Gold Terra Intersects Two Main High-Grade Zones of 18.79 g/t Gold over 4.00 metres and 14.42 g/t Gold over 4.00 metres on Yellorex Zone, Yellowknife, NWT
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Gold Terra Intersects Two Main High-Grade Zones of 18.79 g/t Gold over 4.00 metres and 14.42 g/t
Gold over 4.00 metres on Yellorex Zone, Yellowknife, NWT
May 17, 2022, Vancouver, B.C. – Gold Terra Resource Corp. (TSX-V: YGT; Frankfurt: TX0; OTC QX: YGTFF)
(“Gold Terra” or the “Company”) is pleased to announce assay results for two (2) holes, GTCM22-031 and
040 designed to test the Yellorex zone. Drill hole GTCM22-040 was drilled on Yellorex to test a gap in the
drilling and confirmed two main high-grade zones returning 8.00 g/t gold ( Au) over 11.00 metres
including 18.79 g/t Au over 4.00 metres, and 14.42g/t Au over 4.00 metres including 27.75 g/t Au over
2.00 metres. The Yellorex zone is situated on the Con Mine Property recently optioned from Newmont
Canada FN Holdings ULC and Miramar Northern Mining Ltd., both wholly owned subsidiaries of Newmont
Corporation (see November 22, 2021 press release).
The 2022 drill program along the Campbell Shear (CS) structure is well underway with a total of 14 drill
holes (GTCM22-027 to 22-040) completed to date for a total of 7027 metres. The program is testing the
Yellorex zone between surface and a 600-metre vertical depth along a 300-metre strike length, while the
other drill rig is testing the CS at a depth of 1000 metres below surface in an area previously explored and
where historic hole Y88 intersected gold mineralization of 13.72 g/t Au over 5.27 metres outside of the
Con Mine underground workings.
Chairman and CEO, Gerald Panneton, commented, “ We are continuing to tighten the drilling on the
Yellorex zone in preparation for an updated mineral resource estimate by year-end and we expect to add
ounces from the Yellorex zone. Our 2022 program is well underway to test the extension of the Campbell
Shear at depth, and in the southern extension of the gold enriched structure.”
The location of holes GTCM21-031 and 040 is shown in the following Figure 1:
Figure 1: Location of holes GTCM22-031 and 040.
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Drilling Results
Hole GTCM22-031 is a hole drilled as part of the Mining Incentive Program (MIP) financed by the NWT
government. Gold Terra received a grant of $100,000 to test the Campbell Shear north of the Yellorex
fault where it was interpreted to be cut -off. The hole intersected the Campbell Shear, which was
preserved at depth. The shear was intersected from 59 to 196 metres and was weakly mineralized with
gold in the 100 ppb range. The low-grade gold intersection from 34 to 35 metres consists of semi-massive
pyrite occurring within a primary pillow breccia horizon.
Hole GTCM22-040 was drilled on Yellorex to test a gap in the drilling between hole GTCM21 -014 and
GTCM21-022. It intersected two main high-grade zones returning 8.00g/t Au over 11.00 metres, including
18.79 g/t Au over 4.00 metres and 14.42 g/t Au over 4.00 metres. Both zones include 25 to 50% of smoky
quartz veins with arsenopyrite, pyrite and traces of sphalerite mineralization within a strong sericite
alteration zone.
A table of significant drill intersections for holes GTCM22-31 and 040 are shown in Table 1:
Table 1: GTCM22-031 and 040 Significant Drill Intersections
DDH # Easting Northing Total
depth
(m)
Azimuth Dip From (m) To (m) Length
(m)
Au (g/t)
GTCM22-031 636034.8 69226709 404.56 106 -60 34.00 35.00 1.00 1.36
GTCM22-040 635764.4 6922653.4 368.17 108 -60 295.00 306.00 11.00 8.00
including 296.00 300.00 4.00 18.79
GTCM22-040 314.00 318.00 4.00 14.42
including 315.00 316.00 2.00 27.75
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Figure 2 – Cross-section showing GTCM22-40
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Figure 2: Yellorex Zone
The Company intends to drill approximately 40,000 metres in 2022 with the objective to delineate a high-
grade gold mineral resource to add to the Company’s current 1.2 million inferred ounces (See the technical
report, titled "Technical Report on the 2021 Updated Mineral Resource Estimates, Northbelt Property,
Yellowknife City Gold Project, Yellowknife, Northwest Territories, Canada" with an effective date of March
14, 2021, which can be found on the Company's website at https://www.goldterracorp.com and on
SEDAR at www.sedar.com) and ultimately advance towards an economic study.
Technical Appendix
This news release reports the assay results from two (2) drill holes from which 167 core samples were
assayed. Results include final assays from holes GTCM-031 and 040 for 818 meters of drilling . Assay
results range from non -detectable gold to a highest assay of 50.0 g/t Au. The Company in serts certified
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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 standards,
blanks and pulp duplicates, and results of all QC samples are reported.
Drill holes GTCM22-031 and 040 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’s Yellowknife City Gold Project
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 kilometres 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 drilli ng 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 lies on the prolific Yellowknife greenstone belt, covering nearly 70 kilomet res 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.
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 ").
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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", "occ ur" 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 subjec t 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 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 on the Newmont Con Mine Option
potentially adding high grade ounces to the Company’s current YCG mineral resource, future planned
drilling on the Con Mine Option area 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 ma y 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 assu rance 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 caution ary 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.