Gold Terra Intersects High-Grade Gold Bearing Campbell Shear Target at Downhole Depth of 2,080 Metres on Con Mine Option Property, NWT
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Gold Terra Intersects High-Grade Gold Bearing Campbell Shear Target at Downhole Depth of 2,080
Metres on Con Mine Option Property, NWT
Vancouver, BC –Oct. 16, 2023 – Gold Terra Resource Corp. (TSX-V: YGT; Frankfurt: TX0; OTCQX: YGTFF)
(“Gold Terra” or the “Company”) is pleased to announce that drill hole GTCM23-055 has intersected the
upper portion of the high-grade gold-bearing Campbell Shear at a downhole depth of 2,080 metres from
surface to test for gold mineralization below the Con Mine underground workings, on the Con Mine
Option (CMO) Property. Drilling continues through the Campbell Shear which is typically 150 metres in
width with mineralized zones generally 3 -20 metres wide within the shear. 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 Property agreement, as reported in the Company's news release
dated November 22, 2021.
Chairman and CEO, Gerald Panneton, commented, "A long awaited moment for all Gold Terra
shareholders to intersect the beginning of the prolific Campbell Shear below the former Con Mine
underground workings and approximately 250 metres away from existing infrastructure and the
Robertson shaft. The presence of alteration and veining in the core at the start of the Campbell Shear
intersection in hole GTCM23-055 confirms the potential to delineate additional ounces beneath the former
Con Mine. Once this hole is completed some 50-100 metres past the Campbell shear, additional wedge
holes will allow us to further evaluate the Campbell Shear structure.”
Hole GTCM23-055 hole , shown in Figure 1, is targeted to intersect the down plunge extension of the
prolific Campbell Shear zone at depth below the Con Mine deposit (1938-2003), where 5.1 million ounces
of gold was produced at an average grade of 16 g/t. Drill core from hole GTCM23-055 shows classic
narrow calcite-dominant veining within chloritic alteration and the introduction of quartz-ankerite veining
which usually marks the beginning of the structure in core. Figure 2 shows the veining in a core photo.
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Figure 1 - Hole GTCM23-055 intersecting the start of the Campbell Shear at 2,080 metres.
Figure 2 – Photo of core from Hole GTCM23-055 showing veining and alteration.
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Future Updates
To hear about drilling updates and the Company’s future drilling plans, please join us on Tuesday,
November 7 @ 11:20 AM at the Red Cloud Fall Mining Showcase, Sheraton Centre Toronto Hotel, 123
Queen Street West, Toronto, ON M5H 2M9.
The focus of the 2023 drilling program is 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. 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, by Qualified Person, Allan
Armitage, Ph. D., P . Geo., SGS Ge ological Services, which can be found on the Company's website
at https://www.goldterracorp.com and on SEDAR at www.sedar.com.
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 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 focusing its drilling on
the prolific Campbell Shear, where 14 Moz of gold has been produced, and most recently on the Con Mine
Option (CMO) property claims immediately south o f 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 rei nforces 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 Exc hange 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 c ould 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",
"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 risk s, 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, 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 fa ctors 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.