May 11, 2020, Vancouver, B.C. – Gold Terra Resource Corp. (TSX-V: YGT; Frankfurt: TX0; OTC Pink: TRXXF) (“Gold Terra” or the “Company”) is pleased to announce the results of 10 drill holes from Sam Otto South (Link to map) on its 100% wholly-owned Yellowknife City Gold (“YCG”) project in the Northwest Territories. To date, Gold Terra has released the assay results of 28 holes from its 36 holes winter drilling program totaling 10,989 metres.
This drilling targeted the northern part of Sam Otto South. All 10 holes intersected gold mineralization, indicating the potential to add to the current inferred mineral resource estimate dated November 4, 2019 (the “2019 Mineral Resource Estimate”).
- 1.03 g/t Au over 23m, including 1.30 g/t Au over 12m (TSO20-077)
- 1.60 g/t Au over 11.75m (TSO20-078)
- 1.18 g/t Au over 11m, including 1.94 g/t Au over 6m (TSO20-074)
- 1.05 g/t Au over 9m (TSO20-076)
- 1.09 g/t Au over 7m (TSO20-068)
President and CEO David Suda stated: “Our stated goal prior to this drilling campaign was to establish continuity and potentially increase the current mineral resource. Results to date have demonstrated continued success in expanding the footprint of the Sam Otto South gold mineralized system. For example, very good continuity is shown on Section 3400N with holes TSO20-074 and 077 announced today. We look forward to receiving the assay results from the remaining holes in the untested central zone and Main Zone of Sam Otto.”
The drill holes reported today were following up on holes TSO18-037 (1.92 g/t Au over 11.82m) and TSO19-046 (1.36 g/t Au over 14.00m) at the northern end of Sam Otto South. This drilling completed on approximate 50m centers covers an additional 250m of strike length beyond the news release of April 22, 2020, which together encompass 500m of continuous mineralization to a vertical depth of 200m to 250m (Link to cross sections).
The drilling results reported to date demonstrate good continuity of the gold mineralization at greater than 1 g/t and have expanded the mineralized zone beyond the boundaries of the 2019 Mineral Resource Estimate.
The drilling also intersected an additional zone of mineralization in hole TSO20-075 at a vertical depth of approximately 300m. This hole was drilled deeper due to favorable geology (to the west) and intersected 0.54 g/t Au over 18.26m. This mineralization is currently interpreted to be an offset of the main mineralized zone, which is associated with mafic dykes emplaced along fault zones. This possible interpretation is reinforced by hole TSO20-079 which missed the main mineralized zone and intersected chert horizons that are interpreted as being stratigraphically above the mineralized intermediate tuff host rocks. This possible western offset has been covered by the 2020 IP surveys, which will potentially provide future drilling targets.
This news release reports the assay results from 10 drill holes totaling 2,754m from which 1,410 core samples were assayed. Assay results range from non-detectable gold to a highest assay of 4.17 g/t Au. The Company inserts certified standards and blanks into the sample stream as a check on laboratory Quality Control (QC). Drill core samples are cut by diamond saw at Gold Terra's core facilities in Yellowknife. A halved core sample is left in the core box. The other half core is sampled and transported by Gold Terra personnel in securely sealed bags to ALS (ALS) preparation laboratory in Yellowknife. After sample preparation, samples are shipped to ALS's Vancouver facility for gold analysis. Gold assays of >3 g/t are re-assayed on a 30 g split by fire assay with a gravimetric finish. Samples with visible gold are additionally assayed using a screen metallics method. ALS is a certified and accredited laboratory service. ALS routinely inserts certified gold standards, blanks and pulp duplicates, and results of all QC samples are reported.
Drill holes were drilled at right angles to the zones of mineralization and dip angles of holes were designed to intersect the zones as close to normal as possible. Zones reported here are interpreted to be 85-95 percent of true thickness.
The technical information contained in this news release has been reviewed and approved by Joseph Campbell, Chief Operating Officer, a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About the Yellowknife City Gold Project
The YCG project encompasses 783 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 km of the City of Yellowknife, the YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power and skilled tradespeople.
The YCG lies on the prolific Yellowknife greenstone belt, covering 70 km of strike length along the main mineralized shear system that host 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.
Visit our website at www.goldterracorp.com.
For more information, please contact:
David Suda, President and CEO
Phone: 604-928-3101 I Toll-Free: 1-855-737-2684
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Sam Otto South - DDH Intersections (Sections 3300N to 3500N)
No significant intersections
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 potential to add to the current inferred mineral resource estimate dated November 4, 2019; the western offset potentially providing future drilling targets; 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.