Gold Terra’s Drill Hole Approaching the Prolific Campbell Shear with Current Downhole Depth at 2,265 Metres, Con Mine Option Property, NWT
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Gold Terra’s Drill Hole Approaching the Prolific Campbell Shear with Current Downhole Depth at 2,265
Metres, Con Mine Option Property, NWT
Vancouver, BC –May 22 , 2024 – Gold Terra Resource Corp. (TSX-V: YGT; Frankfurt: TX0; OTCQX: YGTFF)
(“Gold Terra ” or the “ Company”) is pleased to announce that drill hole GTCM24-056, targeting the
Campbell Shear (past production of 5.1 Moz @ 16 g/t, refer to the Oct. 21, 2022 Technical Report) on the
Con Mine Option Property (CMO), is progressing well at a current depth of 2,265 metres. The drilling is
estimated to intersect the Campbell Shear (CS) target at an approximate downhole depth of 2,600 metres,
or approximately 600 metres below the historic Con Mine underground workings. The CMO Property is
under option from a subsidiary of Newmont Corporation and is 100% acquirable by the Company upon
fulfillment of certain conditions set out in the CMO Property Option agreement, as reported in the
Company's news release dated November 22, 2021.
Chairman and CEO, Gerald Panneton, commented, "We are very pleased with the excellent progress of
Hole GTCM24-056. The CS target has a strike length of at least 1-kilometre, and the hole target of 600
metres below the Con Mine Robertson shaft (1900 metres depth) will open a large under-explored area to
add high grade ounces. Once the hole is completed, we will follow up with a strategy of selective wedge
holes off this master hole GTCM24-056 as this is a cost-effective way to test the extension of the CS zone
mineralization.”
Drilling Highlights
The current drill hole, GTCM24-056, has identified new gold mineralization ranging up to 13.90 g/t Au
over 0.60 metres in the hanging granite wall of the Con Shear . The Con Shear was intersected further
down the hole at a depth of 1 ,366-1,405 metres from surface with anomalous gold assays up to 0.6 g/t
Au over 0.6 metres.
Drill hole GTCM24-056 was collared in mafic volcanics and subsequently intersected a granite from 264
meters to 1,365 metres. The intrusive contains numerous quartz veins with pyrite, arsenopyrite, stibnite,
sphalerite and one occurrence of visible gold.
At the granite's lower contact , the Con Shear (past production 1 million ounces of gold at a grade of
20g/t, refer to the Oct. 21, 2022 Technical Report ) was encountered , representing the deepest
intersection of the Con Shear, with a multi-metre wide white quartz vein and numerous narrow smoky
grey quartz veins. The Con shear was intersected where anticipated, suggesting good predictable of shear-
hosted mineralization at depth on the Con Mine property. The new interse ction adds potential for the
Con Shear to be expanded to supplement the CS.
The drill hole has since been in mafic volcanics with minor shear fabrics forming as the CS intersection is
approached. The first deep hole, GTCM23 -055, intersected 12.63 g/t Au over 1.7m in the CS structure
approximately 150 metres below the Con Mine workings, demonstrating the potential of the CS at depth.
Deep Drilling Objectives
Deep drill hole GTCM24-056 aims to confirm that the gold-rich CS continues further than what was mined
at the former Con Mine (6.1 million ounces of gold with an average gold grade of 16 -20g/t between
1938-2003, refer to the Oct. 21, 2022 Technical Report) as shown in Figure 1.
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The deep hole will serve as a master hole for several more wedge holes that can test adjacent parts of the
Campbell Shear without incurring the extremely high drilling costs (see long section, Figure 2).
