Gold Terra Provides Update on Drilling Program at the Con Mine Option Property, NWT, and Grants Stock Options
1 / 4
Gold Terra Provides Update on Drilling Program at the Con Mine Option Property, NWT,
and Grants Stock Options
Vancouver, BC –Jan. 4, 2024 – Gold Terra Resource Corp. (TSX -V: YGT; Frankfurt: TX0; OTCQX: YGTFF)
(“Gold Terra” or the “Company”) is pleased to provide an update on its deep drilling directional program
designed to establish the extension of high -grade gold mineralization in the Campbell Shear (CS) below
the Con Mine underground workings on the Con Mine Option (CMO) Property. The CMO Property is
under option from subsidiaries of Newmont Corporation and is 100% acquirable by the Company upon
fulfillment of certain conditions set ou t in the CMO Property agreement, as reported in the Company's
news release dated November 22, 2021.
2023 Highlights post last Mineral Resource Estimate (see September 7, 2022 news release)
• Completion of 5,769 metre drilling program to expand the Campbell Shear gold structure (CS)
near surface at the Yellorex zones south of the existing Con Mine underground workings.
• The first deep drill hole GTCM23-055 completed in October (2,228 metres from surface )
intersected the CS some 200 metres below the Robertson shaft (-1900 metres) with an excellent
high-grade intersection of 12.70 g/t Au over 1.7 metres (see November 15, 2023 press release).
The confirmation of the extension of the high -grade CS structure at depth opens up the high -
grade Campbell Shear zone in all directions.
The Company controls + 70km of the CS structure north and south of the Con Mine option where it holds
100% of the district potential outlined in the last mineral resource update of September 2022 ( see
September 7, 2022 press release) with multiple high-grade satellite zones that could potentially contribute
to a larger mill operation.
The deep drilling program targeting the CS at depth is expected to resume the week of January 8th 2024,
with Foraco drilling company. The next hole is a lateral wedge from GTCM23-055, the Master hole ,
targeting the CS some 75 metres north of the first high-grade gold intersection.
Grant of Stock Options
The Company announces that the Board of Directors has approved a grant of stock options under the
Company's Stock Option Plan to its directors, officers, employees, and consultants to purchase up to an
aggregate of 1,200,000 treasury shares at $0.10.
The options are exercisable at a price of $0.10 per share for a period of 5 years and are subject to the
policies of the TSX Venture Exchange and the Company's Stock Option Plan which includes a vesting
period beginning six months after issue for 25% of the options, and 25% every six months following.
The Company has also granted 200,000 stock options to Henry Weingarten as compensation for
strategic planning advice, marketing and business timing recommendations as a Marketing & Corporate
Development Consultant commencing January 1, 2024, and continuing on a month-to-month basis.
2 / 4
Qualified Person
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 focusin g 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 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.
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.
3 / 4
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", w hich 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 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
4 / 4
Company, the Company does not intend, and does not assume any obligation, to update this forward -
looking information.