31 January 2022
Gold Terra Resource Corp. (TSX-V: YGT; Frankfurt: TX0; OTC QX: YGTFF) (“Gold Terra” or the “Company”) is pleased to announce that the 2022 drilling program commenced on January 20th to test the Campbell Shear south of the Con Mine Property which was recently optioned from Newmont Canada FN Holdings ULC and Miramar Northern Mining Ltd., both wholly owned subsidiaries of Newmont Corporation. The proposed 2022 drilling area is shown in Figure 1. Drilling will continue to test the down dip extension of the Yellorex Zone mineralization where recent drill hole GTCM21-022 intersected two high-grade zones of 19.74g/t gold (“Au”) over 5.44 metres and a second wider zone of 4.16 g/t Au over 11.23 metres including 10.12 g/t Au over 3.73 metres (see January 11, 2022 news release). Assays are currently pending for the last four holes of the 2021 drilling program, GTCM21-023 to 026.
Chairman and CEO, Gerald Panneton, commented, “The 2022 drilling targeting the Campbell Shear is our highest priority area to potentially add high grade ounces to our current YCG resource. The proposed 2022 drilling program will be targeting the deeper extension of the Campbell shear at depth of -1000 metres below surface in the direct extension of the past producing Con Mine. A second drill will be added to the program to continue the definition of the Yellorex zone on a 50 metre spacing.
Drilling Program Highlights
The 2022 drilling program is a continuation of successful drilling that has defined gold mineralization in the Campbell Shear. In 2021 the drill program completed 12,687 metres in 26 holes targeting the Campbell Shear over a strike length of 3 kilometres immediately south of the former Con between surface and 400 metres below surface
In November 2021, the Company announced a new agreement with Newmont that allows the Company to earn 100% interest on the overall Con Mine property, which represent 100% access to explore the Campbell Shear. The 2022 drill program will continue to target high-grade gold mineralization in the Campbell Shear south of the Con Mine (See November 22, 2021 press release).
The Company intends to drill approximately 20,000 metres in the first half of 2022 and will be adding more drilling as the program is successful. The objective of the drilling is to delineate a high-grade gold mineral resource to add to the Company’s current 1.2 million inferred ounces (See the technical report, titled "Technical Report on the 2021 Updated Mineral Resource Estimates, Northbelt Property, Yellowknife City Gold Project, Yellowknife, Northwest Territories, Canada" with an effective date of March 14, 2021, which can be found on the Company's website at https://www.goldterracorp.com and on SEDAR at www.sedar.com) and ultimately advance towards an economic study.
Campbell Shear Structure
At the former Con Mine, the Campbell Shear, shown in Figure 2, hosted 5.1 of the 6 million ounces produced between 1938-2005. The Campbell Shear zone is within secondary and tertiary structures associated with a large district-scale structure, the Yellowknife River Fault Zone (“YRFZ”), that straddles the YCG property over 67 kms of strike length on the southern and northern extensions. The YRFZ is thought to be the extent equivalent of other prolific gold camps in the Abitibi, such as the Destor-Porcupine and the Larder Lake-Cadillac Fault zones. The Campbell Shear zone and associated structures such as the Con Shear are exceptional due to the high-grade nature of the lode deposits (approximately 20 g/t Au at the Con Shear, and 15 g/t at the Campbell Shear).
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’s Yellowknife City Gold Project
The YCG project encompasses 800 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 YCG 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 14 Moz of gold has been produced, and most recently on the Con Mine Option claims immediately south of the past producing Con Mine (1938-2003).
The YCG lies on the prolific Yellowknife greenstone belt, covering nearly 70 kilometres of strike length along the main mineralized shear system that host 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.