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

Gold Terra Resource Corp. March 23 reported that it cut 4.35 meters averaging 10.85 grams per metric ton gold in its third hole drilled on the property it recently optioned from Newmont Ventures Ltd. and Miramar Northern Mining Ltd.

Located between Yellowknife, Northwest Territories and Gold Terra's large land position south of the city, the Newmont Option property covers a roughly 3,500-meter section of the Campbell Shear, which is the source of nearly 6 million ounces of the gold recovered at the Con Mine between 1946 and 2005

A 12,000-meter drill program currently being carried out by Gold Terra is testing a 1,200-meter section of the Campbell Shear immediately south of Con Mine.

The third hole of this program, GTCM21-003, cut 4.35 meters averaging 10.85 g/t gold within the 80-meter-wide Campbell Shear structure at a historical deposit known as Yellorex. Gold Terra says this high-grade gold-bearing zone consists of smoky quartz veins with pyrite, arsenopyrite and stibnite within a wider sericite altered schist that averages 3.32 g/t gold over 16.5 meters. Several other zones were also intersected in the same hole including three meters of 3.37 g/t gold starting at a drill depth of 177 meters.

The first two holes of the program, drilled about 500 meters southwest of Yellorex, encountered anomalous gold in the Campbell Shear. GTCM21-001 cut 1.2 meters averaging 2.35 g/t gold and GTCM21-002 cut 0.6 meters averaging 1.4 g/t gold.

Gold Terra Resource Corp.

"We are very pleased to have intersected gold mineralization in the Campbell Shear in our first three holes and with the third hole intersecting nice high-grade mineralization," said Gold Terra Resources President and CEO David Suda. "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 kilometers south of the Con Mine and we have only started to test the area immediately south of the former Con Mine."

Gold Terra has the option to earn an initial 30% interest in Newmont Option by investing at least C$3 million in exploration. In a second earn-in phase, the exploration company can increase its interest to 60% by funding and completing a prefeasibility study outlining a mineral resource containing at least 750,000 oz of gold on the Newmont Option property, and at least 1.5 million oz of gold on the combined Newmont property and Gold Terra's claims in the immediate area.

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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