Gold Terra Resource Corp (TSX-V:YGT, OTCQX:YGTFF) is encouraged by its successful intersection of the Campbell Shear at the Con Mine Option (CMO) project in the Northwest Territories, a target that is a potentially significant gold resource.
Gold Terra CEO Gerald Panneton told Proactive it was “an amazing technical success” to intersect the Campbell Shear below a deposit where five million ounces of gold has already been mined.
The company intersected more than 60 metres of the Campbell Shear, located about 200 metres under the existing underground workings of the Con Mine, from a downhole depth of 2,075 metres to 2,135 metres.
It revealed a 30-metre intersection of prominent quartz veining and sulphide mineralization, while visible gold was also observed.
“It’s only the first cut so the presence of gold is very encouraging,” the CEO said. “Our plan over the next couple of months is to go and do additional cuts.”
Panneton said the target below the mine could potentially host a couple of million ounces of gold.
“Below the mine, the target could be a block that is one kilometre long and 400 metres wide, multiply that and you have a two million ounces target,” he said.
The CMO property is under option from subsidiaries of Newmont Corporation. Gold Terra can acquire 100% of the property upon the fulfilment of certain conditions.
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.
Contact the author at emily.jarvie@proactiveinvestors.com
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