Gold Terra Resource (TSXV:YGT) has announced the first assay result from its winter drilling program on the Con Mine Option Property in Yellowknife, Northwest Territories. The drilling program aims to expand the Yellorex North gold zone from surface to 300 metres below surface. The property is under option from subsidiaries of Newmont Corporation and is acquirable by Gold Terra upon fulfillment of certain conditions.
The winter drilling program has completed ten holes, with eight on Yellorex North, totaling approximately 4,000 metres. The first hole of the program, GTCM23-042, intersected 5.3 g/t Au over 6.43 metres. The drill core from this hole will be on display at the Gold Terra Booth at the Prospectors & Developers Association of Canada Convention from March 5 to 8, where attendees can speak with management about the program and future objectives.
Chairman and CEO, Gerald Panneton, commented in a press release: “The Hole GTCM23-042 initial assay result is very encouraging as the intersection is 150 metres below surface, and fulfills our objective to expand the current near surface mineral resources on the CMO. We look forward to additional results as all eight holes have hit the targeted Campbell Shear and show significant intersections of visible multi-meter veining and sulphide mineralization. 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).”
Highlights from the result are as follows:
GTCM23-042 intersected 5.3 g/t Au over 6.43 metres and was designed to verify and add depth extension to historical high-grade mineralization encountered in the Yellorex North zone of the Campbell Shear, as shown in Figure 1 below. The Campbell Shear was intersected at approximately 150 metres below ground level.
The main intersection is between 236.5-242.93 metres down hole and contains approximately 6.5 metres of smoky quartz veining, strong sericite alteration, and strong pyrite and arsenopyrite mineralization. Veining, alteration, mineralization, and width are the most important factors for assessing zone potential as drilling occurs.
The focus of the winter drilling program is to expand the September 2022 initial Mineral Resource Estimate (“MRE”) (see September 7, 2022 press release) along the Campbell Shear immediately south of the Con Mine. The initial mineral resource estimate from drilling in 2022 is 109,000 Indicated ounces of contained gold and 432,000 Inferred ounces of contained gold between surface and to a depth of 400m below surface along a 2 km corridor. 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.sedar.com.
The eight holes were drilled near surface on Yellorex North as this represents one of many under explored targets in the area. The target area is only 1 kilometre south of existing infrastructure, and tested only by one hole in 2022, GTCM22-039, (see August 3, 2022 press release) which returned two mineralized zones returning 3.31 g/t Au over 6.00 metres from 306.0 to 312.0 metres and including 5.39 g/t Au over 2.0 metres from 309.00 to 311.00 metres, and 2.18 g/t Au over 5.0 metres from 324.00 metres to 329.00 metres.