Figure 1 is a cross section showing the drilling progress of hole GTCM24-056, the hanging granite wall
zone, the Con Shear, and the gold potential window of the CS:
Figure 2 – Long Section looking west showing the target area tested by potential wedge holes drilled
from hole GTCM24-056:
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The 2024 deep drilling program aims to expand the September 2022 initial Mineral Resource Estimate
(“MRE”) ( see September 7, 2022 , press release ) of 109,000 Indicated ounces of contained gold and
432,000 Inferred ounces of contained gold between surface and 400 metres below surface along a 2 -
kilometre corridor of the Campbell Shear (October 21, 2022 MRE titled "Initial Mineral Resource Estimate
for the CMO Property, Yellowknife City Gold Project, Yellowknife, Northwest Territories, Canada" by
Qualified Person, Allan Armitage, Ph. D., P . Geo., SGS Geological Services , which can be found on the
Company's website at https://www.goldterracorp.com and on SEDAR at www.sedar.com.
Technical Appendix
This news release reports the assay results from one (1) drill hole with assays results ranging from non -
detectable gold to a highest assay of 13.9 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 preparation
laboratory (“ALS”) 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 st andards, 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
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The Yellowknife Project (YP) encompasses 918 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 YP is close to vital infrastructure, including all -season roads, air transportation, service
providers, hydro-electric power, and skilled tradespeople. Gold Terra is currently focusin g its drilling on
the prolific Campbell Shear, where approximately 14 Moz of gold has been produced, (refer to Gold Terra
Oct 21, 2022, Technical R eport) and most recently on the Con Mine Option (CMO) property claims
immediately south of the past producing Con Mine which produced 6.1 Moz between the Con, Rycon, and
Campbell shear structures (1938-2003).
The YP and CMO properties lie on the prolific Yellowknife greenstone belt, covering nearly 70 kilometres
of strike length along the main mineralized shear system that hosts 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:
Gerald Panneton, Chairman & CEO
Mara Strazdins, 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.
Information Concerning Estimates of Mineral Resources
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Therefore,
investors are cautioned not to assume that all or any part of an Inferred Mineral Resource could ever be
mined economically. It cannot be assumed that a ll or any part of “Measured Mineral Resources,”
“Indicated Mineral Resources,” or “Inferred Mineral Resources” will ever be upgraded to a higher
category. The Mineral Resource estimates contained herein may be subject to legal, political,
environmental or other risks that could materially affect the potential development of such mineral
resources. Refer to the Technical Report, once filed, for more information with respect to the key
assumptions, parameters, methods and risks of determination associated with the foregoing.
Cautionary Note to United States Investors
The Company prepares its disclosure in accordance with the requirements of securities laws in effect in
Canada, which differ from the requirements of U.S. securities laws. Terms relating to Mineral Resources
in this news release are defined in accordance w ith NI 43 -101 under the guidelines set out in CIM
Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of
Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended ("CIM Standards"). The U.S.
Securities and Exchange Commission (the "SEC") has adopted amendments effective February 25, 2019
(the "SEC Modernization Rules") to its disclosure rules to modernize the mineral property disclosure
requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange
Act of 1934. As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize
estimates of "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral
Resources", which are defined in substantially similar terms to the corresponding CIM Standards. In
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addition, the SEC has amended its definitions of "Proven Mineral Reserves" and "Probable Mineral
Reserves" to be substantially similar to the corresponding CIM Standards.
U.S. investors are cautioned that while the foregoing terms are "substantially similar" to corresponding
definitions under the CIM Standards, there are differences in the definitions under the SEC Modernization
Rules and the CIM Standards. Accordingly, there is no assurance any Mineral Resources that the Company
may report as "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral
Resources" under NI 43 -101 would be the same had the Company prepared the Mineral Resource
estimates under the standards adopted under the SEC Modernization Rules. In accordance with Canadian
securities laws, estimates of "Inferred Mineral Resources" cannot form the basis of feasibility or other
economic studies, except in limited circumstances where permitted under NI 43-101.
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 o f
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 factor s 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, potentially adding ounces to the
Company’s current YCG mineral resource, 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 sta tements 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. Rea ders 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 do es not assume any obligation, to update this forward -
looking information.