Gold Terra Completes the First 8 Hole Drill Program on Con Mine Option Property to Expand Yellorex North Zone
VANCOUVER, BC / ACCESSWIRE / February 24, 2023 / Gold Terra Resource Corp. (TSXV:YGT)(Frankfurt:TX0)(OTCQX:YGTFF) (“Gold Terra” or the “Company”) is pleased to announce that the 8,000-metre winter drilling program on the Con Mine Option (“CMO”) Property in Yellowknife, NWT is progressing well with the completion of the first eight holes designed to expand the Yellorex North gold zone. The CMO property is under option from subsidiaries of Newmont Corporation and is acquirable by the Company upon fulfillment of certain conditions set out in the CMO agreement, as reported in the Company’s news release dated November 22, 2021. Assays are pending and anticipated to be received in March.
Chairman and CEO, Gerald Panneton, commented, “We are extremely pleased with the Yellorex North drilling as all eight holes have hit the targeted Campbell Shear with the drill core showing significant intersections of multi-metre veining and sulphide mineralization. The objective of the winter drill program is to expand the current near-surface mineral resources on the CMO, and the initial visual observations of the core indicate that we are on track. The Campbell Shear structure is our highest priority target as the Con Mine produced more than 5 million ounces of high-grade gold (16 g/t Au). “
Drilling Update Highlights
Eight holes (GTCM23-042 to 049) have been completed on the Yellorex North zone for a total of 3076.53 metres. All eight holes have intersected significant widths of the Campbell Shear with notable highlights shown in the following table:
|Mineralization & Alteration
|Smoky quartz veining with strong pyrite and arsenopyrite mineralization; strong sericite alteration
|Smoky quartz veining with strong pyrite and arsenopyrite mineralization; strong sericite alteration
|Quartz-ankerite veining; strong sericite alteration mineralized with banded pyrite
|Smoky quartz veining with strong pyrite-arsenopyrite-stibnite-sphalerite mineralization; strong sericite alteration
|Smoky quartz veining with strong pyrite-arsenopyrite-stibnite mineralization; strong sericite alteration
Figures 1 and 2 show the location of the completed Yellorex North drill holes.
Figures 1 and 2 – Yellorex North Zone Drill Hole Locations
The focus of the winter drilling program is to expand the September 2022 initial Mineral Resource Estimate (“MRE”)(see September 7, 2022 press release) along the Campbell Shear immediately south of the Con Mine. The initial mineral resource estimate from drilling in 2022 is 109,000 Indicated ounces of contained gold and 432,000 Inferred ounces of contained gold between surface and to a depth of 500 metres below surface along a 2-kilometre corridor. Please refer to the October 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 September 2, 2022 which can be found on the Company’s website at https://www.goldterracorp.com and on SEDAR at www.sedar.com.
All the drilling targets on the Yellorex North, Yellorex Main and Kam Point deposits are located along the Campbell Shear structure between surface and 500 metres vertical depth with the exception of one hole which will test the depth extent of the Yellorex Main deposit where most of the initial MRE is located.
The eight holes were drilled near surface on Yellorex North as this represents the best underexplored target in the area. The target area is very close to existing underground mining infrastructure and tested only by one hole in 2022, GTCM22-039 (see August 3, 2022 press release), which returned two mineralized zones as follows:
Figure 3 shows the Yellorex North 2023 drilling and hole GTCM22-039.
Figure 3 – Long section showing 2023 drilling and hole GTCM22-039
Drilling will continue over a 2-kilometre stretch along the Campbell Shear south of the Con Mine as follows:
- Three to four holes on the Kam North and Con81 zones, and
- One hole to test the down-dip depth extension the Yellorex Deposit.
Another 2,000 -3,000 metres is anticipated as follow-up to areas of interest.
A second drill capable of drilling 2,500 metres depth down the hole, will be moving to the target site and is expected to start drilling in March, once the planning of the target is completed. The objective is to drill the high-grade gold shoots beneath the Con Mine workings, at approximately -2000 metres vertical.
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 YCG project encompasses 800 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 kilometers of the City of Yellowknife, the YCG 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 claims immediately south of the past producing Con Mine (1938-2003).
The YCG and CMO property lie on the prolific Yellowknife greenstone belt, covering nearly 70 kilometers 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.
Visit our website at www.goldterracorp.com.
For more information, please contact:
Gerald Panneton, Chairman & CEO
Mara Strazdins, Manager of Investor Relations
Phone: 1-778-897-1590 | 604-689-1749 ext 102
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.
Information Concerning Estimates of Mineral Resources
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Therefore, investors are cautioned not to assume that all or any part of an Inferred Mineral Resource could ever be mined economically. It cannot be assumed that all or any part of “Measured Mineral Resources,” “Indicated Mineral Resources,” or “Inferred Mineral Resources” will ever be upgraded to a higher category. The Mineral Resource estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential development of such mineral resources. Refer to the Technical Report, once filed, for more information with respect to the key assumptions, parameters, methods and risks of determination associated with the foregoing.
Cautionary Note to United States Investors
The Company prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to Mineral Resources in this news release are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended (“CIM Standards”). The U.S. Securities and Exchange Commission (the “SEC”) has adopted amendments effective February 25, 2019 (the “SEC Modernization Rules”) to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934. As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”, which are defined in substantially similar terms to the corresponding CIM Standards. In addition, the SEC has amended its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” to be substantially similar to the corresponding CIM Standards.
U.S. investors are cautioned that while the foregoing terms are “substantially similar” to corresponding definitions under the CIM Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance any Mineral Resources that the Company may report as “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources” under NI 43-101 would be the same had the Company prepared the Mineral Resource estimates under the standards adopted under the SEC Modernization Rules. In accordance with Canadian securities laws, estimates of “Inferred Mineral Resources” cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101.
Cautionary Note Regarding Forward-Looking Information
Certain statements made and information contained in this news release constitute “forward-looking information” within the meaning of applicable securities legislation (“forward-looking information“). Generally, this forward-looking information can, but not always, be identified by use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events, conditions or results “will”, “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotations thereof.
All statements other than statements of historical fact may be forward-looking information. Forward-looking information is necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. In particular, this news release contains forward-looking information regarding the current drilling on the Campbell Shear, potentially adding ounces to the Company’s current YCG mineral resource, and the Company’s objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.
There can be no assurance that such statements will prove to be accurate, as the Company’s actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the “Risk Factors” section in the Company’s most recent MD&A and annual information form available under the Company’s profile at www.sedar.com.
Although the Company has attempted to identify important factors that would cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The forward-looking information contained in this news release is based on information available to the Company as of the date of this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All of the forward-looking information contained in this news release is qualified by these cautionary statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof. Except as required under applicable securities legislation and regulations applicable to the Company, the Company does not intend, and does not assume any obligation, to update this forward-looking information.
SOURCE: Gold Terra Resource Corp