Gold Terra Resource Corp (TSX-V:YGT, OTCQX:YGTFF) has updated investors on the deep drilling directional program in the Campbell Shear (CS) below the Con Mine underground workings on its Con Mine Option (CMO) Property in the Northwest Territories.
The program is aimed at extending high-grade gold mineralization at the CMO Property, which is under option from Newmont Corporation subsidiaries and is 100% acquirable if conditions set out in a 2021 agreement are met.
Since its previous Mineral Resource Estimate, the company highlighted the completion in 2023 of a 5,769-meter drilling program designed to expand the Campbell Shear gold structure near surface at the Yellorex zones south of the existing Con Mine workings.
The first deep drill hole, 2,228 meters from surface, intersected the CS structure with an impressive high-grade intersection of 12.7 grams per tonne (g/t) gold over 1.7 meters. The company said the confirmation of the extension of the high-grade CS structure at depth opens up the high-grade Campbell Shear zone in all directions.
It plans to resume the deep drilling program targeting the CS at depth on January 8, 2024. The next hole will be a lateral wedge from the Master hole, GTCM23-055, targeting the CS some 75 meters north of the initial high-grade gold intersection.
The company also announced its Board of Directors has approved the grant of stock options to directors, officers, employees, and consultants to buy up to 1,200,000 treasury shares at $0.10 per share over 5 years.
In addition, it has granted 200,000 stock options to marketing and corporation development consultant Henry Weingarten as compensation for strategic planning advice, marketing and business timing recommendations commencing January 1, 2024, and continuing on a month-to-month basis.
Gold Terra Resource controls one of the six major high-grade gold camps in Canada with its Yellowknife Project (YP) and Con Mine Option (CMO) property, which lie on the prolific Yellowknife greenstone belt in the Northwest Territories.