Star Metro - Gold Terra Announces Drill Targets Near Surface Along the Campbell Shear South of the Con Mine, Yellowknife, NWT

Under the Con Mine Option (CMO) agreement, the Company has the right to acquire 100% of the CMO property from a subsidiary of Newmont Corporation ("Newmont"), subject to the fulfillment of certain conditions set out in the agreement, as reported in the Company's news release dated November 22, 2021. Gold Terra's option on the CMO with Newmont is until November 21, 2027.

Chairman and CEO, Gerald Panneton, commented, "We are finalizing our near surface drilling targets along the Campbell Shear, and we will focus our drilling program along the CS south of the Con Mine. We recently completed our valuation of near-surface targets in the area where we have outlined the potential for more resources within the area of our 2022 MRE at a possible average grade of 6 g/t using a lower cut-off grade (COG). With the price of gold reaching over US $4000, it opens the area to add ounces between Yellorex main and for at least 2 kilometres of strike length. Gold Terra's 100% land tenure covers more than 70 kilometres of strike length of the Campbell Shear in a past-producing high-grade gold belt in Canada."

The Yellorex Trend drilling targets are shown in Figure 1 below and include:

• Yellorex Main Zone (YRX) - Holes already drilled on 30-50 metre spacing in 2021-2022 account for more than 65% of the 2022 MRE calculated by Gold Terra

• Yellorex North (YRX-N) was drilled in 2023, and was not included in the Company's 2022 MRE (Refer to Oct. 21, 2022 Technical Report)

• C17 and the 3100' level-part of the Campbell Shear south of the main mine workings, drilled historically from the 2300' and 3100' levels with some historic untested assays reported in the Campbell Shear as shown in Figure 1 below and including:

  • CON-C1707: 4.79 g/t Au over 8.08m¹

  • CON-C1708: 3.20 g/t Au over 7.62m¹

  • C17 area is an area that requires drilling on a 50-metre spacing between surface and 600 metres vertical.

⁽¹⁾ Drill intersections quoted in this news release are from historical holes and are provided as support for exploration potential. The company has not verified the assay results which were prepared before the company entered into an agreement to acquire an interest in the property.

The Company's October 2022 MRE was based on a 3.50 g/t cutoff, (Refer to Oct. 21, 2022 Technical Report).The CMO Deposit MRE has been estimated at a range of cut-off grades and are presented in Table 14-11 in the Oct. 21, 2022 Technical Report, to demonstrate the sensitivity of the resource to cut-off grades. Values in this table are reported above and below the base case cut-off grade of 3.5 g/t Au and a gold price of US$ 1750 per ounce of gold. It may be possible to use a lower COG, such as 2.5 g/t for underground mining at current gold price, and the Company believes this potential will be tested in the planned exploration drilling at Yellorex and Yellorex North, and in-fill drilling to raise the confidence level of a future resource estimate.

Table 14-11 CMO Property Deposit Mineral Resource at Various Gold Cut-off Grades

A long section showing the 2025-2026 drill target areas is shown in Figure 2 below:

Note 1 - October 2022 Mineral Resource Estimate:

Indicated and Inferred resources (MRE October 2022 - see Gold Terra's Oct. 21, 2022 Technical Report) near surface and south of the Con Mine are shown in the table below:

1. The classification of the current Mineral Resource Estimate into Indicated and Inferred is consistent with current 2014 CIM Definition Standards - For Mineral Resources and Mineral Reserves.

2. Additional drilling will be required to upgrade/verify the resource estimates.

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.

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 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 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 Regarding Historic Resource Estimates and Newmont Corporation's Involvement

The historic reserve/resource estimates referenced in this press release, which were compiled during the operation and closure of the Con Mine by Newmont's predecessor company (2003), are provided for historic context only. These estimates do not reflect Newmont's current resource base. Gold Terra is solely responsible for the exploration and verification of these resources, and any updated estimates will need to comply with current industry standards. Newmont Corporation is not responsible for Gold Terra's exploration activities, nor for any resource updates or future developments related to the CMO property.

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

T. MacDonald--SMC