Gold Terra Resource Corp. (TSX-V: YGT; Frankfurt: TX0; OTC QX: YGTFF) (â€œGold Terraâ€ or the â€œCompanyâ€) is pleased to announce assays for an additional 3 holes drilled on the Companyâ€™s initial winter drilling program at the Company’s optioned property from Newmont Ventures Limited and Miramar Northern Mining Limited (the “Newmont Option”) adjacent to its Yellowknife City Gold Project (“YCG”), NWT.
The Phase 1 drilling program is testing over 1.2 kilometres of the immediate southern extension of the Campbell Shear, which produced approximately 5 of the 6 million ounces of gold produced at the former Con Mine (1938-2002). The latest drill results extend gold mineralization at the Yellorex zone of the Campbell Shear structure (see Figure 2), which is located immediately south of the former Con Mine.
President and CEO David Suda stated, â€œWe are very pleased with the continued success of the drilling results on the Newmont Option ground.Â Drill results from the Yellorex zone demonstrate good continuity and the extension of the gold mineralization from historical holes, which may potentially add ounces to a future resource calculation. The latest results add confidence to our program to outline high-grade gold mineralization. With our recent financing completed in early March, we are planningÂ to drill Â more than 20,000 metres this year along the prolific Campbell shear target which remains open at depth and along strike to the south.â€
The Company has completed an additional 3 holes totaling 1,900.51 metres of the current winter 2021 drilling program. Holes GTCM21-004 and 006 were drilled south of the Yellorex deposit and hole GTCM21-005 was drilled 100 metres underneath hole GTCM21-003 (which returned 10.85g/t Au over 4.35 metres on Yellorex deposit, see March 23, 2021 News Release). The hole locations are shown in Figure 1 and 2.
- Hole GTCM21-005 intersected 5.77 g/t Au over 12.35 metres including 14.09 g/t Au over 4.65 metres within the Campbell Shear structure at Yellorex deposit at a vertical depth of 275 metres below surface and 100 metres downdip from hole GTCM21-003. This high-grade gold-bearing zone consists of smoky quartz veins with pyrite, arsenopyrite and stibnite within a wider sericite altered schist. This intersection is open down dip and along strike.
- Hole GTCM21-004 intersected 5.69 g/t Au over 1.50 metres and 0.871 g/t over 3 metres (including 1.76 g/t Au over 1 metre). The hole which is on the same section as hole GTCM21-002, intersected the Campbell shear structure from 495 metres to 680 metres where anomalous gold mineralization is well present across the Campbell shear structure.
- Hole GTCM21-006, which is located 200m south of GTCM21-004, intersected the Campbell Shear from 290 metres to 380 metres followed by a second gold anomalous shear zone from 478 metres to 498.50 metres. The latter shear is very promising as the 20.50 metre-wide alteration zone is very anomalous in gold and other markers of Con Mine mineralization: 0.29g/t Au over 20.50 metres, in addition to 1985 ppm As, 48 ppm Sb. Antimony is a very important element in the gold mineralization environment of the Campbell Shear which indicate getting proximal to higher grade gold zones.
The 3 additional holes are shown in longitudinal section (looking west) in Figure 2. Holes 3 and 5 are shown in cross-section in Figure 3. As drilling continues, additional cross-sections will be available on the Companyâ€™s website at https://www.goldterracorp.com/.
The mineralization at Yellorex (GTCM21-005) conforms to the historically identified geological controls in the Con Mine, consisting of strongly sericitized and sheared mafic volcanic rock associated with arsenopyrite, pyrite and stibnite mineralization with the highest-grade gold in smoky quartz veins. The initial 6 holes in this winter program have provided strong anomalies in As and Sb within sericitic halos around anomalous gold mineralized zones that provide Gold Terra with vectors to higher grade gold zones within the Campbell Shear. An important example is the sericite alteration halo intersected by hole GTCM21-006, with As, Sb and 0.29 g/t Au over 20.50 metres. This wide intersection of anomalous gold values suggests proximity to higher grade gold, and it will be followed up by drilling the area of this strong alteration halo.
This news release reports the assay results from three (3) drill holes totaling 1,900 metres from which 506 core samples were assays. Assays results range from non-detectable gold to a highest assay of 24.8 g/t Au. The best intersections are listed in Table 1. The Company inserts certified standards and blanks into the sample stream as a check on laboratory Quality Control (QC). Drill core samples are cut by diamond saw at Gold Terraâ€™s core facilities in Yellowknife. A halved core sample is left in the core box. The other half core is sampled and transported by Gold Terra personnel in securely sealed bags to ALS (ALS) preparation laboratory in Yellowknife. After sample preparation, samples are shipped to ALSâ€™s Vancouver facility for gold analysis. Gold assays of >3 g/t are re-assayed on a 30 g split by fire assay with gravimetric finish. Samples with visible gold are additionally assayed using a screen metallic method. ALS is a certified and accredited laboratory service. ALS routinely inserts certified gold standards, blanks and pulp duplicates, and results of all QC samples are reported.
Drill holes were drilled at right angles to the structure hosting the mineralization and dip angles of holes were designed to intersect the zones as close to normal as possible. Zones reported here are interpreted to be 80 to 90 percent true thickness.
The technical information contained in this news release has been reviewed and approved by Joseph Campbell, Chief Operating Officer, a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects
About Gold Terraâ€™s Yellowknife City Gold Project
The YCG project encompasses 800 sq. km 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 kilometers 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.
The YCG lies on the prolific Yellowknife greenstone belt, covering nearly 70 kilometers of strike length along the main mineralized shear system that host 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.
Visit our website at www.goldterracorp.com.
For more information, please contact:
David Suda, President and CEO
Phone: 604-928-3101 | Toll-Free: 1-855-737-2684
Mara Strazdins, Manager of Investor Relations
Phone: 1-778-897-1590 | 604-689-1749 ext 102
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Cautionary Note Regarding Forward-Looking Information
Certain statements made and information contained in this news release constitute “forward-looking information” within the meaning of applicable securities legislation (“forward-looking information“). Generally, this forward-looking information can, but not always, be identified by use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events, conditions or results “will”, “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotations thereof.
All statements other than statements of historical fact may be forward-looking information. Forward-looking information is necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. In particular, this news release contains forward-looking information regarding the current drilling on the Campbell Shear on the Newmont Option potentially adding high grade ounces to the Companyâ€™s current YCG mineral resource, future planned drilling on the Newmont Option area and the Company’s objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.
There can be no assurance that such statements will prove to be accurate, as the Company’s actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the “Risk Factors” section in the Company’s most recent MD&A and annual information form available under the Company’s profile at www.sedar.com.
Although the Company has attempted to identify important factors that would cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The forward-looking information contained in this news release is based on information available to the Company as of the date of this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All of the forward-looking information contained in this news release is qualified by these cautionary statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof. Except as required under applicable securities legislation and regulations applicable to the Company, the Company does not intend, and does not assume any obligation, to update this forward-looking information.