Gold Terra Resource (TSX.V: YGT, FSE: TX0, WKN: A2P0BS) has successfully intersected 60 metres of gold-bearing Campbell shear in the Old Con Mine area with hole GTCM23-055. The shear was reached at a drill depth of 2,075 metres and the hole was drilled to a total depth of 2,135 metres.
Gold Terra Resources designed the hole to test for gold mineralisation below the underground workings of the abandoned Con Mine on the Con Mine Option (CMO) property. This property can be acquired by a subsidiary of Newmont Corporation if certain conditions are met. They were set out in the relevant option agreement in autumn 2021.
Within the 60 metre Campbell Shear (CS) intercept, approximately 30 metres within the footwall of the structure exhibits a strong shear structure, sericite alteration, pronounced quartz veining and typical 1 to 5% sulphide mineralisation including pyrite, pyrrhotite and traces of sphalerite, stibnite and arsenopyrite. A mineralised laminated quartz vein intersected at 2,116 metres depth contains fine flecks of visible gold. Samples from this zone have been sent for laboratory analysis. However, their results are still pending.
Visible gold over a length of 50 centimetres
The drill hole initially intersected massive mafic volcanic flows between 1,500 and 2,075 metres. From 2,075 metres the Campbell shear structure begins. It extends to a depth of 2,135 metres. The area between 2,093 and 2,105 metres contains shales and small sections of quartz and carbonate veins with local sulphide mineralisation and sericite alteration.
Between 2,105 and 2,135 metres, the shale is well developed and 30 to 50 per cent interbedded with quartz veins. They range from 15 to 50 centimetres wide and have sulphide mineralisation (2-5 per cent) throughout. Visible gold was encountered in the drill core at 2,116.5 metres depth when a 50 centimetre quartz vein was intersected. In the final part of the hole between 2,135 metres and the end of the hole at 2,228 metres, massive volcanics mixed with sediments are again more prominent.
Gerald Panneton, the chairman and CEO, said he was very pleased with the drilling. He said, “It is a great technical success that we have found a 30 metre intercept with prominent quartz veins and sulphide mineralisation as well as visible gold. When comparing our intercept with historic intercepts in the nearest underground holes, such as historic hole 7940, we see great similarities with the current intercept some 250 metres above. This is indicative of the continuation of gold mineralisation within the shear layer below the former Con Mine, which produced 5.1 million ounces of gold at an average grade of 16 g/t. We will now add further intersections from our origin hole in a radius of 50 to 100 metres laterally and eventually up-dip from our successful first intersection.”
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