1 December 2022
December 1, 2022, Vancouver, B.C. – Gold Terra Resource Corp. (TSX-V: YGT; Frankfurt: TX0; OTC QX: YGTFF) (“Gold Terra” or the “Company”) is pleased to announce the following exploration and corporate update:
The Company is pleased to announce that preparations are underway on the 2023 drill program to start on January 16, 2023. The Company intends to drill an additional 10,000 metres on the Con Mine Option (the “CMO”) property, with the objective of delineating additional ounces at depth and along strike on the Campbell Shear, south of the mine as shown in Figure 1. The Company will also be preparing a deeper target in the main plunge of the deposit, where previous mining was stopped in high-grade shoots below -1900 metres, where the Robertson shaft is located. Geological interpretation of the Campbell shear, below the Con Mine operation suggests a very good high-grade potential to be tested. The CMO property is under option from subsidiaries of Newmont Corporation and is acquirable by the Company upon fulfillment of certain conditions set out in the CMO agreement, as reported in the Company’s news release dated September 7, 2022.
The mineral resource estimate on the CMO property includes three gold deposits – Yellorex Main, Yellorex North, and Kam Point and consists of an underground indicated mineral resource of approximately 0.82 million tonnes averaging 7.55 g/t Au for 109,000 ounces of contained gold and an underground inferred mineral resource of approximately 2.0 million tonnes averaging 6.74 g/t Au for 432,000 ounces of contained gold. (See technical report titled “Technical Report on the Initial Mineral Resource Estimate for the Con Mine Option Property, Yellowknife City Gold Project, Yellowknife, Northwest Territories, Canada,” with an effective date of September 2, 2022)
Joe Campbell, P.Geo., Chief Operating Officer for Gold Terra and Qualified Person within the meaning of NI 43-101, has reviewed and approved the technical information contained in this news release.
The Company announces that Joe Campbell, P.Geo. and Chief Operating Officer for Gold Terra, is retiring from his position and will remain as a senior technical advisor for the Company. Mr. Campbell, a professional geologist with over 40 years of global experience in exploration and mining, founded TerraX Minerals (renamed Gold Terra in 2020) in 2008 and was instrumental in the acquisition of the large YCG project, one of few district-scale high-grade gold projects in Canada controlled by a junior exploration company. Joe has been Chief Operating Officer of the Company since October 2019; and was previously Executive Chairman from June 2018 to October 2019, and President and Chief Executive Officer from 2008 to June 2018.
Gerald Panneton, Chairman & CEO, stated, “We recognize and thank Joe for his great contributions as the founder of TerraX and for having the insight to acquire the large and strategic YCG land position which we have now expanded with the CMO. We are pleased that Joe will continue to support the Company in both his senior technical advisor and qualified person roles and work with our team to ensure success on our upcoming 2023 drill program.”