Gold Terra advances on N.W.T. drilling results
Gold Terra Resources Corp. [YGT-TSXV, YGTFF-OTCQX, TXO-Frankfurt] has released final assay results from drilling in the Mispickel area in the northern part of the company’s Yellowknife City Gold Project in the Northwest Territories.
Gold Terra shares advanced on the news, rising 3.1% or $0.005 to 16.5 cents. The shares are currently trading in a 52-week range of 28.5 cents and 11 cents.
The company has said the Mispickel area will be part of an updated NI 43-101-compliant resource that is scheduled to be announced in the fourth quarter of this year. The Mispickel area is situated 20 kilometres north of Yellowknife and complements the company’s flagship Con Mine property where the company is currently drilling at depth along the Campbell Shear, south of the former Con gold mine.
On Thursday, the company released final assay results for all 19 holes, covering 6,011 metres, drilled in the Mispickel area, including higher-grade rerun assays for hole GTWL22004, with reported visible gold and assay results for the remaining 11 holes of the program.
The purpose of this drill program was to expand the footprint of known mineralization. This involved drilling above and below known gold occurrences and drilling along-strike in the shear system. The company said the program was successful at doing both.
Highlights include hole GTWL22-017, which intersected 5.17 g/t gold over 3.0 metres from 320-323 metres and an updated rerun assay for hold GTWL22004 which returned 9.36 g/t gold over 3.0 metres from 57-60 metres, including the sample containing the visible gold-bearing vein, which graded 27.7 g/t over 1.0 metre.
“The Mispickel area now has two additional new high-grade gold zones located north and west of the original main Mispickel area,’’ said Gold Terra CEO Gerald Panneton.
Of the 19 holes drilled at Mispickel, five holes contained multi-metre zones of over 25 gram-metre gold. Additionally, 11 holes intersected visible gold, signifying the endowment of this zone, the company said.
In its press release, Gold Terra said the 2022 primary drilling program remains focused on testing the continuity of the mineralized zones with the Campbell share south of the former Con Mine with the objective of adding high-grade ounces to the current inferred resource of 1.2 million ounces.
Gold Terra recently signed a deal with subsidiaries of Newmont Corp., [NGT-TSX, NEM-NYSE], that gave the junior the option to purchase all of the assets, mineral leases, Crown mineral claims and surface rights related to the past producing Con Mine, as well as areas immediately adjacent to the former mine.
The Campbell and Giant Shear zones are prolific regional structures in the Yellowknife mining camp that are responsible for the majority of the 14 million ounces of gold mine at the Con and nearby Giant mines up until their closure in the early 2000s.