Gold Terra expands Yellowknife resource
2020 drilling adds 472,000 to previously established deposits North of 60 Mining News – March 19, 2021
Last updated 3/25/2021 at 4:02pm
Gold Terra Resource Corp. March 16 reported that the 2020 drill program added roughly 472,000 ounces of gold to the resource at its Yellowknife City Gold project in Northwest Territories.
According to the new calculation, Yellowknife hosts 1.21 million ounces of gold in 21.8 million metric tons of open-pittable inferred resource averaging 1.25 grams per metric ton (876,000 oz) gold; and 2.55 million metric tons of underground inferred resource averaging 4.04 g/t (331,000 oz) gold.
This expanded resource is the result of 17,270 meters of drilling carried out at Sam Otto and Crestaurum, two of four deposits that host the resources, last year.
Gold Terra says the 2021 inferred mineral resource estimate illustrates the growing value of the Yellowknife camp and has opened-up several exploration opportunities to increase mineral resources at Northbelt, one of several properties that make up the company's roughly 800-square-kilometer (309 square miles) Yellowknife project.
Northbelt lies immediately north of Giant and Con, historic mines near the city of Yellowknife that produced a combined 14.2 million oz of gold.
Relogging and sampling of core from historical drilling has confirmed that Campbell Shear, the main structure in the belt and host to the largest gold plumbing system that fed Giant and Con, extends at least 4,000 meters north onto the Northbelt property.
Overall, this large shear zone has been traced for 20 kilometers (12.5 miles) from Northbelt south through Con Mine and onto a property that Gold Terra is exploring in partnership with Newmont Gold Corp.
"Currently, our focus is drilling the unexplored potential of the Campbell Shear structure which produced more than five million ounces of high-grade gold at the Con Mine, said Gold Terra Resource President and CEO David Suda. "The Campbell Shear drilling, which commenced in late 2020, has the potential to demonstrate that our district scale YCG project may host multiple deposits."
The company says the identification of numerous gold deposits across the district-scale property may re-establish Yellowknife as a premier mining camp.
Following the closing of a C$2.88 million financing in early March, Gold Terra doubled its planned 2021 drill program to 20,000 meters.