8 June 2022
June 7, 2022, Vancouver, B.C. – Gold Terra Resource Corp. (TSX-V: YGT; Frankfurt: TX0; OTC QX: YGTFF) (“Gold Terra” or the “Company”) today announced assay results for three (3) additional drill holes, GTCM22-004, 008 and 014 designed to expand high grade mineralization in the Mispickel area. Drilling continues to extend gold mineralization in the new high-grade MP-Ryan Zone, a second zone situated west of the main Mispickel area that has the potential to add ounces to the original Mispickel zone, with both zones near surface. To date, the Company has released 8 holes out of the 19-hole winter program which totals 6011 metres.
Significant intersections for the three holes in the MP-Ryan Zone include:
Chairman and CEO, Gerald Panneton, commented, “These high-grade drill results indicate that the MP-Ryan Zone is developing into a new high-grade gold zone approximately 100 to 150m west of the main Mispickel area. This additional high-grade gold zone is a great indication of a larger system than previously thought in this area and opens up the whole area for other significant high-grade discoveries. The Mispickel area will be part of our updated NI 43-101 resource scheduled to be announced in Q4 of this year. The Mispickel area is situated 20 kilometres north of Yellowknife and complements our flagship Con Mine Property where we are currently drilling at depth along the Campbell Shear south of the Con.”
This drilling program of 19 holes totaling 6,011 metres was part of a small winter program in the northern part of the Company’s Yellowknife City Gold Project. At least ten (10) holes have intersected visible gold (VG) in a wide sheared vertical structure currently extended over a minimum strike length of at least 450 metres. Assays are pending for all the remaining 11 holes.
The Company’s 2022 primary drilling program remains focused on testing the continuity of the mineralized zones within the Campbell shear south of the former Con Mine with the objective of adding high-grade ounces to the current 1.2 Moz inferred resources (see March 31, 2021 Technical Report). Following closure of the winter program, the company is continuing its drilling on the Campbell shear structure south of the former Con Mine which produced 6.1 Moz (1938-2003).
Hole GTWL22-004 intersected a zone of moderately sheared silty bedding with argillitic intervals hosting increased mineralization and veining. Visible gold is present in a small (4 cm) quartz vein from 57-60 metres returning 7.63 g/t Au over 3 metres, including a visible gold-bearing vein which returned 22.5 g/t Au over 1 metre.
A second zone from 84.5-93.5 metres also returned anomalous gold values with 0.96 g/t Au over 9 metres, including 2.47 g/t Au over 1.5 metres, and 4.27 g/t Au over 1 metre.
VG in hole GTWL22-004 is shown in the following Figure 2 and all pictures can be found on the Company website at www.goldterracorp.com.
GTWL22-008 was drilled on the same northing as hole GTWL22-004 and was designed to intersect the Footwall, Main, and Hanging Wall Zones. Anomalous gold was intersected in all three zones.
GTWL22-014 - The Hole was drilled to expand on the newly discovered zone from hole GTWL22-007 (May 5, 2022 press release). This hole is approximately 30 metres along-strike to the south from hole 007. The hole intersected zones of strong mineralization and quartz veining, similar to what is observed in Mispickel proper.
Drilling in the new MP-Ryan Zone is extending the zone along a 500-metre-high grade trend which remains open in all directions. During the winter 2022 program 6,011 metres have been drilled in 19 holes. Logging and sampling are ongoing, with completion of sample shipments expected by the end of June. The location of drill holes in the MP-Ryan Zone are shown in the following Figure 5.
The Company intends to drill approximately 40,000 metres in 2022 with the objective 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.
The 2022 drill program is well underway with two rigs drilling the Campbell Shear south of the former high-grade Con Mine, with one deep drill rig targeting the Campbell Shear at a depth of approximately 1000 metres below surface and at a 200-metre spacing. A second drill rig is allocated to test the Campbell shear, north of Yellorex zone which was not part of the original agreement with Newmont (September 2020) but is now part of the updated agreement (November 2021) covering all Newmont claims and leases over the former Con Mine area.
See complete release here.