Gold Terra Intersects 10.85 g/t of gold over 4.35 metres in the Campbell Shear structure on the Newmont Option, Yellowknife City Gold Project, Northwest Territories

Gold Terra Resource Corp. is pleased to announce assays for the first three holes drilled of the company’s 12,000 metre drilling program at the company’s optioned property from Newmont Ventures Limited and Miramar Northern Mining Limited (the “Newmont Option”) adjacent to its Yellowknife City Gold Project (“YCG”), NWT. The Phase 1 drilling program is testing over 1.2 kilometres of the immediate southern extension of the Campbell Shear, which produced approximately five of the six million ounces of gold produced at the former Con Mine (1938-2002).

President and CEO David Suda stated, “We are very pleased to have intersected gold mineralization in the Campbell Shear in our first three holes and with the third hole intersecting high-grade mineralization. The Newmont Option continues to be our highest priority target area where we believe there is the potential to add high-grade quality ounces to our recently updated resource estimate of 1,207,000 Inferred Ounces. The Campbell Shear structure extends over a minimum of 20 kilometres south of the Con Mine and we have only started to test the area immediately south of the former Con Mine.”

Drilling Highlights

The company has completed the first three holes of the current winter 2021 drilling program totaling 1,714 metres. The first two holes (GTCM21-001 and 002) were drilled south of the Yellorex deposit and the third hole (GTCM21-003) was drilled on the Yellorex portion of the Campbell Shear. The hole locations are shown on Figures 1 and 2.

  • Hole GTCM21-003 intersected 10.85 g/t Au over 4.35 metres including 25.4 g/t Au over 1.55 metres within the 80m-wide Campbell Shear structure at Yellorex deposit. This high-grade gold-bearing zone consists of smoky quartz veins with pyrite, arsenopyrite and stibnite within a wider sericite altered schist that is mineralized over 16.5m grading 3.32 g/t Au, with abundant quartz-ankerite boudinaged veins. Several other zones were also intersected in the same hole including 3.37 g/t Au over 3.00 metres at 177 metres down the hole (see Table 1).
  • Holes GTCM21-001 intersected 2.35 g/t Au over 1.10 metres and GTCM21-002 intersected 1.4g/t Au over 0.60 metres. The holes were drilled 135 metres apart and about 500 metres southwest of the Yellorex deposit. Both holes successfully intersected the Campbell Shear structure which was slightly narrower in these two holes: 63 metres wide in GTCM21-001 and 70 metres wide in hole GTCM21-002, consisting mostly of chlorite-calcite schist with minor sericite-ankertie schist zones where most of the pyrite mineralization occurs.

President and CEO David Suda stated, “We are very pleased to have intersected gold mineralization in the Campbell Shear in our first three holes and with the third hole intersecting high-grade mineralization. The Newmont Option continues to be our highest priority target area where we believe there is the potential to add high-grade quality ounces to our recently updated resource estimate of 1,207,000 Inferred Ounces. The Campbell Shear structure extends over a minimum of 20 kilometres south of the Con Mine and we have only started to test the area immediately south of the former Con Mine.”

To read further drilling highlights, click here.

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March 24, 2021

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