The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Hole offers important geo insights for future drill targeting North of 60 Mining News – April 8, 2022
Crews carry out winter drilling at the Yellorex zone on Gold Terra's Con Mine property just south of Yellowknife, NWT.
Gold Terra Resource Corp. April 6 reported that a hole drilled for metallurgical testing in support of a resource estimate cut 26.5 meters averaging 9.05 grams per metric ton gold in the Yellorex zone on the Con Mine property recently optioned from subsidiaries of Newmont Corp.
"The latest drilling on the Yellorex zone was completed in preparation for our updated mineral resource estimate by year-end as the core from Hole 30 will be used for metallurgical testing," said Gold Terra Resource Chairman and CEO Gerald Panneton.
Late in 2020, Gold Terra optioned the Con Mine property from Newmont Canada FN Holdings ULC and Miramar Northern Mining Ltd. – both wholly-owned subsidiaries of Newmont Corp. – which adds to the exploration company's already enormous properties immediately north, south, and east of Yellowknife.
In November, Newmont granted Gold Terra the option to acquire Miramar Northern Mining Ltd., which will provide the company full ownership of all the assets, mineral leases, Crown mineral claims, and surface rights at and adjacent to the Con Mine.
Under the agreement, Gold Terra must complete C$8 million of exploration over four years, complete a prefeasibility study based on at least 1.5 million oz of gold in resources, and make a final cash payment of C$8 million to Newmont.
During 2021, Gold Terra completed 26 holes totaling 12,687 meters over a strike length of 3,000 meters immediately south of the former Con Mine, which includes the Yellorex zone.
Highlights from the 2021 drilling at Yellorex include:
• 16.5 meters averaging 3.32 g/t gold in hole CTCM21-003.
• 12.35 meters averaging 5.77 g/t gold in hole CTCM21-005.
• 17.9 meters averaging 5.22 g/t gold in hole CTCM21-014.
• 5.44 meters averaging 19.74 g/t gold in hole CTCM21-022.
The 26.5 meters of 9.05 g/t gold at Yellorex cut earlier this year was encountered in hole GTCM22-030, which was drilled as an off-angle hole oblique to the strike of the Campbell Shear to confirm the interpreted geometry of the Yellorex deposit's strike and plunge.
Gold Terra reports that three high-grade lenses of smoky quartz veins with arsenopyrite and pyrite with minor sphalerite and stibnite were intersected in the hole. The sericite alteration halo surrounding the high-grade lenses is intensive and extends for 250 meters along the hole. The company says this recognition of an extensive alteration halo signature around a high-grade mineralized zone is significant for the future exploration of the Campbell Shear, allowing it to test the shear at a larger spacing using the signature alteration halo as a tool to vector into high-grade lenses such as Yellorex.
Assays were also received for two other holes, GTCM22-027 and GTCM22-028, that tested the Yellorex deposit at depth. While these holes cut narrow gold intercepts – one meter of 2.43 g/t gold in GTCM22-027 and 1.4 meters of 6.21 g/t gold in GTCM22-028 – Gold Terra says the alteration halo intersected indicates that they missed the main high-grade plunge of Yellorex.
The 40,000-meter drill program Gold Terra has slated for 2022 is focused on expanding the roughly 1.2-million-oz resource it has outlined so far at its Yellowknife City Gold Project.
"Our updated mineral resource estimate is expected to add ounces from the Yellorex zone," said Panneton.
Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.
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