Gold Terra increases YCG inferred resource 64% to 1.2 M ounces
Gold Terra Resource Corp. [YGT-TSXV; YGTFF-OTCQX; TX0-FSE] reported an updated mineral resource estimate on its Yellowknife City gold project, located 12 km from the city of Yellowknife, Northwest Territories. The classification of the mineral resource estimate was completed in accordance with NI 43-101 standards. This updated mineral resource estimate includes the Sam Otto, Crestaurum, Barney and Mispickel gold deposits previously reported in the initial November, 2019, mineral resource estimate and includes assay results from the 2020 drill program on the Sam Otto (9,622 metres) and Crestaurum (7,648 metres) deposits.
The 1,207,000-ounce inferred mineral resource consists of an open-pit-constrained inferred mineral resource of 21.8 million tonnes averaging 1.25 g/t gold for 876,000 ounces of contained gold. An underground inferred mineral resource of 2.55 million tonnes averaging 4.04 g/t gold totals 331,000 ounces of contained gold.
President and CEO David Suda stated: “We are pleased to announce the significantly expanded inferred mineral resource for the YCG Project, which demonstrates the growth potential of this project to all stakeholders. With a 1.2-million-ounce inferred mineral resource, the mineralized system is open for further expansion in most directions. Currently, our focus is drilling the unexplored potential of the Campbell shear structure, which produced more than five million ounces of high-grade gold at the Con mine. The Campbell shear drilling, which commenced in late 2020, has the potential to demonstrate that our district-scale YCG project may host multiple deposits.”
The 2021 inferred mineral resource estimate illustrates the growing value of the Yellowknife camp and has opened up several exploration opportunities to increase mineral resources on the Northbelt property. The Yellowknife camp was developed along the Campbell shear, the main structure in the belt and host to the largest gold plumbing system of the area on which both the Giant (eight million ounces produced) and Con mines (6.1 million ounces produced) were developed. Similar to most Archean gold camps in Canada and in the world, numerous gold deposits within the YCG project may re-establish Yellowknife as a premier mining camp in close proximity to the city of Yellowknife, where all the infrastructure is already in place, making the development of these deposits much easier.