Gold Terra changes drilling program during pandemic

Gold Terra Resource Corp is starting a 10,000-metre drilling program at its Yellowknife City Gold Project. 

This isn’t the junior gold exploration company’s first drilling program for the project, but president and chief executive officer David Suda says it’s different because of the Covid-19 pandemic.

That has meant changes like reducing non-essential travel and the number of people that can be in a core shack at time, he said, in order to abide by public health orders and recommendations. 

“We just want to be as respectful as we can … and make sure that we’re taking all of the precautions to protect the community of Yellowknife.” 

Suda said they’re working with a more local team of employees who live in Yellowknife, noting the project is located close to the city. 

“We’re very fortunate to have people sleeping in their own bed at night,” he said. 

This drilling program is also different, Suda added, as it is focused on high-grade gold deposits, and it’s more well-financed than previous projects.

“We’re seeing a huge return of interest from investors in the gold space,” he said.

An aerial photo of the drilling program at the Yellowknife Gold Project provided by Gold Terra.

“Because we have a project that has significant potential as a source of gold, certainly interest has spread across the industry, and certainly more towards Gold Terra than we’ve seen in the last several years.” 

Suda explained that as economies around the world are struggling during the pandemic, more people have been investing in gold as it’s a physical asset and limited in supply. 

He noted American billionaire Warren Buffett, who is known as one of the most successful investors in the world, recently bought a stake in Canadian mining company Barrick Gold Corporation, despite his longtime stance against investing in gold. 

“If Warren Buffett is interested in the gold sector, it means that a lot of mainstream investors globally will view that as something to note, and likely create, generate more interest in the gold space.”

Gold Terra was also one of the corporate recipients of the territorial government’s 2020 Mine Incentive Program, receiving $86,000 for its exploration work on the Yellowknife project. 

Staff working at the Yellowknife Gold Project in a photo provided by Gold Terra.

According to a press release, proposed work on the project will cost $240,000 and include geophysical surveys and drilling. 

In the first phase, Gold Terra plans on testing the depth of the Crestaurum gold deposit. The company will then test new areas of the Campbell Shear zone, located north and south of the former Con and Giant gold mines, which Gold Terra said has produced over 14 million ounces of gold.

“Our primary objectives are to continue to add ounces on our existing resource targets and then to continue to look to make the next big discovery in the camp,” Souda said. 

“We’re entering an extremely exciting time and we’re going to be very active going forward.”