Resource Expansion Appears Realistic
At a depth of 2,080 meters, the drills of Gold Terra Resource (TSX.V: YGT, FSE: TX0, WKN: A2P0BS) intersected the upper part of the high-grade gold-bearing Campbell Shear. This mineralization is a gold deposit that runs below the underground facilities of the Con Mine on the Con Mine Option property.
Drilling is now continuing in the Campbell Shear, which typically has a width of 150 meters. It contains mineralized zones with a width of three to 20 meters. The Con Mine Option property belongs to a subsidiary of Newmont and can be acquired by Gold Terra Resource if certain conditions are met, as specified in the earn-in agreement concluded in November 2021.
Gerald Panneton, the Chairman and CEO of Gold Terra Resource, expressed great satisfaction with the recent drilling success. He emphasized that Gold Terra shareholders have been waiting a long time for this moment. “The presence of alteration and veining in the core at the beginning of the Campbell Shear intersection in drill hole GTCM23-055 confirms the potential to delineate additional ounces below the former Con Mine. Once this drill hole is completed about 50 to 100 meters beyond the Campbell Shear, additional wedge drilling will allow us to further evaluate the Campbell Shear structure.”
The Resource Expansion Targeted by Gold Terra Resource Is Realistic
Drill hole GTCM23-055 is intended to intersect the downward extension of the productive Campbell Shear zone at depth below the Con Mine, which operated from 1938 to 2003. It produced 5.1 million ounces of gold at an average grade of 16 g/t. The drill core from hole GTCM23-055 shows classic narrow, calcite-dominated veins within chloritic alteration and the introduction of quartz-ankerite veins, which typically mark the beginning of the structure in the drill core.
The focus of this year’s drilling program is on expanding the initial mineral resource estimate from September 2022. In it, Gold Terra Resource was able to delineate 109,000 ounces of gold in the indicated category and 432,000 ounces of gold in the inferred category. The mineralization was localized beneath a two-kilometer-long corridor of the Campbell Shear in the area between the surface and a depth of 400 meters.
