Expanded estimates in Gold Terra’s Yellowknife City Gold (YCG) project could re-establish Yellowknife as a “premier mining camp.”
A 64 per cent increase of the estimated quality and quantity – or inferred mineral resource – to 1.2 million ounces includes the Sam Otto, Crestaurum, Barney and Mispickel gold deposits, the company said earlier this week.
The deposits include about 1.25 grams per ton for 876,000 ounces of contained gold in an open pit constrained inferred mineral resource of 21.8 million tonnes; and around 4.04 grams per ton for 331,000 ounces of contained gold in an underground inferred mineral resource of 2.55 million tonnes.
“We are pleased to announce the significantly expanded inferred mineral resource for the YCG Project, which demonstrates the growth potential of this project to all stakeholders,” said Gold Terra president and CEO David Suda. “With a 1.2 million ounce inferred mineral resource, the mineralized system is open for further expansion in most directions.
“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 Campbell Shear drilling, which commenced in late 2020, has the potential to demonstrate that our district scale YCG Project may host multiple deposits.”
The YCG project comprises 790 square km of contiguous land north, south and east of Yellowknife.
Its Crestaurum gold deposit lies about 12 km north of Yellowknife and the Campbell Shear portion is located north and south of the Giant and Con Mine sites that yielded more than 14 million ounces of gold over several decades.
Drilling in 2020 on the Crestaurum deposit revealed an “untested three-kilometre strike length” to the south of the current resource that might extend to the Ranney Hill high-grade surface showings and triple the strike length of that gold bearing structure.
Estimations this year of the mineral resources in the Mispickel and Barney deposits found potential for increasing those higher grade zones over a three-kilometre mineralized structure at Mispickel.
Gold Terra might also introduce a drill program at the Sam Otto sites at 250 metres deeper than the current deposit outline.