President and CEO David Suda stated, “Phase 1 drilling with a 200-metre spacing has been a success confirming the Campbell Shear gold-bearing structure. The continuity of mineralization, low-grade and high-grade, is identified by several gold-bearing zones that require follow-up drilling as they have the same signature as gold-bearing zones in the Con Mine. Phase 2 follow-up drilling will begin this July focusing on closer-spaced drill targets on our best Phase 1 drill results and will comprise a 10,000-metre drilling program. The 2-kilometre stretch remains open at depth and along strike.”
To learn more about the Phase 1 drilling results and Phase 2 targets, please join us for an Investor Webinar hosted by Kerry Lutz and Gold Terra management David Suda and Gerald Panneton on Monday June 14, 2021, 11:00 AM - 12:00 PM EDT. Register to attend this live Investor Summit at:
A live question and answer session will follow the presentation.
Gold Zones Identified
The Phase 1 drilling results continue to confirm the strike continuity of gold mineralization for over two kilometres in the Campbell Shear structure from which the former Con Mine produced 5 million ounces of gold. Three main gold zones have been identified:
- Yellorex - GTCM21-003 and GTCM21-005 returned 85 g/t Au over 4.35 metres (see March 23, 2021 press release) and 14.09 g/t Au over 4.65 metres (see April 6 2021 press release) respectively. This Yellorex zone is open at depth.
- Mineralized zone located about 1.2 km south of Yellorex - Drilling intersected a secondary lens spatially associated with the Kam Point North deposit as outlined by holes GTCM21-007, GTCM21-011 and GTCM21-012.
- A large alteration zone with gold anomalies located about half-way between the Yellorex and Kam Point zones and about 750 metres south of Yellorex. Holes GTCM21-006, GTCM21-010 and GTCM21-013 intersected this new alteration zones which was not previously identified by historic work.
Results for the last two holes GTCM21-012 and GTCM21-013 totaling 862.96 metres are as follows and shown in Figure 2:
- Hole GTCM21-012 intersected 10 g/t Au over 4.95 metres within the Campbell Shear structure. This gold-bearing zone is in continuity with the gold zones intersected by holes GTCM21-007 (1.14 g/t Au over 11.05 metres; see April 27, 2021 press release) and GTCM21-011 (1.32 g/t Au over 9.20 metres; see May 18, 2021 press release). It consists of a strong and pervasive sericite alteration with smoky quartz veinlets, pyrite and local arsenopyrite stringers. The Campbell Shear intersected by hole GTCM21-012 is 135 meters wide.
- Hole GTCM21-013 intersected 71 g/t Au over 4.40 metres and 2.94 g/t Au over 0.80 metres within the Campbell Shear structure. The intensity of the shear intersected by this hole is not uniform and consists of moderate to strong shears alternating with some less deformed to undeformed zones. The entire Campbell Shear structure is 209 metres wide including three wide 39 metres of undeformed zones. Results indicate that GTCM21-013 has intersected a low-grade alteration halo which usually surrounds high-grade mineralized lens.
The mineralization in holes GTCM21-012 and GTCM21-013 consists of zones with smoky quartz veinlets rich in arsenopyrite needles and stringers within a strongly sericitized alteration envelop. Mineralization in GTCM21-012 is hosted in mafic volcanic rock and gabbro, similar to the host rock within the Con Mine. Mineralization is within greywacke in hole GTCM21-013, demonstrating a new host gold within the Campbell Shear. These holes continue to demonstrate the continuity of mineralization.
This news release reports the assay results from the last two (2) drill holes totaling 862.96 metres from which 368 core samples were assayed. Assays results range from non-detectable gold to a highest assay of 4.80 g/t Au. The best intersections are listed in Table 1. The Company inserts certified 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 (ALS) preparation laboratory 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 80 to 90 percent true thickness.
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.
The YCG lies on the prolific Yellowknife greenstone belt, covering nearly 70 kilometres 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.
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"). 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 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 Option potentially adding high grade ounces to the Company’s current YCG mineral resource, future planned drilling on the Newmont 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 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.