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

Gold Terra Resource Corp. March 15 announced that recent drilling tapped strong gold mineralization in a prospective area between the Yellorex zone and the historic Con gold mine near the Northwest Territories capital city of Yellowknife.

During a program that wrapped up in December, Gold Terra completed 12,687 meters of drilling in 26 holes targeting a 3,000-meter section of the Campbell Shear extending south from the former Con Mine, which produced roughly 5.1 million ounces of gold before being closed in 2003.

Late in 2020, Gold Terra optioned the Con Mine property from Newmont Canada FN Holdings ULC and Miramar Northern Mining Ltd. – both wholly-owned subsidiaries of Newmont Corp. – which adds to the exploration company's already enormous properties immediately north, south, and east of Yellowknife.

In November, Newmont granted Gold Terra the option to acquire Miramar Northern Mining Ltd., which will provide the company full ownership of all the assets, mineral leases, Crown mineral claims, and surface rights at and adjacent to the Con Mine.

Under the agreement, Gold Terra must complete C$8 million of exploration over four years, complete a prefeasibility study based on at least 1.5 million oz of gold in resources, and make a final cash payment to Newmont of C$8 million.

The TSX Venture Exchange recently accepted Gold Terra's filing of the option to acquire Miramar.

Toward the building of a resource to support the PFS for the Con Mine property, Gold Terra reported the results from four holes drilled last year.

The most intriguing results came in hole GTCM22-029, which was collared immediately west of the Con Shear, a secondary structure from which about 1 million oz of gold was produced from ore averaging 19.5 grams per metric ton gold.

Hole GTCM22-029 cut 4.55 meters averaging 3.61 g/t gold from a depth of only 37 meters.

Gold Terra says intersecting the Con Shear close to surface in this area has the potential to define more ounces in the hanging wall of the Campbell Shear and is advantageous for its plans to complete roughly 40,000 meters of drilling this year focused primarily on building a resource on the Con property.

Gold Terra Resource Corp.

Visible gold cut a depth of 20.3 meters in the second hole drilled this year along a high-grade trend in the Mispickel area of Gold Terra Resource's Northbelt property.

"We are well-financed for our 2022 drill program and with four drills turning, our objective is to add high-grade ounces in 2022 to the current 1.2-million-oz inferred resources," said Gold Terra Resource Chairman and CEO Gerald Panneton.

Gold Terra's current Yellowknife City Gold Project resource – 1.8 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 – is found on the large Northbelt claim block immediately north of the NWT capital.

In addition to the drilling being carried out on the Con Mine property, the company has two drills carrying out a 4,000-meter program targeting the new high-grade MP-Ryan zone about 200 meters north of the main Mispickel area on the Northbelt claims.

Panneton says the first eight holes from this drilling has encountered visible gold. Assays are pending.

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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