Gold Terra Resource Corp (TSX-V:YGT, OTCQX:YGTFF) announced that drilling at its Con Mine Option (CMO) project in the Northwest Territories has extended the gold-bearing Campbell Shear.
The CMO project is under option from subsidiaries of Newmont Corporation and is 100% acquirable by Gold Terra upon its achievement of certain conditions.
Gold Terra said drill hole GTCM23-055 intersected more than 60 metres (m) of the Campbell Shear from a downhole depth of 2,075m to 2,135m.
About 30m of the intersection within the footfall was observed to have strong shear fabric, sericite alteration, and prominent quartz veining, and typical 1% to 5% sulphide mineralization including pyrite, pyrrhotite, and traces of sphalerite, stibnite and arsenopyrite, the company said.
A mineralized laminated quartz vein at 2,116m contains fine specks of visible gold, it added.
Samples from the zone have been submitted for a lab analysis with results pending.
"We are excited to have achieved our 1st objective on the extension of the high-grade gold bearing Campbell Shear in hole GTCM23-055, some 200 metres below the existing Con Mine underground workings,” Gold Terra CEO Gerald Panneton said in a statement.
“It is a major technical success to delineate a 30-metre intersection of prominent quartz veining and sulphide mineralization as well as the presence of visible gold.”
He said the company will now be stepping up from its master/parent hole to add more intersections within a radius of 50m to 100m laterally and eventually up-dip from its first intersection.
Shares of Gold Terra were higher on the news, up 6% at US$0.05 in pre-market trade on Wednesday.
Gold Terra is a junior gold exploration company that has assembled a highly prospective district-scale land position on the doorstep of the City of Yellowknife in the Northwest Territories, Canada.
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