Gold Terra Announces New Drill Targets on the Campbell Shear North Extension on the Con Mine, Yellowknife, NWT
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Gold Terra Announces New Drill Targets on the Campbell Shear North Extension on the Con Mine,
Yellowknife, NWT
Vancouver, BC – September 26, 2025 – Gold Terra Resource Corp. (TSX-V: YGT; Frankfurt: TX0; OTCQX:
YGTFF) (“Gold Terra ” or the “ Company”) has completed its review of the Con Mine 2002 historical
resources of 650,000 ounces of gold at between 11-12 g/t dated January 1st 2003 (see Note 1 further in
this news release). Based on the review, selected priority targets have been established for the upcoming
drilling program scheduled to start before year end 2025 that will focus on the past producing Campbell
Shear (“CS”) structure. The goal of this drilling program is to confirm portions of the historical resources
and investigate additional potential resources at lower cut -off grades, reflecting the current higher gold
prices of today. This confirmation drilling could contribute to further increases to the current resource
base of the Company prior to proceeding with economic studies.
Gold Terra has identified numerous historical targets within the Con Mine underground infrastructure
between 500 metres to 1000 metres below surface. The Con Mine produced a total of 6.1 Moz between
1938 and 2003 and closed at a time when gold price averaged US$ 340 per ounce and while using a cut-
off grade (COG) of 10 g/t Au (Refer to the Oct. 21, 2022 Technical Report).
The largest of these targets (see Figure 1 and 1A) is an interpreted 1.4 kilometre long Northern Extension
of the Campbell Shear structure between section 6600N and 8000N, and between 600 metres to 1,200
metres below surface, which was previously drilled in the 1990’s from underground station s between
level 1900 and 2900 (580 metres and 885 metres).
The proposed plan is to:
• Drill at 100 metres spacing to confirm the underground historical drill results which extend for
more than 1 kilometer north of the Con Mine.
• Test three (3) other areas between 800 metres vertical to 1400 metres within the Con Mine main
ore body that weren’t mined historically.
• Test and In-fill drill in the Con Mine south area where the Company has already outlined a NI43-
101 resource on the Yellorex and Yellorex North deposits (See Note 2 further in the press release-
Mineral Resource Estimate (MRE) dated September 2022 ). This drilling is intended to bring this
area up to a Drill Indicated confidence level and increase the size of the Yellorex and Yellorex
North zones which remained open along strike and plunge following the October 2022 NI43-101
mineral resource estimate.
Chairman and CEO, Gerald Panneton, commented, "In this current gold price environment, we have
reviewed over the summer many additional targets at the Con Mine well within reach of existing
underground infrastructure. With gold price now well above US$3700/oz; this is a game changer. We have
100% access to a district-scale prospective land position ― one of the largest past-producing high-grade
gold belts in Canada along the prolific Campbell Shear. Over the last few months, we have re-evaluated
our options and are excited to start this drilling program which targets shallower gold mineralization along
the past producing CS structure.”
Following the completion of the 2025-2026 drilling program, the Company is planning to update its 2022
Mineral Resources Estimate (MRE) (See Note 2 further in this press release) which will include the new
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drilling results, a higher gold price and potentially a lower cut-off grade. It is anticipated that the updated
MRE will be followed by a Preliminary Economic Assessment (PEA).
Under the CMO agreement, the Company has the right to acquire 100% of the CMO property from a
subsidiary of Newmont Corporation, subject to the fulfillment of certain conditions set out in the
agreement, as reported in the Company's news release dated Nove mber 22, 2021. Gold Terra’s option
on the CMO with Newmont is until Nov 21, 2027, supporting ongoing CS drilling and potential resource
growth.
Figure 1 -Composite Long Section showing the location of the planned 2025-2026 drilling program:
Figure 1A – North Extension Drilling Target Projected on the Historic Mine Stopes of the Con Mine:
See Figure
1A below
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Notes:
Note 1. Historical Estimate:
The Con Mine closed in 2003 at a time when the g old price was around US$ 340 per ounce, with
approximately 650,000 ounces at 11 -12 g/t Au in historical mineral resources and reserves (See table
below). The historical estimate was compiled and reported by Miramar Northern Mines Ltd. ( MNML)
during its operation and closure of the Con Mine in 2003. There are no known more recent estimates.
