Gold Terra drills 3.61 g/t gold over 4.55 metres at Con, Northwest Territories
Gold Terra Resource Corp. [YGT-TSXV; YGTFF-OTCQX; TX0-FSE] reported assay results of a near-surface mineralized zone in drill hole GTCM22-029 which intersected 3.61 g/t gold over 4.55 metres, including 15.75 g/t gold over 0.75 metres at 30 metres vertical depth on the Con mine property, Northwest Territories.
The Con property was 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 GTCM22-029 is still in progress and approaching its primary target on the Campbell shear at 1,000 vertical metres depth. Final drill holes results for holes GTCM21-023, 024, 025 and 026 are from testing the edge of the Yellorex deposit as part of the 2021 drilling program.
In addition, Gold Terra is pleased to announce that the TSX Venture Exchange has accepted the filing of the option agreement to acquire Miramar Northern Mining, which includes 100% of all the assets, mineral leases, Crown mineral claims and surface rights comprising the Con mine, from Newmont Canada, a wholly owned subsidiary of Newmont.
Gerald Panneton, Chairman and CEO of Gold Terra, ommented: “We are well-financed for our 2022 drill program and with four drills turning, our objective is to add high-grade ounces in 2022 to the current 1.2-million-ounce inferred resources. Our primary target remains to test the continuity of the mineralized zones within the Campbell shear south of the former Con mine. An additional target for winter drilling is at the Mispickel area on the new MP-Ryan zone located to the north of the main area where previous very good high-grade intersections were obtained in the past. This additional small winter program is well under way with each of the first eight holes intersecting visible gold (see pictures on our website and further in this press release) in a sheared vertical structure that is now being followed over a minimum strike length of 400 metres.”
The company is well-financed to complete approximately 30,000 metres of drilling. The 2022 drill program is well under way with four drills turning. Gold Terra is reporting a new discovery on the Con shear in the hanging wall of the Campbell shea.
Two rigs are drilling the Campbell shear south of the former high-grade Con mine (1938-2003), with one big drill rig targeting the Campbell shear at a depth of approximately 1,000 metres below surface and at a 200-metre spacing. A second drill rig is allocated to test the Campbell shear, north of Yellorex zone which was not part of the agreement with Newmont.
In addition, two drill rigs are doing a small 4,000-metre winter program in the vicinity of the new high-grade MP-Ryan zone 200 metres north of the main Mispickel area. Drilling is targeting high-grade trends with the objective of expanding known high-grade mineralization which is open in all directions and identifying new similar zones. To date, 2,265.41 metres have been drilled with approximately 1,100 samples taken. Visible gold (VG) has been reported in eight holes and assays are pending.
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.
The YCG project encompasses 800 km2 of contiguous land immediately north, south and east of the city of Yellowknife, NWT. Being within 10 km of the city of Yellowknife, the YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydroelectric power and skilled tradespeople.