Gold Terra Intersects 1.97 g/t Gold over 6.50 Metres with Visible Gold and 2.00 g/t Gold 0ver 4.50 Metres at Depth on Campbell Shear, Con Mine Property, Yellowknife, NWT
June 27, 2022, Vancouver, B.C. – Gold Terra Resource Corp. (TSX-V: YGT; Frankfurt: TX0; OTC QX: YGTFF) (“Gold Terra” or the “Company” - https://www.commodity-tv.com/ondemand/companies/profil/gold-terra-resource-corp/ is pleased to announce assay results of GTCM22-037 designed to test the Campbell Shear at a depth of 1,000 vertical metres. GTCM22-037 intersected the Campbell shear as planned with the main zone carrying of 1.60 g/t gold (Au) over 14.57 metres, including two gold zones of 1.97 g/t Au over 6.50 metres from 1,263.30 to 1,269.80 metres and 2.00 g/t Au over 4.50 metres from 1,256.08 to 1,260.58 metres.
Hole GTCM22-037 encountered alteration, veining, and mineralization consistent with descriptions of typical Campbell Shear gold zones from historical production. It was drilled below historical holes Y-88 (13.72 g/t Au over 5.27 metres)* and above Y-86 and Y-96A (8.32 g/t Au over 4.45 metres and 18.11 g/t Au over 0.83 metres)* along the Campbell Shear structure. The past producing Con Mine Property is under option to purchase 100% by the Company from Newmont Canada FN Holdings ULC and Miramar Northern Mining Ltd., both wholly owned subsidiaries of Newmont Corporation (see November 22, 2021 press release). *Note: these intersections are historical in nature and have not been verified by Gold Terra. Hole location, downhole survey, assay and lithologic data was obtained from the Con Mine database, and therefore is assumed by Gold Terra to be reasonably valid.
Chairman and CEO, Gerald Panneton, commented, “Our drilling program is getting positive results on the Campbell shear at depth, and confirming gold mineralization in the area of historical holes Y-88 and Y-86. At the past producing Con Mine (5.0 Moz @ 15 g/t Au), it was typical to go from low-grade gold (approx. 1-3 g/t Au) to high--grade in the span of 10 metres. For example, we have observed visible gold, and the Campbell shear is present and well altered and mineralized, south of the Pud fault. Our 2022 program will continue to test this area using hole 37 to set up wedges on 50-metre spacing. For the second half of 2022, we are well-financed to continue with the deep drilling program and updating our current mineral resource to include the high-grade Yellorex Zone for Q4 2022.”
The 2022 drill program along the Campbell Shear structure is well underway with a total of 15 drill holes (GTCM22-027 to 22-041) completed to date for a total of 8,391 metres. The Company is pleased to announce it has received $132,000 funding from the 2022-23 Government of the Northwest Territories Mining Incentive Program for the Campbell Shear project.
The Company also received the remaining assays for hole GTCM21-029. Figure 1 below shows the location of holes GTCM21-029 and 037 in plan view and Figure 2 below shows the holes on the Campbell Shear long section.
Figure 1: Location of holes GTCM22-029 and 037.
Figure 2 - Campbell Shear Long Section (looking West)
Hole GTCM22-037 is a deep hole drilled below historical holes Y-88 (13.72 g/t Au over 5.27 metres)* and above Y-86 and Y-96A (8.32 g/t Au over 4.45 metres and 18.11 g/t Au over 0.83 metres respectively)*. GTCM22-037 intersected two gold zones of 1.60 g/t over 14.57 metres and 0.59 g/t Au over 12.65 metres. Although the zones are located within the Campbell Shear, its gold mineralization style contrasts with the usual sericite-rich alteration and arsenopyrite-rich smoky quartz veins style intersected at Yellorex. The main difference is the absence of sericite alteration; chlorite and calcite being the main alteration present. Local sericitized clasts and angular fragments of semi-massive, laminated pyrite suggest a late remobilization or setting of the gold. The gold is associated with quartz-tourmaline breccia veins. Locally two pinpoint visible gold specks were found within one of those quartz-tourmaline veins at a depth of 1,257.38 to 1,257.84 metres.
Additional assays received from previously released hole GTCM22-029, which is a deep hole designed to test the Campbell Shear at a depth below 1,000 vertical metres, intersected 3.02 g/t Au over 1.05 metres from 1,307.95 to 1,309.00 metres. To reach the 1,000-metre depth on the Campbell Shear, hole GTCM22-029 was collared immediately west of the Con Shear, a secondary structure from which about 1 Moz of gold at a grade of 19.5 g/t Au was mined at the Con Mine. This resulted in an intersection 3.61 g/t Au over 4.55 metres including 15.75 g/t over 0.75 metres at 30 metres vertical depth (see May 15, 2022 press release). A 1-kilometre-long portion of the Con Shear in this area was previous tested by only two shallow holes from the 1940's. One of the historic holes reported a historical intersection of 30.86 g/t Au over one foot*.
Hole GTCM22-041 has been completed to a depth of 1,364 metres and assays are pending.
A table of significant drill intersections for holes GTCM22-029 and 037 are shown in Table 1:
Table 1: GTCM22-029 and 037 Significant Drill Intersections