Gold Terra Announces Sonic Drill Program to Evaluate Gold Content in Con Mine Historical Tailings, Yellowknife, NWT and Stock Options Grant
Rhea-AI Summary
Gold Terra Resource (OTCQB:YGTFF) announced a sonic drilling program to evaluate gold content in historic tailings at the former Con Mine, part of the Con Mine Option (CMO) near Yellowknife, NWT. Drilling is scheduled to start in early September and focuses initially on the Upper Pud tailings storage facility.
The program plans about 148 sonic drill holes on a 40m x 40m grid, to depths of 20–30m, with 1m sampling intervals analyzed at ALS labs. According to Gold Terra, the objective is to define tailings tonnage and grade, support metallurgical testing and potentially outline Indicated-category resources that could complement underground and near-surface targets.
Gold Terra recently raised approximately C$10.1 million, allocating about C$7.2 million to drilling at Zone 103N, Con Mine tailings, and Yellorex, plus work feeding a Preliminary Economic Assessment anticipated by year-end 2026. The company also granted 3,800,000 stock options at C$0.205 per share, exercisable for five years with staged vesting.
Positive
- C$10.1 million financing recently completed, with about C$7.2 million directed to drilling programs and related activities
- Sonic drilling program of about 148 holes on 40m x 40m spacing to evaluate Con Mine historic tailings
- Drill spacing and sampling program designed to potentially support Indicated-category resource estimation for tailings
- Preliminary Economic Assessment (PEA) is anticipated by year-end 2026, incorporating 2026 winter and some current drilling results
- Gold Terra holds an option, valid until November 21, 2027, to acquire 100% of the CMO property from a Newmont subsidiary
Negative
- Grant of 3,800,000 stock options at C$0.205 per share implies potential future equity dilution for existing shareholders
News Market Reaction – YGTFF
In the Aug 24 session, YGTFF declined 1.54%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
VANCOUVER, BC / ACCESS Newswire / August 24, 2026 / Gold Terra Resource Corp. (TSXV:YGT)(Frankfurt:TX0)(OTCQB:YGTFF) ("Gold Terra" or the "Company") is pleased to announce a sonic drilling program on the former Con Mine's historic tailings which is part of the Con Mine Option ("CMO"). The drilling is currently scheduled to start the first week of September. Under the purchase agreement, the Company has the right to acquire
Chairman and CEO, Gerald Panneton, commented, "The evaluation of the historic tailings is an important part of Gold Terra's strategy to seek and add potential additional ounces to its mineral resources on the CMO. The tailings represent a compelling exploration target, as the material originated from mined ore graded between 16 to 20 g/t Au over the course of the Mine operation between 1938 and 2003*. There is a possibility of finding a certain amount of gold in the historical tailing since previous recoveries were between 85 to
Highlights of the Drilling Program
The Con Mine historical Tailing Storage facility (TSF) is a high-priority exploration target. There are two important TSF's on the Con Mine, the Upper Pud, and the Middle Pud. The proposed sonic drill program is to start in the Upper Pud TSF and will consist of approximately 148 sonic drill holes spaced 40 metres by 40 metres with an average depth of 20 to 30 metres. The sonic drilling recovered tailings will be logged for grain size, sampled in 1 metre intervals and processed at ALS labs. Geotechnical information is also to be recorded and logged during the program.
The objective of the drilling program is to evaluate the gold potential of the historic tailings as a potential source of additional gold ounces, complementing the Company's underground and near-surface exploration targets. The program is designed to establish the tonnage and grade of the tailings and support metallurgical testing to assess potential gold recovery. The 40-metre x 40-metre drill spacing is expected to provide a resource of Indicated category.
The drilling program targets are shown in Figure 1 below.
Upcoming Activities
As previously announced, the Company recently raised approximately C
Zone 103N drilling on the extension of the Campbell Shear zone
Drilling of the Con Mine historic tailings currently scheduled to start in September 2026
Yellorex drilling and metallurgical sampling currently scheduled to start in September 2026
A Preliminary Economic Assessment (PEA) is currently anticipated by year end 2026, and is anticipated to include all the winter drilling of 2026, and some of the current drilling.
