Gold Terra Resource Corp. (TSXV:YGT) has reported details on the progress of deep drilling operations at the Con Mine. The focus of the reported results includes drill hole GTCM24-056, initiated in early February, aiming at the Campbell Shear below the Con Mine workings, which historically produced over 5.1 million ounces of gold at an average grade of 16 grams per tonne. Notably, the drilling intersected the Con Shear, a secondary shear structure with historical production figures of 1 million ounces at 20 grams per tonne gold, between depths of 1366 and 1405 meters, as outlined in the company’s October 21, 2022, technical report.

Chairman and CEO, Gerald Panneton, commented in a press release: “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.”

This particular hole uncovered new gold mineralization with concentrations up to 13.90 grams per tonne over a 0.60-meter section within the granite host rock of the Con Shear at multiple depths ranging from 478.30 meters to 546 meters and again at 748 meters. The exploration took place on the Con Mine Option Property (CMO), located about one kilometer west of the primary Campbell Shear target. As per the conditions outlined in the property option agreement with Newmont Corporation, Gold Terra has an option to fully acquire the CMO Property.

The intersection with the Con Shear featured intense silicification of mafic volcanic and intermediate intrusive rocks, with a substantial quartz vein present at the contact zone. The sheared zones exhibited a mix of white to smoky grey quartz veins filled with pyrite, with shearing noted as intermittent but notably strong where present.

Gold Terra’s exploration drilling began in volcanic rocks before reaching a granitic intrusive from 261 meters down to 1340 meters. This zone is believed to represent a mineralized stock adjacent to the historical Con Mine gold systems, a feature common in the Yellowknife Greenstone Belt. The granitic zone showed varied quartz vein densities with associated siliceous alteration and scattered mineral occurrences including pyrite, arsenopyrite, sphalerite, galena, pyrrhotite, and tourmaline.

Assays from this granitic host have reported significant gold values from the intervals between 478 and 546 meters, with further samples currently being analyzed to ensure comprehensive evaluation. As the drill continues to deeper levels, results up to a downhole depth of 875 meters have been processed, while deeper samples remain pending.

This drilling effort is part of a larger 2024 campaign aiming to expand upon the initial Mineral Resource Estimate (MRE) reported in September 2022, which accounted for 109,000 ounces of indicated gold and 432,000 ounces of inferred gold up to 400 meters below the surface along a two-kilometer stretch of the Campbell Shear. This MRE is detailed in the October 2022 technical report available on Gold Terra’s website and SEDAR.

The report also mentioned the Yellowknife Lithium Project (YLP), noting that exploration activities in 2023 led to the identification of several spodumene-bearing pegmatites with lithium grades reaching up to 4.2% Li2O. However, Midas Minerals Ltd (ASX:MM1) has decided to withdraw from the corresponding option agreement with Gold Terra.

Highlights from the results are as follows:

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.

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.