Gold Terra has updated the inferred resource amount of gold in its deposits, with far more than previous estimates said.
Updated assessments have found there’s 64 per cent more gold than previously estimated, with 1.2 million ounces found. The original predictions dated back to an assessment done in November 2019.
The new findings include four deposits just north of Yellowknife.
“With a 1.2 million ounce inferred mineral resource, the mineralized system is open for further expansion in most directions,” President and CEO David Suda said in a statement.
“Currently, our focus is drilling the unexplored potential of the Campbell Shear structure which produced more than five million ounces of high-grade gold at the Con Mine.”
The drilling, which commenced in late 2020, could show the project has multiple gold deposits.
The deposit is located 20 kilometres north of Yellowknife and is on 800 square kilometres of contiguous land surrounding Yellowknife.
The classification of the mineral resource estimate was completed in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards.
Gold Terra has been drilling for a number of years, looking to explore the gold potential in the land surrounding Yellowknife.
Project geologist Ryan Bachynski says mining the gold isn’t within the scope for Gold Terra. He added the company is focused on exploration.
Formerly known as TerraX Minerals, Gold Terra started exploration in 2013 on 37 square kilometres of property.
Back in July, the company announced it had signed a financing deal worth $7.13-million, money set to go towards exploration in Yellowknife. On March 4, the company announced they had received a further $2.88 million in funding.
“This financing allows us to double our current drilling program to over 20,000 meters from the original 10,000 meters on the Campbell Shear zone,” Susa said in a statement. “Securing this funding puts Gold Terra in the desirable position of being able to deliver results to the market well into 2021. The Campbell Shear structure extends over a minimum of 20 kilometres south of the Con Mine and we have only started to drill a small portion of it.”
Correction: A previous version of this story referred to the Gold Terra project as a mine. It is an exploration project, with no mining work happening.