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GOLD TERRA RESOURCE CORP. (YGT.V)

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Company description

Gold Terra Resource Corp. (TSXV:YGT)(OTCQX:YGTFF)(FRA:TXO) is a gold focused exploration and development company with major assets in northern Canada. The company has seen a turnaround the last few years, going through a name change from TerraX Minerals into Gold Terra Resource Corp., some changes in management with the most important change being the entry of Gerald Panneton as Executive Chairman, who eventually became CEO later on in 2021, and a new exploration vision on their flagship project. Panneton is a big name in mining land, being the founder of Detour Gold, one of the largest gold mines in Canada today, and he brought it into production. It was sold eventually in 2020 for C$4.89B to Kirkland Lake Gold. Gerald received the PDAC 2011 Bill Dennis Award for the discovery of Detour Lake.

Gold Terra’s 100% owned flagship Yellowknife City Gold Project in the southern part of Northwest Territories is part of a district scale land package of nearly 800km2 in the historic gold mining district of Yellowknife, very close to the former producing Con and Giant mines (14Moz Au production at 16g/t so far). During 2021, Panneton managed to add the former Con Mine property from Newmont, including a 600-700koz Au left over historic resource at depth, with lots of fine exploration targets. The project had a NI 43-101 compliant mineral resource statement completed on Sam Otto/Crestaurum in November 2019, for a 735koz Au resource @1.79g/t Inferred. After 17,540m of drilling, the company updated this resource in March 2021, accounting for 1.2Moz @ 1.54g/t Au Inferred.

Since then, Gold Terra completed about 28,500m of drilling at the Campbell Shear and Mispickel areas, and according to my estimates, the company probably has found about 600koz Au at the Yellorex target (located at the Campbell Shear), and about 100koz Au at Mispickel. Gold Terra is aiming at completing an updated resource in Q4, 2022, including these results, and hopefully adding enough ounces to surpass 2Moz Au. The big prize is anticipated by Panneton (and myself) at depth, just like the Con Mine deposit, with most mineralization starting  1,000m below surface. Recent first deep drill results focused on these depths did hit some gold, but not economic yet. As the historic drill results were very promising, but the historic Con Mine deposit also being characterized by pinching and swelling vein structures, it could take considerable drilling to find something substantial down there. But the geology, nearby mine and historic results surely point towards the right direction. Upcoming directional drilling will efficiently try to zoom in on the strong historic Y-88 drill results.

Gold Terra raised C$5M in February 2022, resulting in a full treasury, enabling them to do lots of drilling well into 2022. The current cash position (August 2022) stands at C$2M. The company is looking to define a multimillion ounce project as soon as possible, in order to benefit the most from the current high gold price.

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