May 19, 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 the remaining six drill holes from Sam Otto (Link to plan view) on its 100% wholly-owned Yellowknife City Gold (“YCG”) project in the Northwest Territories. This concludes the winter drilling program at Sam Otto with 34 holes totaling 9,622 metres.
Highlights include:
- 1.30 g/t Au over 50.6m, including 3.02 g/t Au over 9.0m (TSO20-083)
- 1.18 g/t Au over 51.65m, including 2.07 g/t over 11.05m and 2.03 g/t over 13.5m (TSO20-081)
The three holes drilled at Sam Otto Main covered a strike length of 300 metres (100m spacing) and all intersected wide zones of gold mineralization, with two of the holes having the widest greater than 1 g/t gold intersections ever drilled at Sam Otto to date (Link to cross-sections). In addition, these holes were drilled below the current pit constrained inferred resource (based on a US$1,300 gold price) and therefore remains open at depth. The mineralized system is also open along strike to the north as only two shallow holes were drilled (TSO17-021 and 025) and both intersected 10 to 20 metre zones of greater than 1 g/t. The other three holes drilled in the ‘connector’ zone (area between Sam Otto Main and Sam Otto South) did not intersect any significant gold mineralization.
With the assistance of Vrify, the Company has posted on its website a model with cross-sections depicting the results of the 2020 winter drilling program at Sam Otto, which extends for a strike length of 4.5 kilometres. The Vrify deck can be accessed directly (click here) or visit the Projects section of the Gold Terra website (click here).
President and CEO David Suda stated: “Overall, the drilling campaign at Sam Otto was successful in expanding the footprint of the gold mineralized system and indicating the potential to add to the current inferred mineral resource estimate dated November 4, 2019. With the first part of our 2020 drilling program completed, we will now move our sights to further resource expansion with a drilling program on the Crestaurum high-grade deposit as soon as conditions permit.”
Technical Appendix:
This news release reports the assay results from 6 drill holes totaling 1,925 metres from which 1,320 core samples were assayed. Assay results range from non-detectable gold to a highest assay of 15.05 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.
Sam Otto Main & Connector - DDH Intersections (Sections 4850N to 3550N)
| Section 4850N | |||||||||
| Drill Hole | Dip | Azimuth | UTM Location | From (m) |
To (m) |
Interval (m) |
Au g/t |
||
| Easting | Northing | ||||||||
| TSO20-081 | -55 | 270 | 639949 | 6944849 | 200.95 | 252.60 | 51.65 | 1.18 | |
| incl | 200.95 | 212.00 | 11.05 | 2.07 | |||||
| incl | 218.50 | 232.00 | 13.50 | 2.03 | |||||
| 258.00 | 260.15 | 2.15 | 0.75 | ||||||
| Section 4750N | |||||||||
| TSO20-082 | -46 | 270 | 639955 | 6943400 | 152.20 | 154.20 | 2.00 | 2.11 | |
| 173.50 | 204.00 | 30.50 | 0.57 | ||||||
| incl. | 179.50 | 182.50 | 3.00 | 1.58 | |||||
| incl. | 198.85 | 202.00 | 3.15 | 1.70 | |||||
| 227.40 | 230.90 | 3.50 | 0.62 | ||||||
| 254.93 | 258.04 | 3.11 | 1.63 | ||||||
| 290.50 | 295.50 | 5.00 | 0.68 | ||||||
| Section 4650N | |||||||||
| TSO20-083 | -48 | 270 | 639960 | 6944650 | 247.90 | 256.50 | 8.60 | 0.50 | |
| 269.90 | 320.50 | 50.60 | 1.30 | ||||||
| incl. | 294.00 | 303.00 | 9.00 | 3.02 | |||||
| Section 3950N | |||||||||
| TSO20-084 | -45 | 270 | 639904 | 6943952 | No significant intersections | ||||
| Section 3800N | |||||||||
| TSO20-085 | -45 | 270 | 639895 | 6943801 | No significant intersections | ||||
| Section 3550N | |||||||||
| TSO20-080 | -52 | 270 | 639823 | 6943571 | No significant intersections | ||||
About the Yellowknife City Gold Project
The YCG project encompasses approximately 790 square kilometres 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
dsuda@Goldterracorp.com
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.
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 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.
