Phase 2 drilling is set to begin in July at Gold Terra’s Yellowknife City Gold Project, after positive results during phase 1.
Phase 2 will involve 10,000 metre of drilling to narrow down on certain deposits found during phase 1 of drilling.
Updated assessments, released in March, 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 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.
The Gold Capital of North America could soon return to its mining roots, with the owners of Mon Mine also looking to restart operations. There aren’t currently any active mines in the territory that mine gold — Diavik, Ekati and Gahcho Kué all mine diamonds.