Overview

The Yellowknife City Gold "YCG" project encompasses 800 sq. km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories.

Being within 10 kilometres of the City of Yellowknife, the YCG project is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power and skilled tradespeople.

The district-size property lies on the prolific Yellowknife greenstone belt, covering nearly 70 km of strike length on the southern and northern extensions of the shear system that hosts the Con and Giant gold mines, which have produced over 14 million ounces of gold (Giant mine: 8.1 Moz @ 16.0 g/t Au and Con mine: 6.1 Moz @ 16.1 g/t Au).

In November 2019, Gold Terra released its first NI 43-101 mineral resource of 735,000 ounces gold and with the 2020 drill programs, some assays pending will expand the resource.

November 12, 2020 news release announced a drill program of 12,000 metres on Newmont Option Claims just south of former producing high-grade Con Mine. Drilling up to 19 holes over 1.2 km of strike extension of the Campbell Shear at vertical depths between 250 and 600 metres to extend known gold mineralization.

Gold Terra started exploration activities in 2013 on the initial 37 km² property and have now assembled a highly prospective district-scale land position, which overall has been relatively unexplored. Since acquisition, Gold Terra has carried out geological mapping and sampling, geochemical and geophysical surveys, and an extensive compilation of all prior exploration activities, including re-sampling of historic drill core. To date, Gold Terra has completed over 60,000 m of drilling, mainly focused within a 3 km radius that include the Crestaurum/Barney and the Sam Otto/Mispickel gold deposits.

In November 2019, Gold Terra released its first NI 43-101 mineral resource estimate for these four deposits, which are just 12 km from the city of Yellowknife. The Inferred resource estimate of 735,000 ounces consists of:

  • A pit constrained Inferred resource of 11.6 million tonnes averaging 1.4 g/t for 523,000 ounces of contained gold

  • An underground Inferred resource of 1.2 million tonnes averaging 5.7 g/t for 212,000 ounces of contained gold

Mineral Resource Estimate for Yellowknife City Gold Project
(Effective November 4, 2019)

Pit Constrained Inferred Mineral Resources

Deposit

Tonnes

Grade
(Au g/t)

Contained
Gold Ounces

Crestaurum Pit (Starter)

127,000

9.41

38,000

Mispickel Pit

696,000

2.62

59,000

Sam Otto Pit

10,794,000

1.23

426,000

Pit Constrained Total

11,617,000

1.40

523,000

Underground Inferred Mineral Resources

Deposit

Tonnes

Grade
(Au g/t)

Contained
Gold Ounces

Crestaurum U/G

723,000

6.56

153,000

Barney U/G

214,000

4.67

32,000

Mispickel U/G

30,000

4.99

5,000

Sam Otto U/G

185,000

3.65

22,000

U/G Total

1,152,000

5.70

212,000

Total Inferred

12,769,000

1.79

735,000

  1. The classification of the current mineral resource estimates as Inferred is consistent with CIM Definition Standards on Mineral Resources and Mineral Reserves.
  2. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
  3. Underground mineral resources are reported undiluted and in situ at a cut-off grade of 3.0 g/t Au.
  4. Cut-off grades are based on a gold price of US$1,300 per ounce and gold recoveries of 90%.
  5. Gold recoveries are based on preliminary test work completed on the Crestaurum and Sam Otto deposits.
  6. High grade capping was done on composite data. Capping values of 55 g/t Au were applied to Crestaurum and 60 g/t Au for all other deposits.
  7. Bulk density values were determined based on physical specific gravity test work from each deposit: Crestaurum at 2.85 g/cm3; Barney at 3.00 g/cm3; Sam Otto and Mispickel at 2.80 g/cm3.
  8. All figures are rounded to reflect the relative accuracy of the estimate.
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