Gold Terra Resource Corp. (TSXV:YGT) has announced the details of its Phase 2 deep drilling program targeting the Campbell Shear on the Con Mine Option Property. The company aims to continue its exploration efforts using the recently completed master hole GTCM24-056, drilled to a depth of 3,002 meters.
Chairman and CEO, Gerald Panneton, commented in a press release: “We have successfully completed hole GTCM24-056 to a depth of 3,002 metres with no damage to the master hole. Our strategy remains unchanged to branch off the master hole with wedges to reach the CS with shorter holes than from surface. The wedge holes will open a large under-explored area down plunge from the prolific CS that is 600 metres to 800 metres below the existing infrastructure and will eventually add high grade ounces to our next MRE (Mineral Resource Estimate). The completion of this deep master hole GTCM24-056 to 3,000 metres was a great achievement of our team and of the Foraco team of drilling operators.
The drilling strategy involves branching off from the master hole with numerous wedges to evaluate the Campbell Shear between 600 and 700 meters below the current Robertson shaft depth. This method provides significant advantages over drilling from the surface. The objective is to test for high-grade gold in the Campbell Shear, which historically produced 5.1 million ounces of gold at 16 g/t, according to the October 2022 Technical Report.
The Con Mine Option Property, which is under an option agreement with a Newmont Corporation subsidiary, can be fully acquired by Gold Terra upon meeting certain conditions. The target area for this phase lies downdip from the previously mined deposit, between elevations of -1900 and -2600 meters.
Phase 2 includes an initial plan to drill 5 to 7 wedge holes, totaling an estimated 3,000 meters. The first wedge will start at a depth of 2000-2100 meters, targeting the Campbell Shear at 2700 meters, 800 meters below the Robertson shaft. As drilling progresses up-dip, subsequent wedges will be positioned higher.
Hole GTCM24-056 has already intersected notable geological features, including pillowed volcanic rocks with strain zones and quartz-carbonate veining below 2,924 meters. Previously, this hole identified new gold mineralization up to 13.90 g/t Au over 0.60 meters in the granite hanging wall of the Con Shear and intersected the Con Shear at a depth of 1,366-1,405 meters, yielding anomalous gold assays.
The intersection of a granite body from 264 meters to 1,365 meters, containing various quartz veins with pyrite, arsenopyrite, stibnite, sphalerite, and visible gold, marked the deepest intersection of the Con Shear. This discovery suggests the potential for expanding the Con Shear to supplement the Campbell Shear.
The initial deep hole, GTCM23-055, demonstrated the Campbell Shear’s potential by intersecting 12.63 g/t Au over 1.7 meters approximately 150 meters below the Con Mine workings. This 2024 deep drilling program aims to build on the September 2022 Mineral Resource Estimate, which identified 109,000 Indicated ounces and 432,000 Inferred ounces of contained gold between surface and 400 meters depth along a 2-kilometer corridor of the Campbell Shear.
Gold Terra’s Yellowknife Project spans 918 square kilometers around Yellowknife, Northwest Territories. This area includes significant infrastructure such as roads, air transportation, hydro-electric power, and skilled labor. Gold Terra’s exploration efforts focus on the Campbell Shear, with approximately 14 million ounces of historical gold production, and the Con Mine Option Property, which produced 6.1 million ounces between the Con, Rycon, and Campbell shear structures from 1938 to 2003.
The project lies on the Yellowknife greenstone belt, covering nearly 70 kilometers along the main mineralized shear system that hosted the high-grade Con and Giant gold mines. Gold Terra’s ongoing exploration programs have identified substantial gold zones and multiple targets, supporting the company’s goal of re-establishing Yellowknife as a leading gold mining district in Canada.
Highlights from the results are as follows:
Deep in the hole, areas of deformation indicating a possible proximity to the CS were seen in the core, however these are areas which need to be evaluated. An area of increased deformation was seen in the core from 2782-2824 metres containing quartz veining, intermittent fabric development, and blocky texture as follows:
2782 metres: start of minor quartz-ankerite veining
2787-2798 metres: epidote breccia zone
2793-2799 metres: weak shear with minor QV; po-py-carb
2799 metres: minor bull QV with chlorite inclusions; fabric sub-// to CA; mx to weak fabric
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.
I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I’ve contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.
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