GoldTerra's Resource in Yellowknife City Project increased by 64 percent
Gold Terra Resource Corp. has updated its mineral resource estimate on its Yellowknife City Gold project (the YCG Project).
This updated mineral resource estimate includes the Sam Otto, Crestaurum, Barney and Mispickel gold deposits previously reported in the initial November 2019 mineral resource estimate prepared in accordance with NI 43-101 and includes assay results from the 2020 drill program on the Sam Otto (9,622 metres) and Crestaurum (7,648 metres) deposits.
The 2021 inferred mineral resource estimate illustrates the growing value of the Yellowknife camp and has opened-up several exploration opportunities to increase mineral resources on the Northbelt property. The Yellowknife camp was developed along the Campbell Shear, the main structure in the belt and host to the largest gold plumbing system of the area on which both the Giant (8 million ounces produced) and Con Mines (6.1 million ounces produced) were developed. Similar to most Archean gold camps in Canada and in the world, numerous gold deposits within the YCG Project may re-establish Yellowknife as a premier mining camp in close proximity to the City of Yellowknife where all the infrastructure is already in place, making the development of these deposits much easier.
The current 1,207,000 ounce inferred mineral resource consists of an:
- Open pit constrained inferred mineral resource of 21.8 million tonnes averaging 1.25 gpt for 876,000 ounces of contained gold, and an
- Underground inferred mineral resource of 2.55 million tonnes averaging 4.04 gpt for 331,000 ounces of contained gold.
This is a 64% increase for inferred mineral resources. The previous mineral resource estimate was conducted in November 2019, and the Inferred resource estimate of 735,000 ounces consisted of:
- Open pit constrained Inferred resource of 11.6 million tonnes averaging 1.4 gpt for 523,000 ounces of contained gold
- An underground Inferred resource of 1.2 million tonnes averaging 5.7 gpt for 212,000 ounces of contained gold
According to GoldTerra, the 2021 updated mineral resources and its upside potential include:
- The untested depth extension on both the Sam Otto Main and the Sam Otto South deposits - Both Sam Otto deposits are open to the North and at depth and the company plans to follow up with a drill program at depth below the current deposit outline or below the 250 metre vertical depth.
- Selective closer spaced drilling at the Crestaurum deposit can potentially increase mineral resources below the 300 metre depth
- In addition, 2020 drilling on the Crestaurum deposit revealed an untested three-kilometre strike length of this gold bearing structure to the south of the current resource, possibly extending to the Ranney Hill high-grade showings on surface and effectively tripling the strike length of this gold bearing structure.
- A review of the structural controls on the Mispickel and Barney deposits during the 2021 mineral resource estimation revealed potential for increasing these higher grade zones both along the plunge of the known high-grade zones, and for discovery of new high-grade lodes over a potential three-kilometre mineralized structure at Mispickel.
In the past 12 months, GoldTerra has accomplished the following milestones:
- In July, 2020 Gold Terra completed raising $7.13 million in financing from the sale of common shares
- In August 2020, Gold Terra announced the commencement of a 10,000-meter drilling program testing high-grade gold targets at its Yellowknife City Gold project.
- In September, 2020, Gold Terra announced that it entered an agreement to earn up to 60 percent of Newmont’s holdings next to the former Con mine. According to Gold Terra, it could earn an initial 30% of certain claims and leases next to the former Con mine by spending C$3 million on exploration over three years. Gold Terra and Newmont would then form a joint venture, and Gold Terra could earn a further 30% by completing a prefeasibility study, outlining a 750,000-ounce gold resource on the property, and a combined 1.5 million ounces on both the property and its claims in the area.
- In October, 2020, Gold Terra reported assay results of the first four holes drilled at Crestaurum deposit on Yellowknife City Gold (YCG) project. The results indicate strong possibility of proximity to higher grade gold mineralization, which could be tested by closer spaced drilling. Based on this, Gold Terra started a Phase 2 drilling program of 1,665 metres.
- Between December, 2020 and January 2021, Gold Terra reported assay results of 11 drill holes (4,101 metres), and assays for 9 additional holes (1,062 metres).
- In January, 2021, Gold Terra announced the restart of drilling as they received an amended Land Use Permit that allows drilling on the property of Newmont Ventures Limited and Miramar Northern Mining Limited.
- In Jan 2021, Gold Terra intersected 9.03 gpt over 5 metres at its High Grade Crestaurum Deposit. The Crestaurum gold deposit is an advanced exploration target located within the same large mineralized system suite as the past producing Con and Giant mines which have produced a total of 14 million ounces of gold
References
- https://goldterracorp.com/news/gold-terra-announces-significant-increase-of-64-f-2475/
- https://goldterracorp.com/news/terrax-announces-first-mineral-resource-estimate-for-yellowknife-city-gold-project-735-000-inferred-ounces/
- https://goldterracorp.com/news/2020/