Stock Option Grant
The Company also announces that the Board of Directors have approved a grant of stock options under the Company's stock option plan to its directors, officers, employees, and consultants to purchase up to an aggregate total of 3,800,000 common shares of the Company at an exercise price of C
The Options are exercisable at a price of C
Qualified Persons
The technical information contained in this news release has been reviewed and approved by Joseph Campbell, a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects and Senior Technical Advisor for the Company.
About Gold Terra
The Yellowknife Project (YP) encompasses 836 sq. km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, Gold Terra controls one of the six major high-grade historical gold camps in Canada. Being within 10 kilometres of the City of Yellowknife, the YP is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power, and skilled tradespeople. Gold Terra is currently focusing its drilling on the Campbell Shear, where approximately 14 Moz of gold has been produced in the past, (refer to Gold Terra Oct 21, 2022, Technical Report) and most recently on the CMO property claims immediately south of the past producing Con Mine which produced 6.1 Moz between the Con, Rycon, and Campbell shear structures (1938-2003).
The YCG and CMO properties lie on the Yellowknife greenstone belt, covering nearly 70 kilometres of strike length along the main mineralized shear system that hosts the former-producing high-grade Con and Giant gold mines. The Company's exploration programs have identified zones of gold mineralization and multiple potential targets that remain to be tested which reinforces the Company's objective of seeking to re-establish Yellowknife as one of the premier gold mining districts in Canada.
Visit our website at www.goldterracorp.com.
For more information, please contact:
Gerald Panneton, Chairman & CEO
gpanneton@goldterracorp.com
Mara Strazdins, Investor Relations
Phone: 1-778-897-1590 | 416-710-0646
strazdins@goldterracorp.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information Concerning Estimates of Mineral Resources
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Therefore, investors are cautioned not to assume that all or any part of an Inferred Mineral Resource could ever be mined economically. It cannot be assumed that all or any part of "Measured Mineral Resources," "Indicated Mineral Resources," or "Inferred Mineral Resources" will ever be upgraded to a higher category. The Mineral Resource estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential development of such mineral resources. Refer to the Technical Report, once filed, for more information with respect to the key assumptions, parameters, methods and risks of determination associated with the foregoing.
Cautionary Note to United States Investors
The Company prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to Mineral Resources in this news release are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended ("CIM Standards"). The U.S. Securities and Exchange Commission (the "SEC") has adopted amendments effective February 25, 2019 (the "SEC Modernization Rules") to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934. As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources", which are defined in substantially similar terms to the corresponding CIM Standards. In addition, the SEC has amended its definitions of "Proven Mineral Reserves" and "Probable Mineral Reserves" to be substantially similar to the corresponding CIM Standards.
U.S. investors are cautioned that while the foregoing terms are "substantially similar" to corresponding definitions under the CIM Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance any Mineral Resources that the Company may report as "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources" under NI 43-101 would be the same had the Company prepared the Mineral Resource estimates under the standards adopted under the SEC Modernization Rules. In accordance with Canadian securities laws, estimates of "Inferred Mineral Resources" cannot form the basis of feasibility or other economic studies, except in limited circumstances were permitted under NI 43-101.
Cautionary Note Regarding Forward-Looking Information
Certain statements made and information contained in this news release constitute "forward-looking information" within the meaning of applicable securities legislation ("forward-looking information"). Generally, this forward-looking information can, but not always, be identified by use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events, conditions or results "will", "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotations thereof.
All statements other than statements of historical fact may be forward-looking information. Forward-looking information is necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. In particular, this news release contains forward-looking information regarding the current drilling on the Campbell Shear, potentially adding ounces to the Company's current YP mineral resource, and the Company's objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.
There can be no assurance that such statements will prove to be accurate, as the Company's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors" section in the Company's most recent MD&A and annual information form available under the Company's profile at www.sedar.com.
Although the Company has attempted to identify important factors that would cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The forward-looking information contained in this news release is based on information available to the Company as of the date of this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All of the forward-looking information contained in this news release is qualified by these cautionary statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof. Except as required under applicable securities legislation and regulations applicable to the Company, the Company does not intend, and does not assume any obligation, to update this forward-looking information.
SOURCE: Gold Terra Resource Corp.
View the original press release on ACCESS Newswire