Gold Terra Resource Corp. [YGT-TSXV; YGTFF-OTCQX; TX0-FSE] reported assay results for two holes, GTCM22-031 and 040, designed to test the Yellorex zone on the Con Mine property recently optioned from Newmont Canada FN Holdings ULC and Miramar Northern Mining Ltd., both wholly owned subsidiaries of Newmont Corp. [NGT-TSX; NEM-NYSE].
Drill hole GTCM22-040 was drilled on Yellorex to test a gap in the drilling and confirmed two main high-grade zones returning 8.00 g/t gold over 11.00 metres including 18.79 g/t gold over 4.00 metres, and 14.42 g/t gold over 4.00 metres, including 27.75 g/t gold over 2.00 metres.
The 2022 drill program along the Campbell Shear (CS) structure is well underway with a total of 14 drill holes (GTCM22-027 to 22-040) completed to date for a total of 7027 metres. The program is testing the Yellorex zone between surface and a 600-metre vertical depth along a 300-metre strike length, while the other drill rig is testing the CS at a depth of 1,000 metres below surface in an area previously explored and where historic hole Y88 intersected gold mineralization of 13.72 g/t gold over 5.27 metres outside of the Con Mine underground workings.
Chairman and CEO, Gerald Panneton, commented, “We are continuing to tighten the drilling on the Yellorex zone in preparation for an updated mineral resource estimate by year-end and we expect to add ounces from the Yellorex zone. Our 2022 program is well underway to test the extension of the Campbell Shear at depth, and in the southern extension of the gold enriched structure.”
Hole GTCM22-031 is a hole drilled as part of the Mining Incentive Program (MIP) financed by the NWT government. Gold Terra received a grant of $100,000 to test the Campbell Shear north of the Yellorex fault where it was interpreted to be cut-off. The hole intersected the Campbell Shear, which was preserved at depth. The shear was intersected from 59 to 196 metres and was weakly mineralized with gold in the 100 ppb range. The low-grade gold intersection from 34 to 35 metres consists of semi-massive pyrite occurring within a primary pillow breccia horizon.
Hole GTCM22-040 was drilled on Yellorex to test a gap in the drilling between hole GTCM21-014 and GTCM21-022. It intersected two main high-grade zones returning 8.00 g/t gold over 11.00 metres, including 18.79 g/t gold over 4.00 metres and 14.42 g/t gold over 4.00 metres.
The company intends to drill approximately 40,000 metres in 2022 with the objective to delineate a high-grade gold mineral resource to add to the current 1.2 million inferred ounces and ultimately advance towards an economic study.
The YCG project encompasses 800 km2 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 km 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).