Gold Terra Resources Chairman and CEO Gerald Panneton joined Steve Darling from Proactive to share news the company has provided an update on drilling activities at the Con Mine Property in the Northwest Territories. The primary focus is on drill hole GTCM23-055, which has intersected the upper section of the high-grade gold-bearing Campbell Shear. Drill hole GTCM23-055 successfully intersected the upper portion of the Campbell Shear, a well-known gold-bearing geological feature.
This intersection occurred at a downhole depth of 2,080 meters from the surface. The primary objective was to test for gold mineralization within this shear zone. Gold Terra Resources is continuing its drilling operations, with the drill bit currently progressing through the Campbell Shear. This geological feature is typically about 150 meters in width, and within it, there are mineralized zones that vary in width from 3 to 20 meters. The ongoing drilling campaign aims to further explore and understand the mineralization within this shear. The Con Mine Property is under an option agreement with subsidiaries of Newmont Corporation. The terms of the agreement allow Gold Terra Resources to acquire the property upon fulfilling certain conditions.
The Con Mine Property has a rich mining history and is known for its significant gold resources. The primary objective of Gold Terra Resources' 2023 drilling program is to expand upon the initial Mineral Resource Estimate made in September 2022. This estimate identified 109,000 ounces of gold in the Indicated category and 432,000 ounces of gold in the Inferred category, all located between the surface and a depth of 400 meters below the surface.