The excitement is now palpably rising! Gold Terra Resource (TSXV YGT / Frankfurt TX0) has drilled a several thousand meter deep hole on its Con Mine Option property, from which it is attempting to intersect the high-grade gold mineralization of the so-called Campbell Shear (CS) with multiple branch holes. In the past, 5.1 million ounces with an average of 16 g/t gold were produced from this structure on the Con Mine. And the very first so-called “wedge hole” seems to have been successful!
As Gold Terra reports, drill hole GTCM25-056A intersected the Campbell Shear zone between 2,665 and 2,707 meters drill depth (vertical depth of 2,560 meters below surface) before the hole was terminated at 2,837 meters in volcanic rock! The best mineralized section, identified by visual inspection, was between 2,689.30 and 2,707 meters hole depth. Samples have already been taken and sent to the laboratory for analysis, so results are expected in the coming weeks!
Source: Gold Terra Resource
Exploration Model Confirmed!
As Gold Terra’s Chairman and CEO, Gerald Panneton, explained, it is extremely promising that the CSE was discovered about 600 meters below the historical, still existing Robertson shaft. This, Mr. Panneton continued, confirms the company’s model, which indicated a high probability that the Campbell Shear continues at depth in the dip of the historical deposit, from which 5.1 million ounces of gold at 16 g/t gold per ton were mined in the past. On average, about 1 million ounces of gold were extracted per 200 meters of vertical depth at that time!
Gold Terra is now continuing its drilling program with another lateral branch hole (GTCM25-056B), 100 meters to the north at the same target depth. Overall, this is the goal of the branch drilling program: the discovery of high-grade gold mineralization of the CSE on the Con Mine property and below the historical underground workings of the Con Mine.
This is intended to significantly expand the company’s first mineral resource estimate for the Con Mine property from September 2022 (109,000 ounces of gold in the indicated category and 432,000 ounces of gold in the inferred category at a depth of up to 400 meters below surface) along a 2-kilometer corridor of the Campbell Shear.
Newmont Confirms That Gold Terra Has Met Its Exploration Obligations
Gold Terra has received an option from Newmont (WKN 853823), the world’s largest gold company, to secure 100% of the Con Mine property by meeting certain conditions. This included exploration work worth at least CAD 8 million on the property. And as Gold Terra Resource reports, they have now received written confirmation from Newmont that this condition has been met!
Conclusion: Gold Terra Resources seems to be on the right track in the hunt for further high-grade gold mineralization below the historical underground workings of the Con Mine – 5.1 million ounces at 16 g/t gold! Apparently, the Campbell Shear zone was encountered over a significant mineralized section, and according to the company, the visible mineralization appears promising. This news alone led to the stock soaring by more than 8% on Friday under above-average trading volume. If the drilling actually proves high-grade gold mineralization over a significant interval, the company is likely to receive even stronger attention in the current gold environment. We are excited!
