VANCOUVER, BC - Gold Terra Resource Corp. (TSXV: YGT) (Frankfurt: TX0) (OTCQB: YGTFF) ('Gold Terra' or the 'Company') is pleased to announce assay results from the first seven (7) holes of the 2026 Winter Drill Program targeting the Yellorex zone immediately south of the past producing Campbell Shear (CS), historic Con Mine (1938-2003).
The current drilling program aims at confirming some historical holes to expand Gold Terra's near surface 2022 Mineral Resource Estimate (MRE) on the Con Mine Option property.
Under the Con Mine Option (CMO) purchase agreement, the Company has the right to acquire 100% of the CMO property from a subsidiary of Newmont Corporation ('Newmont'), subject to the fulfillment of certain conditions set out in the agreement, as reported in the Company's news release dated November 22, 2021. Gold Terra's option on the CMO with Newmont is until November 21, 2027.
Chairman and CEO, Gerald Panneton, commented, 'With Gold Terra's last MRE completed in 2022 based on a US$ 1750 gold price, our winter drill program of 10,000 metres in the Yellorex area of the Campbell Shear (CS) will be looking to confirm and expand Gold Terra's estimate of the near surface resource from surface to 500 metres below surface on the CMO property. This first batch of drill results confirm the potential continuity of the zone, as Gold Terra requires additional holes to seek more ounces in the indicated category. The Campbell Shear structure is our highest priority target as the Con Mine produced historically more than 5 million ounces of high-grade gold (16 g/t Au).'
About Gold Terra
The Yellowknife Project (YP) encompasses 836 sq. km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, Gold Terra controls one of the six major high-grade gold camps in Canada. Being within 10 kilometres of the City of Yellowknife, the YP is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power, and skilled tradespeople. Gold Terra is currently focusing its drilling on the Campbell Shear, where approximately 14 Moz of gold has been produced, (refer to Gold Terra Oct 21, 2022, Technical Report) and most recently on the CMO property claims immediately south of the past producing Con Mine which produced 6.1 Moz between the Con, Rycon, and Campbell shear structures (1938-2003).
The YP and CMO properties lie on the Yellowknife greenstone belt, covering nearly 70 kilometres of strike length along the main mineralized shear system that hosts the former-producing high-grade Con and Giant gold mines. The Company's exploration programs have successfully identified significant zones of gold mineralization and multiple targets that remain to be tested which reinforces the Company's objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.
Contact:
Gerald Panneton
Email: gpanneton@goldterracorp.com
Mara Strazdins
Tel: 1-778-897-1590
Email: strazdins@goldterracorp.com
Cautionary Note to United States Investors
The Company prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to Mineral Resources in this news release are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended ('CIM Standards'). The U.S. Securities and Exchange Commission (the 'SEC') has adopted amendments effective February 25, 2019 (the 'SEC Modernization Rules') to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934. As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of 'Measured Mineral Resources', 'Indicated Mineral Resources' and 'Inferred Mineral Resources', which are defined in substantially similar terms to the corresponding CIM Standards. In addition, the SEC has amended its definitions of 'Proven Mineral Reserves' and 'Probable Mineral Reserves' to be substantially similar to the corresponding CIM Standards.
U.S. investors are cautioned that while the foregoing terms are 'substantially similar' to corresponding definitions under the CIM Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance any Mineral Resources that the Company may report as 'Measured Mineral Resources', 'Indicated Mineral Resources' and 'Inferred Mineral Resources' under NI 43-101 would be the same had the Company prepared the Mineral Resource estimates under the standards adopted under the SEC Modernization Rules. In accordance with Canadian securities laws, estimates of 'Inferred Mineral Resources' cannot form the basis of feasibility or other economic studies, except in limited circumstances were permitted under NI 43-101.
Cautionary Note Regarding Forward-Looking Information
Certain statements made and information contained in this news release constitute 'forward-looking information' within the meaning of applicable securities legislation ('forward-looking information'). Generally, this forward-looking information can, but not always, be identified by use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or statements that certain actions, events, conditions or results 'will', 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved' or the negative connotations thereof.
All statements other than statements of historical fact may be forward-looking information. Forward-looking information is necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. In particular, this news release contains forward-looking information regarding the current drilling on the Campbell Shear, potentially adding ounces to the Company's current YCG mineral resource, and the Company's objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.
There can be no assurance that such statements will prove to be accurate, as the Company's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the 'Risk Factors' section in the Company's most recent MD&A and annual information form available under the Company's profile at www.sedar.com.
Although the Company has attempted to identify important factors that would cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The forward-looking information contained in this news release is based on information available to the Company as of the date of this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All of the forward-looking information contained in this news release is qualified by these cautionary statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof. Except as required under applicable securities legislation and regulations applicable to the Company, the Company does not intend, and does not assume any obligation, to update this forward-looking information.
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