Gold Terra Resource: 'A Step in the Right Direction'
The maiden Inferred resource estimate is discussed in this report.
Gold Terra Resource Corp. (YGT:TSX.V) [which until February 2020 was known as TerraX Minerals] announced last November an overall maiden Inferred resource of 735,000 gold ounces (oz Au).
Incremental Positive: The company announced an overall maiden Inferred resource of 735,000 oz Au at an average grade of 1.79 gpt Au. The global resource is a combination of open pit and underground resources from four different deposits (Crestaurum, Mispickel, Sam Otto and Barney), all located within a 3-kilometer (3 km) radius. The resource is based on 90,751 meters (90,751 m) of drilling (463 drill holes), with spacing varying between drill holes from 25-100m apart. Recall, Gold Terra provides exposure to a district-scale land package with multiple high-grade targets and initial work focused mainly on exploration. The focus has now shifted to resource delineation which will be aimed at unlocking the multimillion ounce potential of the district.
Analysis
Takeaway
In our view, a common theme emerges from the recent maiden resource and our discussion, which is the significant upside of the property. This maiden resource, albeit small, is the first step toward unlocking the multimillion ounce potential of the district. Historical drilling has been spread out across multiple targets not fully testing any one target properly, but demonstrating that mineralization is still open ended. We view this resource as a positive step in the right direction, which will allow YGT to expand on each of the deposits with a clear focus towards resource growth and development.
Upcoming Catalysts:
Gary Sidhu, an analyst with Intrynsyc Capital Corp., has been involved in the mineral exploration industry for almost 20 years. Early in his career he gained extensive technical experience with "boots on the ground" knowledge of early to advanced stage projects including mapping, drilling, milling and mining experience. Until recently he worked as a sell side analyst focusing on early to advanced stage junior exploration companies.
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