterracorp.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
