25 April 2023
VANCOUVER, BC / ACCESSWIRE / April 25, 2023 / Gold Terra Resource Corp. (TSXV:YGT)(Frankfurt:TX0)(OTCQX:YGTFF) ("Gold Terra" or the "Company") is pleased to announce that the deep drilling program began on Monday, April 17, 2023 to test the potential extension of high-grade gold mineralization below the Con Mine deposit (1938-2003), which produced 5 million ounces of gold at an average grade of 16 g/t. The deposit remains open at depth and geological modeling indicates high potential for finding additional ounces. The Con Mine Option ("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 Property agreement, as reported in the Company's news release dated November 22, 2021.
Chairman and CEO, Gerald Panneton, commented, "Since the option was signed in November 2021, we always thought that one of the best high-grade gold targets on the CMO Property is below the existing underground workings of the Con Mine. With the existence of the Robertson shaft to a depth of 1,900 metres, it makes this deep target below the core of the Con Mine deposit a priority. We are very excited to have commenced drilling a master hole to a depth of 2,300 metres below surface from which we will use wedges and a high torque Navi-Drill to explore the down-plunge extension of this world-class gold deposit."
Deep Drilling Program
The former Con Mine is a world-class gold deposit and part of the prolific Yellowknife mining camp where 6.1 M ounces of high-grade gold were recovered from the underground operation from both the Con Shear and Campbell Shear. The Con Mine was shut down in 2003 following multiple years of low gold prices. The Con deposit may still hold great potential at depth below the underground workings as exploration drilling stopped there.
The Company's geological modeling of the Con Mine workings show that the extensions of high-grade mineralized zones continue at depth and were never tested below 2,000 metres depth. With access to an extensive geological and historic assay database, Gold Terra has done detailed modeling of the Con gold deposit to understand the orientation, target size, shape and plunge of high-grade zones that were not tested below the current mine workings. Modeling of the Con deposit and 2023 drilling targets is shown in an interactive 3D model link below.