VANCOUVER, BC / ACCESSWIRE / April 17, 2024 / Gold Terra Resource Corp. (TSXV:YGT)(Frankfurt:TX0)(OTCQX:YGTFF) ("Gold Terra" or the "Company") is pleased to announce that deep drill hole GTCM24-056, which started in early February targeting the Campbell Shear (past production of 5.1 Moz @ 16 g/t) at depth below the Con Mine workings, has intersected the Con Shear from 1366-1405 metres, a secondary shear structure with a past production of 1 Moz at 20 g/t gold (refer to the Oct. 21, 2022 Technical Report). In addition, the hole has uncovered new gold mineralization ranging up to 13.90 g/t Au over 0.60 metres in the hanging wall granite host of the Con shear at multiple downhole depths (478.30 to 546 metres & at 748 metres).
The Con shear Deposit is located approximately one km west in the hanging wall of the main Campbell shear target on the Con Mine Option Property (CMO). Hole GTCM24-056 is currently at approximately 1,481 metres and progressing well towards the Campbell Shear target, expected at approximately downhole depth of 2700 metres. The CMO Property is under option from subsidiaries of Newmont Corporation and is 100% acquirable by the Company upon fulfillment of certain conditions set out in the CMO Property Option agreement, as reported in the Company's news release dated November 22, 2021.
Chairman and CEO, Gerald Panneton, commented, "Hole GTCM24-056 is now progressing well on its way to intersecting our prime target, the Campbell Shear, which produced 5.1 million ounces of gold at an average grade of 16 g/t. The Con shear intersection and the gold bearing quartz veining in the granite higher up in GTCM24-056 confirm the untested endowment of gold in this hanging wall area. The under-explored Campbell Shear and subsidiary shear zones such as the Con shear illustrate the large potential to find multiple gold deposits in gold camps such as Timmins, Red Lake, Cadillac/Larder Lake and Val d'Or, and as in these most prolific and highest-grade gold camps, that component is what attracted Gold Terra to explore this highly potential area."
Con Shear Intersection
Hole GTCM24-056 has intersected the Con Shear from 1366-1405 metres. The Con Shear intersection is notably marked by intense silicification of mafic volcanic and intermediate intrusive rocks. A large quartz vein is present along the intermediate intrusive-mafic volcanic contact and numerous white to smoky grey quartz veins with pyrite mineralization exist within the strongly silicified and sheared zone. The shearing over the interval is intermittent but strong when present.
Photo 1 - Con Shear contact at 1366 metres is over 4 metres wide:
Gold in the Hanging Wall Granite Host
GTCM24-056 was collared in mafic volcanic rocks and subsequently encountered a granitic intrusive body from a depth of 261 metres and remained in the same granitic unit to a drill depth of 1340 metres as shown in Figure 1 below. The unit is thought to represent a mineralized intrusive stock adjacent to the Con Mine gold systems, characteristic of various deposits in the Yellowknife Greenstone Belt.
Within the granitic intrusive unit, there are varying densities of quartz veining with associated alteration and mineralization. Veins range in size from hairline to 50 cm wide in densities of up to 6 veins per metre and are white to smoky grey. Siliceous alteration halos with pale green to yellow alteration surround the veins. Mineralization in veins typically consists of pyrite and arsenopyrite, but also occasionally contains sphalerite, galena, and pyrrhotite. Tourmaline is present in several veins and is viewed as an analogue to the Sigma- Lamaque complex (+15 Moz produced) in Val d'Or.
Assays returned significant gold values in several intervals between 478 and 546 metres. Further sampling is currently being completed in this area to ensure a thorough assessment of the veining.
Results represent sampling to 875 metres downhole; results between 875 metres and current depths are pending. Table 1 below shows significant assay results for Hole GTCM24-056 to date:
Hole ID
From (metres)
To (metres)
Length (metres)
g/t gold (Au)
GTCM24-056
476.30
481.55
3.25
3.21
GTCM24-056
Incl.
479.80
480.40
0.50
13.90
GTCM24-056
510.20
520.50
1.30
1.23
GTCM24-056
544.00
546.00
2.00
2.17
GTCM24-056
Incl.
545.50
546.00
0.50
6.89
Figure 1 below shows the progress of hole GTCM24-056, the Granite Zone and the gold potential window of the Campbell Shear:
Granite Hanging Wall Photos
Photo 2 below shows GTCM24-056 at 520 metres and an intersection of 2.04 g/t Au over 0.5 metres:
Photo 3 below shows GTCM24-056 at 545.5 metres with intersection of 6.89 g/t Au over 0.5 metres:
The 2024 deep drilling program aims to expand the September 2022 initial Mineral Resource Estimate ("MRE") (see September 7, 2022, press release) of 109,000 Indicated ounces of contained gold and 432,000 Inferred ounces of contained gold between surface and to a depth of 400 metres below surface along a 2-kilometre corridor of the Campbell Shear. Please see the October 21, 2022 technical report, titled "Initial Mineral Resource Estimate for the CMO Property, Yellowknife City Gold Project, Yellowknife, Northwest Territories, Canada" with an effective date of September 2, 2022, by Qualified Person, Allan Armitage, Ph. D., P. Geo., SGS Geological Services, which can be found on the Company's website at https://www.goldterracorp.com and on SEDAR at www.sedarplus.com.
Yellowknife Lithium Project Update
Exploration on the Yellowknife Lithium Project (YLP) in 2023 was successful in locating multiple spodumene-bearing pegmatites and delineating several zones prospective and up to 4.2% Li2O, for further discoveries. Midas Minerals Ltd (ASX:MM1), has, however, elected to withdraw recently from the option agreement with Gold Terra.
Technical Appendix
This news release reports the assay results from one (1) drill hole with assays results ranging from non-detectable gold to a highest assay of 13.9 g/t Au. 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 Terra'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 preparation laboratory ("ALS") in Yellowknife. After sample preparation, samples are shipped to ALS'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 approximately 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 Terra
The Yellowknife Project (YP) encompasses 918 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 kilometres of the City 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, (refer to Gold Terra Oct 21, 2022, Technical Report) 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 kilometres 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information Concerning Estimates of Mineral Resources
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Therefore, investors are cautioned not to assume that all or any part of an Inferred Mineral Resource could ever be mined economically. It cannot be assumed that all or any part of "Measured Mineral Resources," "Indicated Mineral Resources," or "Inferred Mineral Resources" will ever be upgraded to a higher category. The Mineral Resource estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential development of such mineral resources. Refer to the Technical Report, once filed, for more information with respect to the key assumptions, parameters, methods and risks of determination associated with the foregoing.
Cautionary Note to United States Investors
The Company prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to Mineral Resources in this news release are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended ("CIM Standards"). The U.S. Securities and Exchange Commission (the "SEC") has adopted amendments effective February 25, 2019 (the "SEC Modernization Rules") to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934. As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources", which are defined in substantially similar terms to the corresponding CIM Standards. In addition, the SEC has amended its definitions of "Proven Mineral Reserves" and "Probable Mineral Reserves" to be substantially similar to the corresponding CIM Standards.
U.S. investors are cautioned that while the foregoing terms are "substantially similar" to corresponding definitions under the CIM Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance any Mineral Resources that the Company may report as "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources" under NI 43-101 would be the same had the Company prepared the Mineral Resource estimates under the standards adopted under the SEC Modernization Rules. In accordance with Canadian securities laws, estimates of "Inferred Mineral Resources" cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101.
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, potentially adding ounces to the Company's current YCG mineral resource, 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.
