Gold Terra Resource Corp. (TSXV:YGT) has reported details on the progress of deep drilling operations at the Con Mine. The focus of the reported results includes drill hole GTCM24-056, initiated in early February, aiming at the Campbell Shear below the Con Mine workings, which historically produced over 5.1 million ounces of gold at an average grade of 16 grams per tonne. Notably, the drilling intersected the Con Shear, a secondary shear structure with historical production figures of 1 million ounces at 20 grams per tonne gold, between depths of 1366 and 1405 meters, as outlined in the company’s October 21, 2022, technical report.

Chairman and CEO, Gerald Panneton, commented in a press release: “Hole GTCM24-056 is now progressing well on its way to intersecting our prime target, the Campbell Shear, which produced 5.1 million ounces of gold at an average grade of 16 g/t. The Con shear intersection and the gold bearing quartz veining in the granite higher up in GTCM24-056 confirm the untested endowment of gold in this hanging wall area. 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.”

This particular hole uncovered new gold mineralization with concentrations up to 13.90 grams per tonne over a 0.60-meter section within the granite host rock of the Con Shear at multiple depths ranging from 478.30 meters to 546 meters and again at 748 meters. The exploration took place on the Con Mine Option Property (CMO), located about one kilometer west of the primary Campbell Shear target. As per the conditions outlined in the property option agreement with Newmont Corporation, Gold Terra has an option to fully acquire the CMO Property.

The intersection with the Con Shear featured intense silicification of mafic volcanic and intermediate intrusive rocks, with a substantial quartz vein present at the contact zone. The sheared zones exhibited a mix of white to smoky grey quartz veins filled with pyrite, with shearing noted as intermittent but notably strong where present.

Gold Terra’s exploration drilling began in volcanic rocks before reaching a granitic intrusive from 261 meters down to 1340 meters. This zone is believed to represent a mineralized stock adjacent to the historical Con Mine gold systems, a feature common in the Yellowknife Greenstone Belt. The granitic zone showed varied quartz vein densities with associated siliceous alteration and scattered mineral occurrences including pyrite, arsenopyrite, sphalerite, galena, pyrrhotite, and tourmaline.

Assays from this granitic host have reported significant gold values from the intervals between 478 and 546 meters, with further samples currently being analyzed to ensure comprehensive evaluation. As the drill continues to deeper levels, results up to a downhole depth of 875 meters have been processed, while deeper samples remain pending.

This drilling effort is part of a larger 2024 campaign aiming to expand upon the initial Mineral Resource Estimate (MRE) reported in September 2022, which accounted for 109,000 ounces of indicated gold and 432,000 ounces of inferred gold up to 400 meters below the surface along a two-kilometer stretch of the Campbell Shear. This MRE is detailed in the October 2022 technical report available on Gold Terra’s website and SEDAR.

The report also mentioned the Yellowknife Lithium Project (YLP), noting that exploration activities in 2023 led to the identification of several spodumene-bearing pegmatites with lithium grades reaching up to 4.2% Li2O. However, Midas Minerals Ltd (ASX:MM1) has decided to withdraw from the corresponding option agreement with Gold Terra.

Highlights from the results are as follows: