Gold Terra Provides Update on Drilling Program at the Con Mine Option Property, NWT, and Grants Stock Options
4 January 2024
January 4, 2024 / Gold Terra Resource Corp. (TSX-V:YGT)(Frankfurt:TX0)(OTCQX:YGTFF) ("Gold Terra" or the "Company") is pleased to provide an update on its deep drilling directional program designed to establish the extension of high-grade gold mineralization in the Campbell Shear (CS) below the Con Mine underground workings on the Con Mine Option (CMO) Property. The CMO Property is under option from subsidiaries of Newmont Corporation and is 100% 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.
2023 Highlights post last Mineral Resource Estimate (see September 7, 2022 news release)
- Completion of 5,769 metre drilling program to expand the Campbell Shear gold structure (CS) near surface at the Yellorex zones south of the existing Con Mine underground workings.
- The first deep drill hole GTCM23-055 completed in October (2,228 metres from surface) intersected the CS some 200 metres below the Robertson shaft (-1900 metres) with an excellent high-grade intersection of 12.70 g/t Au over 1.7 metres (see November 15, 2023 press release). The confirmation of the extension of the high-grade CS structure at depth opens up the high-grade Campbell Shear zone in all directions.
The Company controls + 70km of the CS structure north and south of the Con Mine option where it holds 100% of the district potential outlined in the last mineral resource update of September 2022 (see September 7, 2022 press release) with multiple high-grade satellite zones that could potentially contribute to a larger mill operation.
The deep drilling program targeting the CS at depth is expected to resume the week of January 8th 2024, with Foraco drilling company. The next hole is a lateral wedge from GTCM23-055, the Master hole, targeting the CS some 75 metres north of the first high-grade gold intersection.
Grant of Stock Options
The Company announces that the Board of Directors has approved a grant of stock options under the Company's Stock Option Plan to its directors, officers, employees, and consultants to purchase up to an aggregate of 1,200,000 treasury shares at $0.10.
The options are exercisable at a price of $0.10 per share for a period of 5 years and are subject to the policies of the TSX Venture Exchange and the Company's Stock Option Plan which includes a vesting period beginning six months after issue for 25% of the options, and 25% every six months following.
The Company has also granted 200,000 stock options to Henry Weingarten as compensation for strategic planning advice, marketing and business timing recommendations as a Marketing & Corporate Development Consultant commencing January 1, 2024, and continuing on a month-to-month basis.
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