Gold Terra Deep Drilling Intersects Con Shear and Gold in Hanging Wall as Hole Progresses Toward Campbell Shear Target, Con Mine Option Property, NWT
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Gold Terra Deep Drilling Intersects Con Shear and Gold in Hanging Wall as Hole Progresses Toward
Campbell Shear Target, Con Mine Option Property, NWT
Vancouver, BC –April 17, 2024 – Gold Terra Resource Corp. (TSX-V: YGT; Frankfurt: TX0; OTCQX: YGTFF)
(“Gold Terra” or the “Company”) is pleased to announce that deep drill hole GTCM24-056, which started
in early February targeting the Campbell Shear (past production of 5.1 Moz @ 16 g/t) at depth below the
Con Mine workings, has intersected the Con Shear from 1366-1405 metres, a secondary shear structure
with a past production of 1 Moz at 20 g/t gold (refer to the Oct. 21, 2022 Technical Report). In addition,
the hole has uncovered new gold mineralization ranging up to 13.90 g/t Au over 0.60 metres in the
hanging wall granite host of the Con shear at multiple downhole depths (478.30 to 546 metres & at 748
metres).
The Con shear Deposit is located approximately one km west in the hanging wall of the main Campbell
shear target on the Con Mine Option Property (CMO). Hole GTCM24-056 is currently at approximately
1,481 metres and progressing well towards the Campbell Shear target , expected at app roximately
downhole depth of 2700 metres. 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 Option agreement, as reported in the Company's news release dated November 22, 2021.
Chairman and CEO, Gerald Panneton, commented, "Hole GTCM24-056 is now progressing well on its way
to intersecting our prime target, the Campbell Shear , which produced 5.1 million ounces of gold at an
average grade of 16 g/t . The Con shear intersection and the gold bearing quartz veining in the granite
higher up in GTCM24-056 confirm the untested endowment of gold in this hanging wall area. The under-
explored Campbell Shear and subsidiary shear zones such as the Con shear illustrate the large potential to
find multiple gold deposits in gold camps such as Timmins, Red Lake, Cadillac/Larder Lake and Val d’Or ,
and as in these most prolific and highest-grade gold camps, that component is what attracted Gold Terra
to explore this highly potential area.”
Con Shear Intersection
Hole GTCM24-056 has intersected the Con Shear from 1366 -1405 metres. The Con Shear intersection is
notably marked by intense silicification of mafic volcanic and intermediate intrusive rocks. A large quartz
vein is present along the intermediate intrusive-mafic volcanic contact and numerous white to smoky grey
quartz veins with pyrite mineralization exist within the strongly silicified and sheared zone. The shearing
over the interval is intermittent but strong when present.
Photo 1 – Con Shear contact at 1366 metres is over 4 metres wide:
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Gold in the Hanging Wall Granite Host
GTCM24-056 was collared in mafic volcanic rocks and subsequently encountered a granitic intrusive body
from a depth of 261 metres and remained in the same granitic unit to a drill depth of 1 340 metres as
shown in Figure 1 below . The unit is thought to represent a mineralized intrusive stock adjacent to the
Con Mine gold systems, characteristic of various deposits in the Yellowknife Greenstone Belt.
Within the granitic intrusive unit, there are varying densities of quartz veining with associated alteration
and mineralization. Veins range in size from hairline to 50 cm wide in densities of up to 6 veins per metre
and are white to smoky grey. Siliceous alteration halos with pale green to yellow alteration surround the
veins. Mineralization in veins typically consists of pyrite and arsenopyrite, but also occasionally contains
sphalerite, galena, and pyrrhotite. Tourmaline is present in several veins and is viewed as an analogue to
the Sigma- Lamaque complex (+15 Moz produced) in Val d’Or.
Assays returned significant gold values in several intervals between 478 and 546 metres. Further sampling
is currently being completed in this area to ensure a thorough assessment of the veining.
Results represent sampling to 875 metres downhole; results between 875 metres and current depths are
pending. Table 1 below shows significant assay results for Hole GTCM24-056 to date:
Hole ID From
(metres)
To
(metres)
Length
(metres) g/t gold (Au)
GTCM24-056 476.30 481.55 3.25 3.21
GTCM24-056 Incl. 479.80 480.40 0.50 13.90
GTCM24-056 510.20 520.50 1.30 1.23
GTCM24-056 544.00 546.00 2.00 2.17
GTCM24-056 Incl. 545.50 546.00 0.50 6.89
Figure 1 below shows the progress of hole GTCM24-056, the Granite Zone and the gold potential
window of the Campbell Shear:
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Granite Hanging Wall Photos
Photo 2 below shows GTCM24-056 at 520 metres and an intersection of 2.04 g/t Au over 0.5 metres:
Photo 3 below shows GTCM24-056 at 545.5 metres with intersection of 6.89 g/t Au over 0.5 metres:
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 to a depth of 400 metres below surface
along a 2 -kilometre corridor of the Campbell Shear . Please see the October 21, 2022 technical report,
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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 , 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.
Yellowknife Lithium Project Update
Exploration on the Yellowknife Lithium Project (YLP) in 2023 was successful in locating multiple
spodumene-bearing pegmatites and delineating several zones prospective and up to 4.2% Li2O, for further
discoveries. Midas Minerals Ltd (ASX: MM1), has, however, elected to withdraw recently from the option
agreement with Gold Terra.
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 Q uality 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 A LS 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 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
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.
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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
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",
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"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 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 statements will prove to be accurate, as actual results and f uture
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.