Gold Terra drills Campbell Shear gold target at Con Mine Option Property, Northwest Territories
Gold Terra Resource Corp. [TSXV: YGT; OTCQX: YGTFF] reported that the first wedge hole GTCM25-056A, has intersected the Campbell Shear (CS) from approximately 2,665 to 2,707 metres downhole (vertical depth of 2,560 metres below surface), with the best visual mineralization concentrated between 2,689.30 and 2,707 metres downhole on the Con Mine Option Property (CMO), Northwest Territories.
Wedge hole GTCM25-056A was stopped at 2,837 metres downhole in volcanic rocks. Core samples have been sent to the lab and assays are pending. The program is continuing with a lateral wedge hole (GTCM25-056B)100 metres north at the same target elevation.
In other news, the company received an acknowledgement notice from Newmont Canada FN Holdings ULC that the company has satisfied the requirement to incur an aggregate amount of C$8,000,000 (unaudited) in Qualifying Expenditures in Exploration Work on the Con Mine Option property pursuant to the Con Mine Option agreement.
Chairman and CEO, Gerald Panneton, commented, “We are excited to have intersected the CS around 2,665 metres downhole or approximately 600 metres below the current depth of the historic Robertson Shaft. This intersection proves our model which show the high potential for the CS continuation at depth down plunge from a 5.1 Moz deposit at 16 g/t Au which was mined historically at a rate of approximately 1 Moz per 200 metres vertical on average.
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 Con Mine Option (CMO) property is under option from a subsidiary of Newmont Corp. 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 (historic Robertson shaft depth) and 2,600 metres.
Wedge Hole GTCM24-056A Highlights: The CS zone starts at around 2,665 metres downhole, signified by an intensifying zone of crackle-style calcite brecciation and veining. From 2,681.20 metres downhole, shearing is more intense including some intervals with more veining, such as from 2,689.30 to 2,697.70 metres downhole, and containing laminated smoky quartz veins with up to 2% disseminated fine- to medium-grained pyrite and 1% blebby fine-grained pyrrhotite. Sphalerite is also noted.
Between 2,697.70 and 2,707 metres downhole, veining transitions to more crackle-style calcite with minor pyrite and pyrrhotite. Deformed pyrite grains aligned with shear fabric suggest continued but diminishing deformation. A final chlorite-biotite altered pulse with trace arsenopyrite and pyrrhotite is noted at 2,706.80 metres downhole.
Beyond 2,707 metres downhole and to the end of the hole, shearing is absent and chloritic alteration and calcite crackle and breccia textures occur. This material may represent the footwall which is noted to continue substantially beyond the main shear zone or an internal block or “horse” within the shear system, as referenced in historical Con Mine documentation
The CS was initially intersected at depth in hole GTCM23-055, which intersected 12.63 g/t gold over 1.7 metres in the CS structure approximately 150 metres below the Con Mine workings, demonstrating the potential of the CS is well open 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-kilometre corridor of the Campbell Shear
The Yellowknife Project (YP) encompasses 918 km2 of contiguous land immediately north, south and east of the City of Yellowknife, 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 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 which reinforces the company’s objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.