Terra X is seeing visible gold in core samples collected together with the Giant Mine Remediation Project and Geological Survey of the NWT.
The company behind the Yellowknife City Gold Project was able to use 16,000 metres of core samples from when Giant Mine was operational. CEO David Suda estimates this saves around $4-million in drilling costs, at an average cost of $250 per metre.
“It gives our geologists and our shareholders access to 16,000 metres of drill core which would normally be the equivalent of a full season of drilling for us. The value to us and to our shareholders is incredible.”
The gold seen in the samples is significant for the company whose ultimate goal is to sell the area to a major gold mining operation. The core samples come from three of four areas Suda says have been identified as high priority targets for further exploration.
“It not just core that sits anywhere on our property, it happens to fall on portions of our property that are very relevant to us.”
Terra X is now planning to assay the core samples, which involves sending samples to an independent lab where the rock is tested to find an average grade.
Eventually this will paint a picture of how big the gold deposits are below the surface of the project. Communications manager Samuel Vella adds Terra X is planning a significant drill program this summer.
Terra X has been working on the 783 square kilometre Yellowknife City Gold Project since 2013. The project is 10 kilometres from the city on the Yellowknife Greenstone Belt, a geological zone which housed both Con Mine and Giant Mine.