North of 60 Mining News - The mining newspaper for Alaska and Canada's North

Gold Terra Resource Corp. Aug. 17 announced the start of a 10,000-meter drill program testing high-grade gold targets on its Yellowknife City Gold project in Northwest Territories.

This drilling will start with roughly 3,700 meters of drilling in seven holes targeting depth extension of Crestaurum, a deposit that hosts 127,000 metric tons of open-pittable inferred resource averaging 9.41 g/t (59,000 oz) gold; and 723,000 metric tons of underground inferred resource averaging 6.56 g/t (153,000 oz) gold.

This first phase of drilling aims to trace the high-grade gold mineralization from a depth of roughly 200 meters, the lower end of the current resource, to 400 meters. A second phase of drilling is being considered to trace the Crestaurum deposit to a depth of 600 meters.

The company also plans to test for southwest extension of Crestaurum beyond the Daigle Lake fault, which is believed to offset mineralization.

Additional drilling planned will target the Campbell Shear, a regional structure that extends from the historic Con and Giant mines, which produced more than 14 million oz of gold, northward onto Gold Terra's property.

In July, Gold Terra closed a C$7.1 million financing, which provides the company a strong treasury to carry out its planned exploration across its 790,000-square-kilometer land package around Yellowknife.

"The company is well-funded and we are very excited to start drilling on the Crestaurum high-grade gold deposit, which has considerable potential for expansion along strike and at depth," said Gold Terra Resource President and CEO David Suda. "Following Crestaurum, our drilling activities will focus on testing multiple new high-grade targets along the prolific Campbell Shear structure."

The company also received an C$86,000 grant from Northwest Territories' Mineral Incentive Program for exploration work on the Yellowknife City project. The proposed work program associated with this grant is expected to total C$240,000 and will primarily involve ground-based induced polarization geophysical surveys to cover the northern extension of the Campbell Shear zone onto the Yellowknife City Gold property.

Author Bio

Shane Lasley, Publisher

Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.

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