Gold Terra Resource drills 11.1 metres of 9.53 g/t gold at Con Mine Project, Northwest Territories
Gold Terra Resource Corp. [TSXV: YGT; OTCQB: YGTFF; Frankfurt: TX0] released assay results from an additional five holes of the 2026 winter drill program targeting the Yellorex zone immediately south of the past-producing Campbell shear (CS) on the historic Con Mine (1938 to 2003), Northwest Territories. The current drilling program aims at confirming some historical holes and to potentially expand Gold Terra’s near-surface 2022 mineral resource estimate (MRE) on the Con mine option property.
Assay results include drill hole GTY26-013, which intersected 9.53 g/t gold over 11.10 metres from 211.30 metres to 222.10 metres downhole, including 18.94 g/t over 4.50 metres starting at 217.90 metres. In addition, hole GTY26-007 has potentially expanded mineralization at depth, where 5.73 g/t Au over 6.38 metres from 487.18 to 493.56 metres were intersected downhole. This zone remains open at depth, illustrating the potential to add resource ounces.
Under the Con mine option (CMO) purchase agreement, the company can acquire 100% of the CMO property from a subsidiary of Newmont Corp., subject to the fulfilment of certain conditions. Gold Terra’s option on the CMO with Newmont is until Nov. 21, 2027.
Gerald Panneton, Chairman and CEO, commented: “These five additional holes from our 10,000-metre winter drill program in the Yellorex area of the Campbell shear continue to confirm the continuity of the Yellorex zone. The company’s objective is to confirm and expand Gold Terra’s estimate of the near-surface resource from surface to 500 metres below surface on the CMO property as the last 2022 MRE was based on a US$1,750/oz gold price. The Campbell shear structure is our highest priority target as the Con Mine produced historically more than 5 million ounces of high-grade gold (16 g/t Au).”
All Yellorex drill holes intersected the Campbell shear, characterized by quartz-ankerite and smoky quartz veining with strong sericite-dominated alteration, a key association with gold mineralization in the CS. The main geological host is mafic volcanic. Hole GTY26-013 confirmed a high-grade shoot located close to surface (approximately 200 metres vertical depth). Hole GTY26-007 is important as one of the deepest holes drilled into the Yellorex zone, and it has potentially extended an interpreted high-grade shoot in this area.
The Yellorex area drilling targets are where the company has already outlined a mineral resource estimate (MRE) in 2022 and where there is potential for additional resource ounces to be added between surface and 700 metres depth.
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 approximately 90% of true thickness.
The Yellowknife project (YP) encompasses 836 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 historical 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, hydroelectric power and skilled tradespeople.
Gold Terra is currently focusing its drilling on the Campbell shear, where approximately 14 million ounces of gold have been produced in the past and most recently on the CMO property claims immediately south of the past-producing Con mine, which produced 6.1 million ounces between the Con, Rycon and Campbell shear structures (1938 to 2003).
The YP and CMO properties lie on the 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 seeking to re-establish Yellowknife as one of the premier gold mining districts in Canada.