Gold Terra returns to Newmont Option
Focused on building gold resource at high-grade Yellorex zone North of 60 Mining News – July 23, 2021
Last updated 7/22/2021 at 4:33pm
Gold Terra Resource Corp. July 20 announced the start of a 10,000-meter second phase of 2021 drilling on the Newmont Option gold project in Northwest Territories.
Located between the Yellowknife and Gold Terra's large land position south of the city, Newmont Option 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.
Following the late 2020 option on this property from Newmont Ventures Ltd. and Miramar Northern Mining Ltd., Gold Terra carried out a 12,000-meter initial phase of drilling to test a 1,200-meter-long stretch of the Campbell Shear running across these claims.
Highlights from this drilling include:
• 4.5 meters averaging 9.6 grams per metric ton gold in hole GTCR20-103.
• 5 meters averaging 9 g/t gold in GTCR20-104.
• 4.4 meters averaging 10.85 g/t gold in GTCM21-003.
• 12.4 meters averaging 5.77 g/t gold in GTCM21-005.
Holes GTCM21-003 and GTCM21-005 were drilled in a zone called Yellorex, which is a primary target of the second phase of drilling at Newmont Option.
"The phase-1 drilling results have given us confidence that we can delineate additional high-grade ounces at Yellorex and expand our current resource of 1.2 million ounces of gold. Our phase-2 drilling program will further test the depth and strike extension of the Yellorex zone and build on our previous successes," said Gold Terra Resource President and CEO David Suda.
Gold Terra will earn an initial 30% interest in Newmont Option upon 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.
According to a calculation completed in March, Gold Terra's Yellowknife City Gold Project hosts 1.21 million ounces of gold in 21.8 million metric tons of open-pittable inferred resource averaging 1.25 g/t (876,000 oz) gold; and 2.55 million metric tons of underground inferred resource averaging 4.04 g/t (331,000 oz) gold.
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