Star Metro - Gold Terra Confirms Campbell Shear Gold Potential to a Vertical Depth of 2580 Metres, Con Mine Option Property, NWT

In addition, higher-grade gold values (7.81 g/t Au over 0.5 metres) were intersected in the footwall of the CS within brecciated pyrite-pyrrhotite quartz veins, identical to the lowest levels of the mine. The CS was initially intersected at depth in hole GTCM23-055, with 12.63 g/t Au over 1.7m (refer to November 15, 2023 news release), 200 metres below the existing historic underground workings

Chairman and CEO, Gerald Panneton, commented, "Hole GTCM25-056A confirms the gold potential of the CS at more than 600 metres below the current depth of the historic Robertson Shaft (-1900 metres). The gold and silver anomalous CS intersection of 23 metres is typical of a pinch section of the usual wider or swelling altered CS. With this technical success and confirmation of the CS potential at depth, we can pause the deep drilling and focus on our targets near surface. As such, there is no need to spend more money from surface, as the CS potential is confirmed."

The objective of the 2025 wedge hole drilling program is to continue testing for high-grade gold in the CS (past production of 5.1 Moz @ 16 g/t), refer to Gold Terra's Oct. 21, 2022 Technical Report) on the Con Mine below the historic Con Mine underground workings. Under the CMO agreement, the Company has the right to acquire 100% of the CMO property from a subsidiary of Newmont Corporation, subject to the fulfillment of certain conditions set out in the agreement, as reported in the Company's news release dated November 22, 2021.

Wedge Hole GTCM24-056A Highlights
The drilling initially intersected a gold anomalous zone between 2680.5 to 2703.5 metres downhole depth in the CS with chlorite dominant alteration with assay results between 0.1 g/t and 0.54 g/t. This intersection is comparable to historical low-grade intersections in the mine that were outside the high-grade shoots but were in general proximity to higher grade zones.

Further down the hole, gold was intersected in the brecciated style veins. From 2,773.38 to 2824.74 metres downhole depth brecciated veins with pyrrhotite (po)-pyrite (py) were intersected, including 7.81 g/t Au over 0.5 metres, and 3.36 g/t over 0.5 metres, as well as multiple narrow veinlets with assays between 0.28 and 0.92 g/t Au over 0.5 to 1.0 metre sample lengths.

Historical drilling in the deepest parts of the Con Mine targeting the CS reported significant changes to the shear character. In shallower levels the shear was dominantly sericite altered with abundant arsenopyrite (aspy) in laminated quartz veined gold shoots. Deeper in the mine the gold shoots were dominantly chlorite altered shears (Figure 2), and the highest-grade quartz veins were brecciated with dominant py-po mineralization and minimal aspy. Hole GTCM-25-056A encountered examples of both these styles.

The narrower 23 metres CS intersection is typical of a pinch/squeeze in the CS that is commonly observed in upper areas of the Con Mine, but which can be proximal within a few tens of meters of the CS carrying high grade gold (see Figure 2 level plan schematic). As such the limited drilling to date is considered highly encouraging within the CS intersection. The footwall brecciated veins, typical of deep high-grade mineralization styles at the Con Mine, again display characteristics indicative of potential proximity to a high-grade shoot. Both these zones are confirmation of the Con Mine structures and the continuation of gold mineralization 600 metres below current mine working.

Figure 1 below is a cross-section showing the master hole GTCM24-056 and wedge hole GTCM25-056A intersecting the CS at 2,686 metres downhole.

Figure 1 - Cross section showing master hole GTCM24-056, the hanging granite wall zone, the Con Shear, and the gold potential window of the CS intersected by wedge hole GTCM25-056A (see also November 15, 2023 news release).

Figure 2 below is a schematic section illustrating the exploration model for locating the discrete high grade gold mineralization within the Campbell Shear. A level plan based on underground development on the Campbell Shear shows the targeted alteration types (chlorite dominant). High-grade lodes have historically been located successfully in the Campbell Shear Structure by drilling proximal to low grade Au drill holes.

Figure 2 - Campbell Shear high-grade lode model

The 2023 to 2025 deep drilling programs have successfully confirmed that the CS continues to a depth of at least 2580 metres vertical below surface and has the potential to be a large gold contributor at depth, and below the Robertson shaft. However, the cost of the deep drilling and directional drilling over the last 2 (two) years does not make economic sense to carry on. A better approach is to do it from underground access in the future. The deep drilling demonstrates that the CS is present at depth and has opened up a much larger area for drilling of approximately one kilometre strike length by 600 metres vertical.

This news release reports the assay results from wedge hole GTCM25-056A from which 82 NQ sized core samples were assayed. Assays results range from non-detectable gold to a highest assay of 7.81 g/t Au. The Company inserts certified standards and blanks into the sample stream as a check on laboratory Quality Control (QC). Drill core samples are cut by diamond saw at Gold Terra's core facilities in Yellowknife. A halved core sample is left in the core box. The other half core is sampled and transported by Gold Terra personnel in securely sealed bags to ALS preparation laboratory ("ALS") in Yellowknife. After sample preparation, samples are shipped to ALS's Vancouver facility for gold analysis. Gold assays of >3 g/t are re-assayed on a 30 g split by fire assay with gravimetric finish. Samples with visible gold are additionally assayed using a screen metallic method. ALS is an independent certified and accredited laboratory service. ALS routinely inserts certified gold standards, blanks and pulp duplicates, and results of all QC samples are reported.

