Gold Terra Completes the First 8 Hole Drill Program on Con Mine Option Property to Expand Yellorex North Zone
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Gold Terra Completes the First 8 Hole Drill Program on Con Mine Option Property to
Expand Yellorex North Zone
February 24, 2023, Vancouver, B.C. – Gold Terra Resource Corp. (TSX -V: YGT; Frankfurt: TX0; OTC QX:
YGTFF) (“Gold Terra” or the “Company” ) is pleased to announce that the 8,000-metre winter drilling
program on the Con Mine Option (“CMO”) Property in Yellowknife, NWT is progressing well with the
completion of the first eight holes designed to expand the Yellorex North gold zone. 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 agreement, as reported in the Company's news release
dated November 22, 2021. Assays are pending and anticipated to be received in March.
Chairman and CEO, Gerald Panneton, commented, " We are extremely pleased with the Yellorex North
drilling as all eight holes have hit the targeted Campbel l Shear with the drill core showing significant
intersections of multi-metre veining and sulphide mineralization. The objective of the winter drill program
is to expand the current near-surface mineral resources on the CMO, and the initial visual observations of
the core indicate that we are on track. The Campbell Shear structure is our highest priority target as the
Con Mine produced more than 5 million ounces of high-grade gold (16 g/t Au). "
Drilling Update Highlights
Eight holes (GTCM23-042 to 049) have been completed on the Yellorex North zone for a total of 3076.53
metres. All eight holes have intersected significant widths of the Campbell Shear with notable
highlights shown in the following table:
DDH # From (m) To
(m)
Length (m) Mineralization & Alteration
GTCM23-042 234.30 243.00 8.70 Smoky quartz veining with strong
pyrite and arsenopyrite
mineralization; strong sericite
alteration
GTCM23-045 257.00 261.00 4.00 Smoky quartz veining with strong
pyrite and arsenopyrite
mineralization; strong sericite
alteration
and 261.00 265.00 4.00 Quartz-ankerite veining; strong
sericite alteration mineralized with
banded pyrite
GTCM23-048 382.40 386.00 3.60 Smoky quartz veining with strong
pyrite-arsenopyrite-stibnite-sphalerite
mineralization; strong sericite
alteration
and 391.00 397.50 6.50 Smoky quartz veining with strong
pyrite-arsenopyrite-stibnite
mineralization; strong sericite
alteration
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Figures 1 and 2 show the location of the completed Yellorex North drill holes.
Figures 1 and 2 – Yellorex North Zone Drill Hole Locations
Background
The focus of the winter drilling program is to expand the September 2022 initial Mineral Resourc e
Estimate (“MRE”)(see September 7, 2022 press release) along the Campbell Shear immediately south of
the Con Mine. The initial mineral resource estimate from drilling in 2022 is 109,000 Indicated ounces of
contained gold and 432,000 Inferred ounces of contained gold between surface a nd to a depth of 500
metres below surface along a 2-kilometre corridor. Please refer to the October 21, 2022 technical report,
titled "Initial Mineral Resource Estimate for the CMO Property, Yellowknife City Gold Project, Yellowknife,
Northwest Territories, Canada" with an effective date of September 2, 2022 which can be found on the
Company's website at https://www.goldterracorp.com and on SEDAR at www.sedar.com.
All the drilling targets on the Yellorex North, Yellorex Main and Kam Point deposits are located along the
Campbell Shear structure between surface and 500 metres vertical depth with the exception of one hole
which will test the depth extent of the Yellorex Main deposit where most of the initial MRE is located.
The eight holes were drilled near surface on Yellorex North as this represents the best underexplored
target in the area. The target area is very close to existing underground mining infrastructure and tested
only by one hole in 2022, GTCM22-039 (see August 3, 2022 press release), which returned two mineralized
zones as follows:
DDH # From (m) To
(m)
Length (m) Au
(g/t)
GTCM22-039 306.00 312.00 6.00 3.31
including 309.00 311.00 2.00 5.38
GTCM22-039 324.00 329.00 5.00 2.18
Figure 3 shows the Yellorex North 2023 drilling and hole GTCM22-039.
Yellorex
North
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Figure 3 – Long section showing 2023 drilling and hole GTCM22-039
Next Steps
Drilling will continue over a 2 -kilometre stretch along the Campbell Shear south of the Con Mine as
follows:
• Three to four holes on the Kam North and Con81 zones, and
• One hole to test the down-dip depth extension the Yellorex Deposit.
Another 2,000 -3,000 metres is anticipated as follow-up to areas of interest.
A second drill capable of drilling 2,500 metres depth down the hole, will be moving to the target site and
is expected to start drilling in March, once the planning of the target is completed. The objective is to drill
the high-grade gold shoots beneath the Con Mine workings, at approximately -2000 metres vertical.
Qualified Persons
Joe Campbell, P. Geo., Senior Technical Advisor for Gold Terra is a Qualified Person within the meaning of
NI 43-101 and has reviewed and approved the technical information contained in this news release.
About Gold Terra
The YCG project encompasses 800 sq. km of contiguous land immediately north, so uth 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 kilometers of the City of Yellowknife,
the YCG is close to vit al infrastructure, including all -season roads, air transportation, service providers,
hydro-electric power, and skilled tradespeople. Gold Terra is currently focusing its drilling on the prolific
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Campbell Shear, where 14 Moz of gold has been produced, and most recently on the Con Mine Option
claims immediately south of the past producing Con Mine (1938-2003).
The YCG and CMO property lie on the prolific Yellowknife greenstone belt, covering nearly 70 kilometers
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:
Gerald Panneton, Chairman & CEO
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.
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 all 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 with 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
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
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Resources" under NI 43 -101 would be the same had the Company prepared the Mineral R esource
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 constit ute "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, condition s 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 di fferent 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 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 securitie s legislation and regulations applicable to the
Company, the Company does not intend, and does not assume any obligation, to update this forward -
looking information.