Gold Terra Resource Corp. [YGT-TSXV; YGTFF-OTC] reported assay results for two holes, GTCM21-015 and 16, drilled as part of the current 10,000-metre Phase 2 drilling program at the optioned property from Newmont Ventures Limited and Miramar Northern Mining Limited adjacent to its Yellowknife City Gold Project (YCG), Northwest Territories.
Drill hole GTCM21-16 intersected 5.07 g/t over 8.35 metres, including 11.87 g/t gold over 3.08 metres in a strongly strained and sericitized portion of the Campbell Shear. Drill hole GTCM21-015 which was drilled to target the Campbell Shear mineralized zone around 300 metres vertical depth and test the northern extent of the zone did intersect visible gold at 351.60 to 352.60 metres within a zone of intense white quartz and ankerite veining, followed by a weaker mineralized 13.0-metre zone.
David Suda, President and CEO, said, “Our drilling results continue to confirm and extend the potential of the Yellorex zone to add to our current resource of 1.2 million inferred ounces. Both holes released today continue to confirm the continuity of the Yellorex zone within the Campbell Shear. Our current drilling is progressing to extend the zone at depth, currently around 500 metres below surface with hole GTCM21-25 and will continue to test the extension of the zone further as our fully funded program continues. We look forward to providing investors with a steady news flow as we continue to test the strike length and depth potential of the Campbell Shear.”
The Phase 2 drilling program started on July 16th and 10 holes have been drilled to date totaling approximately 4,430 metres. The drilling is testing the Campbell Shear at the Yellorex zone immediately south of the Con Mine, over a strike length of 1 km and to a depth of 1,000 metres.
Significant high-grade gold zones were intersected during the Phase 1 drilling program at Yellorex (14.09 g/t gold over 4.65 metres and in the first hole of the current Phase 2 program with Hole GTCM21-014 (4.22 g/t gold over 17.86 metres. The objective of the drilling is to delineate a high-grade gold mineral resource to add to the current 1.2 million inferred ounces.
Hole GTCM21-016 was a shallow hole drilled to test for the potential continuity of mineralization near surface. The hole is an excellent confirmatory hole of the Yellorex zone extending near surface which may potentially contribute to an additional future resources release in 2022.
The Phase 2 drilling program is concentrating on the Yellorex one and South Con Mine area with a 50 to 100-metre drill spacing along strike and down dip. Compilation work has shown that the strong sericite alteration and quartz veined gold system is dipping to the west and steeply plunging to the south with an interpreted plunge length of more than 1.5 km.
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.