Mining company Terra X has found high-grade gold around Yellowknife.
Exploration north of Giant Mine, on the company's Northbelt property found approximately 28.0 g/t Au, and 19.05 g/t Au on the dubbed “Gull Lake Zone” as well as three additional stretches of land with high amounts of gold per tonne, stated a release from Terra X on Thursday.
The three searches near the old Ptarmigan Mine indicated there was a high amount of gold present. In the areas, Terra X found roughly 25 grams per tonne, four grams per tonne and five grams per tonne, respectively.
The company bought the old Ptarmigan property earlier this year.
“This is a very encouraging indicator that there is more gold where Giant Mine used to be,” said Terra X strategic and engagement advisor, David Connelly.
Connelly added the next step for Terra X is to start drilling around the Ptarmigan Mine and the Gull Lake Zone areas to determine whether there is enough gold to open a mine.
Terra X is preparing to obtain a permit from the GNWT in the next couple of months for the approval to start drilling.
These new findings coincide with the Yellowknife City Gold Project which encompasses 772-squared km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories.
Connelly adds the decision to open a new mine remains 8-10 years away.