COMPANY PRESS RELEASE
Gold Terra Resource Corp. (TSXV:YGT) is pleased to announce assay results for the first hole drilled on the 10,000 metre Phase 2 drilling program at the Company’s optioned property from Newmont Ventures Limited and Miramar Northern Mining Limited (the “Newmont Option”) adjacent to its Yellowknife City Gold Project (“YCG”), NWT. Hole GTCM21 -14 intersected 5.22 g/t over 17.86 metres including 11.2 g/t gold over 4.57 metres in a very strongly altered and sericitized sheared portion of the Campbell Shear.
President and CEO, David Suda, commented,
“The Yellorex zone shows strong potential to add to our current resource of 1.2 million ounces of gold and underscores the significance of the Newmont Option Agreement to the future of the project. We are very pleased with the assay results from the first Phase 2 drill hole which confirm excellent continuity of the zone 80 metres below hole GTCM21-05 and reaffirms the validity of our geological interpretation. “
The Phase 2 drilling program started on July 16th and eight (8) holes have been drilled to date totaling approximately 2,770 metres. The drilling is testing the Campbell Shear at the Yellorex zone immediately south of the Con Mine, over a strike length of 1 km and to depth of 1000m. Significant high-grade gold zones were intersected during the Phase 1 drilling program at Yellorex (14.09 g/t Au over 4.65 metres). The objective of the drilling is to delineate a high-grade gold mineral resource to add to the Company’s current 1.2 million inferred ounces (See the technical report, titled “Technical Report on the 2021 Updated Mineral Resource Estimates, Northbelt Property, Yellowknife City Gold Project, Yellowknife, Northwest Territories, Canada” with an effective date of March 14, 2021, which can be found on the Company’s website at https://www.goldterracorp.com and on SEDAR at www.sedar.com) and ultimately bring the mineral resources toward economic assessment, and feasibility.
A complete table of drill intersection for hole GTCM21-014 is shown in Table 1:
Table 1: GTCM21-014 intersections
|GTCM-014 Gold Zone|
|Drill Hole||From (m)||To (m)||Interval (m)||Au g/t|
The Phase 2 drilling program is concentrating on the Yellorex Zone and South Con Mine area with a 50 to 100 metre drill spacing along strike and down dip. Compilation work has shown that the strong sericite alteration and quartz veined gold system is dipping to the west and steeply plunging to the south with an interpreted plunge length of more than 1.5 kilometres. The Phase 2 drilling program will follow this plunge to test the continuity of the high-grade gold lenses at depth and along strike. Drill hole locations are shown in Figure 1.
Figure 1: Phase 2 drilling at Yellorex Zone and location of hole GTCM21 -14.
Hole GTCM21-014 confirms the plunge continuity of the high-grade shoot intersected in hole GTCM21-005. Future Phase 2 drilling will not only test the further extension of this zone, but will test additional shoots indicated by historical exploration, broadening the prospective target area for Yellorex. A cross-section view is shown in Figure 2.
Figure 2 – Cross section showing the Campbell Shear and drill hole GTCM21-014.
This news release reports the assay results from one (1) drill hole of 467 metres from which 83 core samples were assays. Assays results range from non-detectable gold to a highest assay of 23.5 g/t Au. The Company inserts certified standards and blanks into the sample stream as a check on laboratory Quality Control (QC). Drill core samples are cut by diamond saw at Gold Terra’s core facilities in Yellowknife. A halved core sample is left in the core box. The other half core is sampled and transported by Gold Terra personnel in securely sealed bags to ALS (ALS) preparation laboratory in Yellowknife. After sample preparation, samples are shipped to ALS’s Vancouver facility for gold analysis. Gold assays of >3 g/t are re-assayed on a 30 g split by fire assay with gravimetric finish. Samples with visible gold are additionally assayed using a screen metallic method. ALS is a certified and accredited laboratory service. ALS routinely inserts certified gold standards, blanks and pulp duplicates, and results of all QC samples are reported.
Drill holes were drilled at right angles to the structure hosting the mineralization and dip angles of holes were designed to intersect the zones as close to normal as possible. Zones reported here are interpreted to be Approximately 90 percent true thickness.
The technical information contained in this news release has been reviewed and approved by Joseph Campbell, Chief Operating Officer, a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About Gold Terra’s Yellowknife City Gold Project
The YCG project encompasses 800 sq. km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, Gold Terra controls one of the six major high-grade gold camps in Canada. Being within 10 kilometres of the City of Yellowknife, the YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power, and skilled tradespeople.
The YCG lies on the prolific Yellowknife greenstone belt, covering nearly 70 kilometres of strike length along the main mineralized shear system that host the former-producing high-grade Con and Giant gold mines. The Company’s exploration programs have successfully identified significant zones of gold mineralization and multiple targets that remain to be tested which reinforces the Company’s objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.
Visit our website at www.goldterracorp.com.
For more information, please contact:
David Suda, President and CEO
Phone: 604-928-3101 | Toll-Free: 1-855-737-2684
Mara Strazdins, Manager of Investor Relations
Phone: 1-778-897-1590 | 604-689-1749 ext 102
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
Certain statements made and information contained in this news release constitute “forward-looking information” within the meaning of applicable securities legislation (“forward-looking information“). Generally, this forward-looking information can, but not always, be identified by use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events, conditions or results “will”, “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotations thereof.
All statements other than statements of historical fact may be forward-looking information. Forward-looking information is necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. In particular, this news release contains forward-looking information regarding the current drilling on the Campbell Shear on the Newmont Option potentially adding high grade ounces to the Company’s current YCG mineral resource, future planned drilling on the Newmont Option area and the Company’s objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.
There can be no assurance that such statements will prove to be accurate, as the Company’s actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the “Risk Factors” section in the Company’s most recent MD&A and annual information form available under the Company’s profile at www.sedar.com.
Although the Company has attempted to identify important factors that would cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The forward-looking information contained in this news release is based on information available to the Company as of the date of this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All of the forward-looking information contained in this news release is qualified by these cautionary statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof. Except as required under applicable securities legislation and regulations applicable to the Company, the Company does not intend, and does not assume any obligation, to update this forward-looking information.