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Gold Terra strikes gold at Newmont Option

Mining Explorers 2021 - January 27, 2022

With a resource calculated in March 2020, Gold Terra Resource Corp. moved roughly 472,000 ounces closer to its goal of unlocking the multimillion-ounce gold potential of its 800-square-kilometer (309 square miles) 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.

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 the company's several properties that cover a roughly 70-kilometer (43 miles) stretch of the Yellowknife Gold Belt.

Much of Gold Terra'S 2021 drilling at Yellowknife was on a property south of the city of Yellowknife that it optioned from Newmont toward the end of 2020.

This property, known simply as Newmont Option, covers a 3,500-meter-long extension of the Campbell Sheer, which is the source of roughly 5.1 million oz of the gold recovered at the Con Mine in Yellowknife.

Starting late in 2020, 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 g/t gold and 4.4 meters of 10.85 g/t gold in hole GTCR20-103; five meters of 9 g/t gold in GTCR20-104; and 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 was the primary target of a 10,000-meter second phase of Newmont Option drilling that got underway in July.

Early assay results from this second phase of Yellorex drilling continued to show the potential of the southern extension of the Campbell Shear to further Gold Terra's multimillion-ounce goal.

Highlights from assay results received through August include 17.86 meters averaging 5.22 g/t gold in hole GTCM21-014; 3.43 meters averaging 3.55 g/t gold in GTCM21-015; and 8.35 meters averaging 5.07 g/t gold in GTCM21-016.

"Our drilling results continue to confirm and extend the potential of the Yellorex zone to add to our current resource of 1.2 million inferred ounces," Gold Terra Resource President and CEO David Suda said in October.

In November, Newmont and Miramar granted Gold Terra the option to earn full ownership of the Con Mine property, which allows the junior to fully explore the entire Campbell Shear structure from the Con Mine south.

"The additional land package along the Campbell Shear, and all the surface access assets and associated infrastructure will allow Gold Terra to accelerate its exploration strategy with the aim of adding a target of 2 million oz of high-grade resources base to sustain the development of the project in the future," said Gold Terra Executive Chairman Gerald Panneton.

Newmont also agreed to make a C$1.5 million strategic investment in Gold Terra.

Author Bio

Shane Lasley, Publisher

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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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