Gold Terra Announces Start of Drilling on the Campbell Shear Northern Zone 103N Extension to Expand 2026 MRE of Inferred 595,000 Ounces, Con Mine, Yellowknife, NWT
Rhea-AI Summary
Gold Terra (OTCQB:YGTFF) has started drilling on Zone 103N, the northern extension of the Campbell Shear within the historical Con Mine, part of the Con Mine Option (CMO) in Yellowknife, NWT. The company holds an option to acquire 100% of the CMO property from a Newmont subsidiary, valid until November 21, 2027, subject to agreed conditions.
According to Gold Terra, its June 2026 Technical Report includes an initial 2026 MRE for Zone 103N of an underground Inferred Mineral Resource of 5,083,000 tonnes grading 3.64 g/t Au, containing 595,000 ounces of gold. Zone 103N is interpreted as a continuation of the Campbell Shear, traced for 1.6 km on three underground levels, and is described as having strong potential to add ounces that may support a potential Con Mine restart and feed into a Preliminary Economic Assessment targeted for year-end 2026.
Gold Terra has also staked three mineral claims (YGT 2, YGT 3, YGT 4), held 100% by the company. Newly staked claim YGT-2 covers the Campbell Shear extension along Zone 103N, and all ounces north under YGT-2 are 100% owned by Gold Terra. The company recently raised about C$9.2 million, with roughly C$7.2 million earmarked for drilling at Zone 103N, historical tailings work, and the Yellorex technical program. Upcoming 2026 activities include Zone 103N drilling, historical tailings drilling beginning in August, Yellorex drilling and metallurgical sampling starting in September, and preparation of a PEA anticipated by year end.
Positive
- Zone 103N inferred resource: 5,083,000 tonnes at 3.64 g/t Au for 595,000 oz
- C$9.2 million financing completed, with C$7.2 million allocated to active drilling and technical work
- Option to acquire 100% of Con Mine Option from a Newmont subsidiary valid until November 21, 2027
- Three new mineral claims (YGT 2, YGT 3, YGT 4) staked and held 100% by Gold Terra
- All ounces north under newly staked claim YGT-2 along Zone 103N are 100% owned by Gold Terra
Negative
- Zone 103N resource is Inferred only; no demonstrated economic viability or reserve classification
- Mineral resource estimates may face legal, political, environmental or other risks affecting potential development
AI-generated analysis. How Rhea-AI works. Not financial advice.
VANCOUVER, BC / ACCESS Newswire / August 7, 2026 / Gold Terra Resource Corp. (TSX-V:YGT)(Frankfurt:TX0)(OTCQB:YGTFF) ("Gold Terra" or the "Company") is pleased to announce that drilling has started on Zone 103N, considered to be the northern extension of the Campbell Shear within the historical Con Mine and part of the Con Mine Option ("CMO"). Under the purchase agreement, the Company has the right to acquire
Chairman and CEO, Gerald Panneton, commented, "Zone 103N along the Campbell Shear has excellent potential to delineate additional ounces. Our recent June 2026 Technical Report includes an initial MRE of approximately inferred 595,000 ounces at Zone 103N within the Con Mine Option property, underscoring its potential at depth. Zone 103N could be a contributor to the potential restart of the Con Mine and is part of the Preliminary Economic Assessment currently scheduled to be completed by year end 2026."
The newly released 2026 MRE (see June 26 Technical Report) prepared by SLR, includes an initial MRE for Zone 103N of:
Underground Inferred Mineral Resource of 5,083,000 tonnes averaging 3.64 g/t Au for 595,000 ounces of contained gold.
The newly re-evaluated historical Zone 103N is the Campbell Shear continuation to the North of the CMO property, which was developed in the later years of Con Mine's operating life and includes underground development and drilling data. Zone 103N was historically drilled from the Con Mine underground development in the northern extension of the Campbell Shear (CS) structure. The CS northern extension can be followed for 1.6 kilometres on three (3) different levels (2600, 2900 and 3100) or approximately 600 metres to 900 metres below surface. Zone 103N has excellent potential to increase the number of ounces on the project. The current initial drill hole, GTCM26-061, and additional drilling targets are shown in Figure 1 below:
Figure 2 below shows Zone 103N as the northern extension of the CS in the historic Con Mine:
Additional Claims Staked
The Company has staked and confirmed that three recently recorded mineral claims, YGT 2, YGT 3, and YGT 4, are active and held
Financing
The company has also recently announced that it has raised approximately C
Upcoming Activities
Zone 103N drilling extension of the Campbell Shear zone
Historical drilling of the Con Mine tailings currently scheduled to start in August 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.
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