17 August 2023
VANCOUVER, BC / ACCESSWIRE / August 17, 2023 / Gold Terra Resource Corp. (TSX-V:YGT)(Frankfurt:TX0)(OTCQX:YGTFF) ("Gold Terra" or the "Company") is confirming that the Yellowknife drill program has been suspended for the time being due to the current Yellowknife wildfire evacuation order. As a precaution the Company has decided to suspend its drilling activities commencing Wednesday August 16th, 2023 until further notification. All Gold Terra and contractor's employees have been demobilized out of Yellowknife immediately.
Hole GTCM23-055 reached a depth of 1900 metres, and subsequently, the drilling contractor ran into an issue caused by one of the operators. The issue was recently fixed by the contractor after three attempts, just before the evacuation order. The hole is targeting the down plunge extension of the notable Campbell Shear zone, and designed to test gold mineralization at depth below the Con Mine deposit (1938-2003), where 5.1 million ounces of gold was produced at an average grade of 16 g/t. 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, "Safety first for all employees and Yellowknife residents for the time being, as we wish Yellowknife residents a safe evacuation, and hopefully lots of rain in the near future."
"While the focus of hole GTCM23-055 is targeting the prolific gold bearing Campbell Shear, we are very excited about the progress, and having intersected gold in the Con Shear which was thought to be closed off at depth. This new intersection opens another area which has the potential for additional ounces to add to our future inventory in an area where existing infrastructure is in place. The Con shear was in production from 1938 until the 1960's for a total of 1 Moz at 20g/t Au based on an average drilling grade of 7 g/t Au.
The drill crew encountered some operational issues in hole GTCM23-055 at 1900 metres after jamming the drill bit. Subsequently the contractor had to cut off the rods in three attempts at different depths to be able to free the rods. The last attempt was performed on Friday, August 11th, and was successful at the depth of 1770 metres. A successful wedge was placed, and drilling continued pass the wedge to a depth of 1773 metres. Following the evacuation order, the drill is now on standby.
Hole GTCM23-055 is in good shape as sometimes blockage, and wedges are needed to correct azimuth and dip at these depths. As the operational issues were encountered by the drilling contractor, they have taken full responsibility to bring back the hole to the depth of 1900 metres at their own cost. We wish to thank the contractor for their professionalism, and all their employees involved with this technical issue.