Mining
Thursday, January 4th, 2024 6:27 pm EDT
Key Points
- Deep Drilling Program Update: Gold Terra Resource Corp. provided an update on its deep drilling directional program aimed at delineating the extension of high-grade gold mineralization in the Campbell Shear (CS) beneath the Con Mine underground workings on the Con Mine Option (CMO) Property. The program has successfully completed a 5,769-meter drilling initiative to expand the Campbell Shear gold structure near the surface at the Yellorex zones south of the existing Con Mine underground workings. The first deep drill hole, GTCM23-055, intersected the CS approximately 200 meters below the Robertson shaft with a notable high-grade intersection of 12.70 g/t Au over 1.7 meters.
- Exploration Potential and District Control: Gold Terra controls over 70 kilometers of the Campbell Shear structure north and south of the Con Mine option. The company holds 100% of the district potential outlined in the last mineral resource update of September 2022. The update highlighted multiple high-grade satellite zones that could potentially contribute to a larger mill operation. The deep drilling program targeting the CS at depth is set to resume in January 2024, with the next hole planned as a lateral wedge from the Master hole (GTCM23-055), targeting the CS some 75 meters north of the initial high-grade gold intersection.
- Stock Option Grant and Company Overview: Gold Terra announced the approval of a grant of stock options under the Company’s Stock Option Plan. These options, totaling 1,200,000 treasury shares, have an exercise price of $0.10 per share and are exercisable for a period of 5 years. The grant includes a vesting period beginning six months after issuance. Additionally, the company granted 200,000 stock options to Henry Weingarten for strategic planning advice, marketing, and business timing recommendations. Gold Terra, focused on the Yellowknife Project in the Northwest Territories, controls a significant land area near the City of Yellowknife, with exploration efforts concentrated on the prolific Campbell Shear and the Con Mine Option property.
Gold Terra Resource Corp. (TSX-V:YGT)(Frankfurt:TX0)(OTCQX:YGTFF) (“Gold Terra” or the “Company“) is pleased to provide an update on its 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. 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.
2023 Highlights post last Mineral Resource Estimate (see September 7, 2022 news release)
- Completion of 5,769 metre drilling program to expand the Campbell Shear gold structure (CS) near surface at the Yellorex zones south of the existing Con Mine underground workings.
- The first deep drill hole GTCM23-055 completed in October (2,228 metres from surface) intersected the CS some 200 metres below the Robertson shaft (-1900 metres) with an excellent high-grade intersection of 12.70 g/t Au over 1.7 metres (see November 15, 2023 press release). The confirmation of the extension of the high-grade CS structure at depth opens up the high-grade Campbell Shear zone in all directions.
The Company controls + 70km of the CS structure north and south of the Con Mine option where it holds 100% of the district potential outlined in the last mineral resource update of September 2022 (see September 7, 2022 press release) with multiple high-grade satellite zones that could potentially contribute to a larger mill operation.
The deep drilling program targeting the CS at depth is expected to resume the week of January 8th 2024, with Foraco drilling company. The next hole is a lateral wedge from GTCM23-055, the Master hole, targeting the CS some 75 metres north of the first high-grade gold intersection.
Grant of Stock Options
The Company announces that the Board of Directors has approved a grant of stock options under the Company’s Stock Option Plan to its directors, officers, employees, and consultants to purchase up to an aggregate of 1,200,000 treasury shares at $0.10.
The options are exercisable at a price of $0.10 per share for a period of 5 years and are subject to the policies of the TSX Venture Exchange and the Company’s Stock Option Plan which includes a vesting period beginning six months after issue for 25% of the options, and 25% every six months following.
The Company has also granted 200,000 stock options to Henry Weingarten as compensation for strategic planning advice, marketing and business timing recommendations as a Marketing & Corporate Development Consultant commencing January 1, 2024, and continuing on a month-to-month basis.
Qualified Person
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 14 Moz of gold has been produced, 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.