Drill holes were drilled at right angles to the structure hosting the mineralization and dip angles of holes were designed to intersect the zones as close to normal as possible. Zones reported here are interpreted to be approximately 90 percent true thickness.

The technical information contained in this news release has been reviewed and approved by Joseph Campbell, a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects and Senior Technical Advisor for the Company.

Webinar
The company is hosting a webinar on Tuesday May 27 ^th at 4pm EST. Please join us to hear Chairman & CEO Gerald Panneton discuss the Company's exploration strategy for high-grade gold in the Yellowknife Gold Belt.

Please click on the following link to join the webinar: https://www.webcaster4.com/Webcast/Page/3122/52563

Participant Access Code: 390082
Toll Free: 888-506-0062
International: 973-528-0011

Osisko Gold Royalties Ltd Exercise
Osisko Gold Royalties Ltd has completed the exercise of the first tranche of their agreement with Gold Terra, and Gold Terra has received payment of C$2.0 million accordingly.

About Gold Terra
The Yellowknife Project (YP) encompasses 918 sq. km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, Gold Terra controls one of the six major high-grade gold camps in Canada. Being within 10 kilometres of the City of Yellowknife, the YP is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power, and skilled tradespeople. Gold Terra is currently focusing its drilling on the prolific Campbell Shear, where approximately 14 Moz of gold has been produced, (refer to Gold Terra Oct 21, 2022, Technical Report ) and most recently on the CMO property claims immediately south of the past producing Con Mine which produced 6.1 Moz between the Con, Rycon, and Campbell shear structures (1938-2003).

The YP and CMO properties lie on the prolific Yellowknife greenstone belt, covering nearly 70 kilometres of strike length along the main mineralized shear system that hosts the former-producing high-grade Con and Giant gold mines. The Company's exploration programs have successfully identified significant zones of gold mineralization and multiple targets that remain to be tested which reinforces the Company's objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.

Visit our website at www.goldterracorp.com.

For more information, please contact:
Gerald Panneton, Chairman & CEO
[email protected]

Mara Strazdins, Investor Relations
Phone: 1-778-897-1590 | 416-710-0646
[email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Information Concerning Estimates of Mineral Resources
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Therefore, investors are cautioned not to assume that all or any part of an Inferred Mineral Resource could ever be mined economically. It cannot be assumed that all or any part of "Measured Mineral Resources," "Indicated Mineral Resources," or "Inferred Mineral Resources" will ever be upgraded to a higher category. The Mineral Resource estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential development of such mineral resources. Refer to the Technical Report, once filed, for more information with respect to the key assumptions, parameters, methods and risks of determination associated with the foregoing.

Cautionary Note to United States Investors
The Company prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to Mineral Resources in this news release are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended ("CIM Standards"). The U.S. Securities and Exchange Commission (the "SEC") has adopted amendments effective February 25, 2019 (the "SEC Modernization Rules") to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934. As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources", which are defined in substantially similar terms to the corresponding CIM Standards. In addition, the SEC has amended its definitions of "Proven Mineral Reserves" and "Probable Mineral Reserves" to be substantially similar to the corresponding CIM Standards.

U.S. investors are cautioned that while the foregoing terms are "substantially similar" to corresponding definitions under the CIM Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance any Mineral Resources that the Company may report as "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources" under NI 43-101 would be the same had the Company prepared the Mineral Resource estimates under the standards adopted under the SEC Modernization Rules. In accordance with Canadian securities laws, estimates of "Inferred Mineral Resources" cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101.

Cautionary Note Regarding Forward-Looking Information
Certain statements made and information contained in this news release constitute "forward-looking information" within the meaning of applicable securities legislation (" forward-looking information "). Generally, this forward-looking information can, but not always, be identified by use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events, conditions or results "will", "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotations thereof.

All statements other than statements of historical fact may be forward-looking information. Forward-looking information is necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. In particular, this news release contains forward-looking information regarding the current drilling on the Campbell Shear, potentially adding ounces to the Company's current YCG mineral resource, and the Company's objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.

There can be no assurance that such statements will prove to be accurate, as the Company's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors" section in the Company's most recent MD&A and annual information form available under the Company's profile at www.sedar.com.

Although the Company has attempted to identify important factors that would cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The forward-looking information contained in this news release is based on information available to the Company as of the date of this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All of the forward-looking information contained in this news release is qualified by these cautionary statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof. Except as required under applicable securities legislation and regulations applicable to the Company, the Company does not intend, and does not assume any obligation, to update this forward-looking information.

SOURCE: Gold Terra Resource Corp

View the original press release on ACCESS Newswire

J.Campbell--SMC