Just Over Half of the Planned Drilling Depth Has Been Reached

In early February, Gold Terra Resource (TSX.V: YGT, FSE: TX0, WKN: A2P0BS) began advancing the deep drill hole GTCM24-056 into a new target zone. It is located below the bottom of the historic Con Mine, which produced 5.1 million ounces of gold from ore with an average gold grade of 16 g/t during its active period. With this drilling, the company aims to confirm its thesis that the gold-rich Campbell Shear continues below the historic mine.

The company has taken another step closer to this goal, as it not only successfully intersected the known shear structure below the historic mine but also managed to identify new gold mineralization. It was encountered in the hanging granite wall of the Con Shear at several borehole depths (478.30 to 546 meters and at 748 meters) and contains gold occurrences of up to 13.9 g/t over a length of 60 centimeters.

The Con Shear deposit is located about one kilometer west in the hanging wall of the main Campbell Shear target and is situated on the Con Mine Option property, which Gold Terra Resource is exploring under the existing option agreement and can acquire 100%.

Just Over Half of the Planned Drilling Depth Has Been Reached

The GTCM24-056 borehole has been drilled to a length of about 1,481 meters so far and is progressing well towards the Campbell Shear target. Currently, Gold Terra Resource expects the Campbell Shear target to be reached at a depth of approximately 2,700 meters. The GTCM24-056 borehole has intersected the Con Shear so far over a length of 1366-1405 meters.

The Con Shear intersection is primarily characterized by intense silicification of mafic volcanic and intermediate intrusive rock. A large quartz vein is present along the contact between intrusive and mafic volcanic rock, and numerous white to smoky gray quartz veins with pyrite mineralization were encountered within the highly silicified and sheared zone. While shearing in this section is sporadic, it is strong when present.

Despite Historical Production, This Part of the Deposit Has Barely Been Explored

Gerald Panneton, Chairman and CEO of Gold Terra Resource, stated that the GTCM24-056 borehole is on track to intersect the main target, the Campbell Shear: “The Con Shear intersection and the gold-bearing quartz veins in the granite further up in GTCM24-056 confirm the untested gold occurrences in this hanging wall area. The little-explored Campbell Shear and subordinate shear zones like the Con Shear highlight the great potential to find multiple gold deposits in gold camps similar to Timmins, Red Lake, Cadillac/Larder Lake, and Val d’Or.” It is these similarities to the highly productive and high-grade gold camps that are prompting Gold Terra Resource to explore this extremely interesting area.

With the ongoing deep drilling program this year, Gold Terra Resource aims to expand the initial mineral resource estimate from September 2022 of 109,000 ounces of gold in the indicated category and a further 432,000 ounces of gold in the inferred category between the surface and up to a depth of 400 meters below the surface along a two-kilometer corridor of the Campbell Shear.