Gold Terra Intersects 5.3 g/t Gold over 6.43 Metres on Yellorex North Zone, Con Mine Option Property
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Gold Terra Intersects 5.3 g/t Gold over 6.43 Metres on Yellorex North Zone, Con Mine Option
Property
March 3, 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 the first assay result from its winter drilling
program on the Con Mine Option (“CMO”) Property in Yellowknife, NWT. Drill hole GTCM23-042, the first
hole of the program, intersected 5.3 g/t Au over 6.43 metres. The drilling program is designed to expand
the Yellorex North gold zone between surface and 300 metres below surface (see February 24, 2023 press
release). 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. To date, the winter drilling program has completed
ten (10) holes for a total of approximately 4,000 metres, of which eight (8) holes were on Yellorex North.
Yellorex North Zone drill core from hole GTCM23-042 will be on display at the Gold Terra Booth #2304,
The Prospectors & Developers Association of Canada Convention (PDAC) at the Metro Toronto Convention
Centre (MTCC) on Sunday, March 5 to Wednesday, March 8, 2023. Please join us at our booth to speak
with management about the drilling program, future objectives and to see the core.
Chairman and CEO, Gerald Panneton, commented, " The Hole GTCM23-042 initial assay result is very
encouraging as the intersection is 150 metres below surface, and fulfills our objective to expand the current
near surface mineral resources on the CMO. We look forward to additional results as all eight holes have
hit the targeted Campbell Shear and show significant intersections of visible multi-meter veining and
sulphide mineralization . The Campbell Shear structure is our high est priority target as the Con Mine
produced historically more than 5 million ounces of high-grade gold (16 g/t Au). "
Hole GTCM23-042 Highlights
GTCM23-042 intersected 5.3 g/t Au over 6.43 metres and was designed to verify and add depth extension
to historical high-grade mineralization encountered in the Yellorex North zone of the Campbell Shear, as
shown in Figure 1 below. The Campbell Shear was intersected at approximately 150 metres below ground
level.
The main intersection is between 236.5-242.93 metres down hole and contains approximately 6.5 metres
of smoky quartz veining, strong sericite alteration, and strong pyrite and arsenopyrite mineralization.
Veining, alteration, mineralization, and width are the most important factors for assessing zone potential
as drilling occurs.
A cross-section with hole GTCM23-042 is shown in Figure 2 further below.
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Figure 1 – Long section showing 2023 drilling, historic drilling, and hole GTCM23-42
Figure 2 - Cross-section showing hole GTCM23-042
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 and to a depth of 400m
below surface along a 2 km cor ridor. Please see the October 21, 2022 technical report, titled "Initial
Mineral Resource Estimate for the CMO Property, Yellowknife City Gold Project, Yellowknife, Northwest
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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.
The eight holes were drilled near surface on Yellorex North as this represents one of many under explored
targets in the area. The target area is only 1 kilometre south of existing infrastructure, and tested only by
one hole in 2022, GTCM22-039, (see August 3, 2022 press release) which returned two mineralized zones
returning 3.31 g/t Au over 6.00 metres from 306.0 to 312.0 metres and including 5.39 g/t Au over 2.0
metres from 309.00 to 311.00 metres, and 2.18 g/t Au over 5.0 metres from 324.00 metres to 329.00
metres.
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, 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 kilometers 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. Gold Terra is currently focusing its drilling on the prolific
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 reinf orces 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.
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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
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 constitute "forward -looking
information" within the meaning of applicable securities legislation (" forward-looking in formation").
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 nega tive 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, un certainties 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 , potentially adding ounces to the
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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 f actors 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.