VANCOUVER, BC / ACCESSWIRE / December 6, 2023 / Gold Terra Resource Corp. (TSX-V:YGT)(Frankfurt:TX0)(OTCQX:YGTFF) ("Gold Terra" or the "Company") is pleased to provide an update on its Option Agreement with Midas Minerals Ltd (ASX: MM1) ("Midas"). The option with Midas includes only Lithium and Rare Earth outside the gold corridor of the Yellowknife Project covering approximately 718 square kilometres. The Yellowknife region is known to host multiple lithium-bearing pegmatites, with associated tantalum minerals relating to multiple fertile stocks emanating from the Prosperous Granite Complex.
In the Option Agreement, Midas can earn first a 51% interest over 3 years by paying C$ 1.2 million, issuing 2.2 million shares of Midas (done summer 2023) and spending a minimum of C$ 5 million, subject to a 1.5% Gross Revenue Royalty (GRR). Midas can up its interest to 80% by spending another C$ 5 million over the next 2 years and Gold Terra has a carry interest of 20% up to a positive bankable feasibility study. Refer to the March 31, 2023 press release for full details.
Chairman and CEO, Gerald Panneton, commented, "The Lithium and RRE potential of our large Yellowknife land position has always been known to exist. Our agreement with Midas Minerals gives us excellent exposure to the potential for a critical minerals discovery at no cost to Gold Terra until a positive bankable feasibility study is completed. Midas has already fulfilled its 2023 commitment and spent over $350,000 in successfully evaluating the critical minerals potential in the Quyta belt area with sampling assays up to 4.65% Lithium. Well done Midas crew!"
More than 100 LCT pegmatites are known in the region, including historic references to lithium and tantalum occurrences within the YLP tenure. Midas has completed their first season of exploration at the Yellowknife Lithium Project ("YLP") in Northwest Territories, Canada. Results of the summer/ fall exploration are shown in Figure 1. (See also Midas Minerals Nov 20, 2023 press release.)
Highlights
- From May to late August 2023, Midas collected a total of 567 rock chip samples in broad-spaced regional sampling programs over approximately 300 square kilometres,
- Ten spodumene-bearing pegmatites confirmed to date returning maximum grades of up to 4.65% Li2O (refer to Midas ASX release dated 2 August 2023),
- Midas has successfully defined fertile pegmatite swarms with combined 58 kilometres of strike and an area of 70 square kilometres,
- Midas will undertake more detailed mapping in its 2024 field season to locate and define additional spodumene-bearing pegmatites within the fractionated pegmatite swarms located to date and prioritize targets for potential drill testing.
Listen to an Update by Gold Terra at the Emerging Growth Conference on Dec 6
Gold Terra is pleased to announce that it has been invited to present at the Emerging Growth Conference on Dec 6th, 2023, at 2:55pm - 3:05pm EST.
Chairman and CEO, Gerald Panneton will present an update on the Gold Terra's current deep drilling program below the existing Con Mine underground workings. Drilling has confirmed the extension of the high-grade Campbell Shear which remains open for over 2 kilometres in strike and at depth below the existing Robertson shaft (-1900 metres).
If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available on EmergingGrowth.com and on the Emerging Growth YouTube Channel, http://www.YouTube.com/EmergingGrowthConference after the event. Please submit your questions for Mr. Panneton in advance to [email protected] or ask your questions during the event.
Please register at the Emerging Growth Conference link to ensure you are able to attend the conference and receive any updates that are released.
Qualified Persons
Joe Campbell, P. Geo., Senior Technical Advisor for Gold Terra is a Qualified Person within the meaning of NI 43-101 and has reviewed and approved the technical information contained in this news release.
About Gold Terra
The Yellowknife Project (YP) encompasses 918 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 kilometres of the City of Yellowknife, the YP is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power, and skilled tradespeople. Gold Terra is currently focusing its drilling on the prolific Campbell Shear, where 14 Moz of gold has been produced, and most recently on the Con Mine Option (CMO) property claims immediately south of the past producing Con Mine which produced 6.1 Moz between the Con, Rycon, and Campbell shear structures (1938-2003).
The YP and CMO properties lie on the prolific Yellowknife greenstone belt, covering nearly 70 kilometres of strike length along the main mineralized shear system that hosts 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:
Gerald Panneton, Chairman & CEO
[email protected]
Mara Strazdins, Investor Relations
Phone: 1-778-897-1590 | 604-689-1749 ext 102
[email protected]
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 current drilling on the Campbell Shear, potentially adding ounces to the Company's current YCG mineral resource, 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.
SOURCE: Gold Terra Resource Corp