Gold Terra Resource drills 5.3 g/t gold over 6.43 metres at Con mine, Northwest Territories
Gold Terra Resource Corp. [YGT-TSXV; YGTFF-OTCQX; TX0-FSE] reported the first assay result from its winter drilling program on the Con mine option (CMO) property in Yellowknife, Northwest Territories.
Drill hole GTCM23-042, the first hole of the program, intersected 5.3 g/t gold over 6.43 metres. The drilling program is designed to expand the Yellorex North gold zone between surface and 300 metres below surface. The CMO property is under option from subsidiaries of Newmont Corp. [NGT-TSX; NEM-NYSE] and is acquirable by the company upon fulfillment of certain conditions set out in the CMO agreement. To date, the winter drilling program has completed 10 holes for a total of approximately 4,000 metres, of which eight holes were on Yellorex North.
Chairman and CEO, Gerald Panneton, commented, “The Hole GTCM23-042 initial assay result is very encouraging as the intersection is 150 metres below surface, and fulfills our objective to expand the current near surface mineral resources on the CMO. We look forward to additional results as all eight holes have hit the targeted Campbell Shear and show significant intersections of visible multi-meter veining and sulphide mineralization. The Campbell Shear structure is our highest priority target as the Con Mine produced historically more than 5 million ounces of high-grade gold (16 g/t Au).”
Hole GTCM23-042 Highlights: GTCM23-042 intersected 5.3 g/t Au over 6.43 metres and was designed to verify and add depth extension to historical high-grade mineralization encountered in the Yellorex North zone of the Campbell Shear. The Campbell Shear was intersected at approximately 150 metres below ground level.
The main intersection is between 236.5-242.93 metres down hole and contains approximately 6.5 metres of smoky quartz veining, strong sericite alteration, and strong pyrite and arsenopyrite mineralization. Veining, alteration, mineralization, and width are the most important factors for assessing zone potential as drilling occurs.
The focus of the winter drilling program is to expand the September 2022 initial Mineral Resource Estimate (MRE) 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 400m below surface along a 2 km corridor.
The eight holes were drilled near surface on Yellorex North as this represents one of many under explored targets in the area. The target area is only 1 km south of existing infrastructure, and tested only by one hole in 2022, GTCM22-039 which returned two mineralized zones returning 3.31 g/t gold over 6.00 metres from 306.0 to 312.0 metres and including 5.39 g/t gold over 2.0 metres from 309.00 to 311.00 metres, and 2.18 g/t gold over 5.0 metres from 324.00 metres to 329.00 metres.
The YCG project encompasses 800 km2 of contiguous land immediately north, south and east of the City of Yellowknife. Through a series of acquisitions, Gold Terra controls one of the six major high-grade gold camps in Canada. Being within 10 km 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 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.