Gold Terra Resource Corp (TSX-V:YGT, OTCQX:YGTFF) said that a drill hole has intersected new gold mineralization at its Con Mine operation.
The company's deep drilling initiative, targeting the Campbell Shear below the Con Mine workings, has yielded promising results, with the intersection of the Con Shear from 1,366-1,405 meters, Gold Terra said in a statement.
This secondary shear structure is known for past production of 1 million at 20 g/t gold, the company added.
Furthermore, the hole revealed new gold mineralization up to 13.90 g/t Au over 0.60 meters in the hanging wall granite host of the Con Shear at multiple downhole depths.
Gerald Panneton, CEO of Gold Terra, highlighted the significance of the Con shear intersection and the gold-bearing quartz veining in the granite host.
“The under-explored Campbell Shear and subsidiary shear zones such as the Con shear illustrate the large potential to find multiple gold deposits in gold camps such as Timmins, Red Lake, Cadillac/Larder Lake and Val d'Or, and as in these most prolific and highest-grade gold camps, that component is what attracted Gold Terra to explore this highly potential area,” Panneton said in a statement.
The Company's deep drilling program aims to expand the Mineral Resource Estimate (MRE) along a two-kilometer corridor of the Campbell Shear, following the success of the initial MRE announced in September 2022.
In addition to the progress at the Con Mine Option Property (CMO), Gold Terra provided updates on its Yellowknife Lithium Project. The company said that Midas Minerals has withdrawn from the option agreement. However, exploration efforts in 2023 yielded promising results, with the discovery of multiple spodumene-bearing pegmatites and delineation of prospective zones with high lithium concentrations.