16 October 2023
Vancouver, BC –Oct. 16, 2023 – Gold Terra Resource Corp. (TSX-V: YGT; Frankfurt: TX0; OTCQX: YGTFF) (“Gold Terra” or the “Company”) is pleased to announce that drill hole GTCM23-055 has intersected the upper portion of the high-grade gold-bearing Campbell Shear at a downhole depth of 2,080 metres from surface to test for gold mineralization below the Con Mine underground workings, on the Con Mine Option (CMO) Property. Drilling continues through the Campbell Shear which is typically 150 metres in width with mineralized zones generally 3-20 metres wide within the shear. 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 Property agreement, as reported in the Company's news release dated November 22, 2021.
Chairman and CEO, Gerald Panneton, commented, "A long awaited moment for all Gold Terra shareholders to intersect the beginning of the prolific Campbell Shear below the former Con Mine underground workings and approximately 250 metres away from existing infrastructure and the Robertson shaft. The presence of alteration and veining in the core at the start of the Campbell Shear intersection in hole GTCM23-055 confirms the potential to delineate additional ounces beneath the former Con Mine. Once this hole is completed some 50-100 metres past the Campbell shear, additional wedge holes will allow us to further evaluate the Campbell Shear structure.”
Hole GTCM23-055 hole, shown in Figure 1, is targeted to intersect the down plunge extension of the prolific Campbell Shear zone 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. Drill core from hole GTCM23-055 shows classic narrow calcite-dominant veining within chloritic alteration and the introduction of quartz-ankerite veining which usually marks the beginning of the structure in core. Figure 2 shows the veining in a core photo.