7 September 2022
VANCOUVER, BC / ACCESSWIRE / September 7, 2022 / Gold Terra Resource Corp. (TSXV:YGT)(Frankfurt:TX0)(OTCQX:YGTFF) ("Gold Terra" or the "Company") is pleased to announce the initial Mineral Resource Estimate ("MRE") on the Con Mine property, which is under option from subsidiaries of Newmont Corporation and acquirable by the Company upon fulfillment of certain conditions set out in the option agreement (the "Con Mine Option Property"), and located adjacent to the Company's 100% owned Yellowknife City Gold project (the YCG Project") in the Northwest Territories.
The Company's initial MRE on the Con Mine option Property is comprised of an underground mineral resource of 109,000 gold ounces in the Indicated category and 432,000 ounces of gold in the Inferred category (see Table below). In addition, the Company has 1.2 Moz inferred resources (see March 31, 2021 Technical Report) on their adjacent 100% owned YCG property. This extensive land package is close to the City of Yellowknife with all its extensive existing infrastructure.
Mineral Resource Estimate Highlights
Con Mine Option Property initial MRE:
Underground Indicated Mineral Resource of 0.45million tonnes averaging 7.55 g/t for 109,000 ounces of contained gold
Underground Inferred Mineral Resource of 2.0 million tonnes averaging 6.74 g/t for 432,000 ounces of contained gold
Chairman and CEO, Gerald Panneton, commented, "This initial mineral resource estimate (MRE) on the Con Mine Option Property represents a measuring stick of our progress toward satisfying one of the requirements of the option agreement with Newmont, namely delineating a potential of a minimum of 1.5 million ounces of gold in all categories. This initial MRE confirms the significant high-grade potential of this project as it remains open for further expansion in all directions, and along its 6-kilometre-long structure. The Con Mine produced more than 5 million ounces of high-grade gold (16 g/t Au) from the Campbell Shear structure on 2 kilometres of strike length alone. We strongly believe that additional drilling along strike and at depth will continue to expand the current MRE, as all the surface drilling so far has been very successful. The Company has spent approximately $6.2 million for an approximate cost of $12 per ounce of gold to date."
Mr. Panneton further commented, "We look forward to continuing our drilling program on the Campbell Shear with the goal of advancing the project towards an economic study and bringing further value to our shareholders by discovering more multi-million ounces deposits on our projects."
Mineral Resource Estimate
This initial Con Mine Option Property MRE incorporates a total of 41 diamond drill holes totaling 21,019 metres, completed by Gold Terra from September 2020 to June 2022 and all existing historic holes drilled before 2003, as interpreted by Gold Terra. The Yellorex Indicated resource was drilled on 25 to 50-metre spacing, between surface and 300 metres, and remains open at depth.
This MRE on the Con Mine Option Property demonstrates the success and progress of Gold Terra's recent drilling programs toward satisfying the minimum 1.5 million ounces of gold requirement in all resource categories, under the option agreement with subsidiaries of Newmont Corporation (see details below under Option to Acquire the Con Mine Property).
The table below shows the MRE for the Con Mine Option Property and the Company's adjacent YCG Project, which was reported in the March 16, 2021 news release and subsequent Technical Report dated March 31, 2021. The Company has not updated the YCG MRE with the positive results from the 2022 winter drilling program of 6,011 metres in the Mispickel area, part of the Northbelt block. More drilling is required on these multiple high-grade mineralized structures located only 20 kilometres north of the City of Yellowknife.
About Gold Terra
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 kilometers 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 kilometers 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.
Visit our website at www.goldterracorp.com.
See full news release here.