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 deep drill hole GTCM24-056 to a new target zone. It lies below the floor 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 life. The Company’s objective with this drilling is to confirm its thesis that the gold-rich Campbell Shear continues below the historic mine.
The company has come another step closer to this goal, as not only has the known shear structure below the historic mine been successfully intersected, but Gold Terra Resource has also succeeded in identifying new gold mineralisation. It was encountered in the hanging granite wall of the Con Shear at several drill hole depths (478.30 to 546 metres and at 748 metres) and contains gold occurrences of up to 13.9 g/t over a length of 60 centimetres.
The Con Shear deposit is located approximately one kilometre to the west in the hanging wall of the main Campbell Shear target and thus lies on the Con Mine Option property, which is being explored by Gold Terra Resource under the existing option agreement and can be acquired 100%.
Just over half of the planned drilling depth has been reached
Drill hole GTCM24-056 has been drilled over a length of approximately 1,481 metres and is progressing well towards the Campbell shear target. Gold Terra Resource currently expects to reach the Campbell shear target at a depth of approximately 2,700 metres. Drill hole GTCM24-056 has intersected the Con Shear over a length of 1366-1405 metres to date.
The Con Shear intersection is primarily characterised by intense silicification of mafic volcanic and intermediate intrusive rocks. A large quartz vein is present along the contact between intrusive and mafic volcanic rocks and numerous white to smoky grey quartz veins with pyrite mineralisation were encountered within the strongly silicified and sheared zone. Shearing is sporadic in this section, but when it is present, it is strong.
Despite historical production, this part of the deposit has hardly been investigated to date
Gerald Panneton, Chairman and CEO of Gold Terra Resource, stated that drill hole GTCM24-056 is well on its way to intersecting the main target, the Campbell Shear: “The Con Shear intersection and the gold-bearing quartz veins in the granite higher up in GTCM24-056 confirm the untested gold occurrences in this hanging wall area. The underexplored Campbell Shear and subordinate shear zones such as the Con Shear highlight the great potential to find multiple gold deposits in gold camps such as Timmins, Red Lake, Cadillac/Larder Lake and Val d’Or.” It is these similarities to the highly prolific and high-grade gold camps that are prompting Gold Terra Resource to explore this very interesting area.
With the deep drilling programme underway this year, Gold Terra Resource aims to expand the initial September 2022 mineral resource estimate of 109,000 ounces of gold in the indicated category and a further 432,000 ounces of gold in the inferred category between surface and to a depth of 400 metres below surface along a two kilometre long corridor of the Campbell Shear.
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