Gold Terra drilling Campbell Shear, Con Mine, Northwest Territories
Gold Terra Resource Corp. [TSXV: YGT; FSE: TX0; OTCQB: YGTFF] reported the start of its 2025 wedge hole drilling program that will continue targeting the prolific Campbell Shear (CS) from master hole GTCM24-056 on the Con Mine Option (CMO) Property, Northwest Territories.
Hole GTCM24-056 was drilled to a depth of 3,002 metres and will serve as a master hole from which to branch off with as many wedges as possible to evaluate the CS 600 metres below the current Robertson shaft depth (1,900 metres), up-dip and laterally. The wedge hole drilling program allows for a more efficient and cheaper evaluation of the CS rather than drilling holes from surface.
The objective of the 2025 wedge hole drilling program is to continue testing for high-grade gold in the CS (past production of 5.1 Moz at 16 g/t on the Con Mine below the historic Con Mine underground workings. The CMO Property is under option from a subsidiary of Newmont Corp. [NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM] and is 100% acquirable by the company upon fulfillment of certain conditions set out in the CMO Property Option agreement. The target is located downdip from the 5.1 Moz mined gold deposit plunging steeply to the south between elevation 1,900 metres (Robertson shaft depth) and 2,600 metres.
Chairman and CEO, Gerald Panneton, commented, “Building on our work in 2024, we are pleased to start our 2025 wedge hole drilling program to assess the high-grade gold potential of the Campbell Shear below the Robertson Shaft. This approach is a very efficient and cost-effective way to assess the CS at depth. We anticipate that the wedge holes will open a large under-explored area down plunge from the prolific CS that is 600 metres to 800 metres below the existing infrastructure. Our aim is to eventually add additional high grade gold ounces to our next MRE (Mineral Resource Estimate).”
The wedge hole drilling program is starting on January 10, 2025. The 2025 drilling program will consist of an initial plan of wedge holes (5 to 7) with an approximate estimate drilling length of 3,000 metres.
The master hole GTCM24-056 from which numerous wedges of varying lengths are placed along to intersect the target area in depths shallower than that of the master hole. The first wedge is planned to start at 2,000-2,100 metres downhole with a CS target of 2,700 metres, or 800 metres below the Robertson shaft. Wedge holes are designed to target the CS at depth first, and then up-dip with each successive wedge being higher up the master hole. The CS was initially intersected at depth in deep hole GTCM23-055, which intersected 12.63 g/t Au over 1.7 metres in the CS structure approximately 150m below the Con Mine workings, demonstrating the potential of the CS at depth.
The 2025 deep drilling program aims to expand the September 2022 initial Mineral Resource Estimate (MRE) of 109,000 Indicated ounces of contained gold and 432,000 Inferred ounces of contained gold between surface and 400 metres below surface along a 2-km corridor of the Campbell Shear.
The company entered into a Debt Conversion Agreement dated December 18, 2024 between Newmont FN Canada Holdings Ltd. and Miramar Northern Mining Limited (collectively, the creditors), Goldcorp Inc. (the subscriber) and the company to settle a debt of $89,364.75 for maintenance costs paid on the Con Mine properties between 2020 and 2023. To settle the debt, the company will issue 1,625,000 common shares to the subscriber at $0.055. The Transaction remains subject to regulatory approval.
The Yellowknife Project (YP) encompasses 918 km2 of contiguous land immediately north, south and east of Yellowknife, NWT. Being within 10 km 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 approximately 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 km 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.