Refer to the October 21, 2022 technical report, titled "Initial Mineral Resource Estimate for the CMO
Property, Yellowknife City Gold Project, Yellowknife, Northwest Territories, Canada" with an effective date
of September 2, 2022, by Qualified Person, Allan Armitage, Ph. D., P. Geo., SGS Geological Services, which
can be found on the Company's website at https://www.goldterracorp.com and on SEDAR+
at www.sedarplus.ca.
Source: MNML
Mineral Reserves
Tonnes Grade
(g/t)
Contained
Ounces
Proven 171,000 11.31 62,000
Probable 340,000 11.66 126,000
Mineral Resources
Measured 408,000 12.03 158,000
Indicated 875,000 10.97 304,000
The historical estimates are historical in nature and should not be relied upon, however, they do give
indications of mineralization on the property. The Qualified Person has not done sufficient work to classify
them as current Mineral Resources or Mineral Reserves and Gold Terra is not treating the historical
estimates as current Mineral Resources or Mineral Reserves. Parameters for the resource/reserve
categories listed above are not known.
Note 2, October 2022 Mineral Resource Estimate:
Indicated and Inferred resource s (MRE October 2022 - see Gold Terra’s Oct. 21, 2022 Technical Report )
near surface and south of the Con Mine are shown in the table below:
Area Category Cut-off Grade
(g/t Au) Tonnes Grade
(g/t Au)
Contained
Gold Ounces
CMO Property
Yellorex Main Indicated /UG 3.5 821,000 7.55 109,000
Inferred/UG 3.5 993,000 6.89 220,000
Yellorex North Inferred/UG 3.5 463,000 7.42 111,000
Kam Point Inferred/UG 3.5 536,000 5.83 101,000
Total: Indicated/UG 3.5 821,000 7.55 109,000
Inferred/UG 3.5 1,992,000 6.74 432,000
(1) The classification of the current Mineral Resource Estimate into Indicated and Inferred is consistent
with current 2014 CIM Definition Standards - For Mineral Resources and Mineral Reserves.
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(2) Additional drilling will be required to upgrade/verify the resource estimates.
Yellowknife Project 2021 MRE :
The Yellowknife Project has an extensive land position with over 836 square kilometres covering 70
kilometers of the CS and the previous exploration results indicate the potential to host multiple deposits.
To date, the Yellowknife Project’s contiguous Northbelt Property has a March 2021 mineral resource
estimate of 1,207,000 inferred ounces 15 km north of the Con Mine and the city of Yellowknife in 4
satellite deposits, with the Crestaurum open pit @ 6 g/t Au ( see Gold Terra’s Oct. 21, 2022 Technical
Report).
For current resource estimates please refer to the October 21, 2022 technical report, titled "Initial
Mineral Resource Estimate for the CMO Property, Yellowknife City Gold Project, Yellowknife, Northwest
Territories, Canada" with an effective date of September 2, 2022, by Qualified Person, Allan Armitage, Ph.
D., P. Geo., SGS Geological Services, which can be found on the Company's website
at https://www.goldterracorp.com and on SEDAR at www.sedarplus.com.
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Gold Terra’s strategic land holdings covering an extensive mineralized system in the Yellowknife Gold Belt
are shown in the figure below:
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 gold camps in Canada. Being within 10 kilmetres 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 prolific Campbell Shear, where approximately 14 Moz of gold has been produced, and most recently
on the Con Mine Option (CMO) Property, immediately south of the past producing Con Mine which
produced 6.1 Moz between the Con, Rycon, and Campbell shear structures (1938 -2003) (refer to Gold
Terra Oct 21, 2022, Technical Report).
The YP and CMO properties lie on the prolific 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 successfully identified significant zones
of gold mineralization and multiple targets that remain to be tested which reinforces the Company's
objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.
Visit our website at www.goldterracorp.com.
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For more information, please contact:
Gerald Panneton, Chairman & CEO
Mara Strazdins, Investor Relations
Phone: 1-778-897-1590 | 416-710-0646
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 a ll 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 Regarding Historical Estimates and Newmont Corporation’s Involvement
The historical estimate referenced in this press release, which was carried out during the operation and
closure of the Con Mine by Newmont’s predecessor company (2003), are provided for historic context
only. These estimates do not reflect Newmont's current resource base. Gold Terra is solely responsible
for the exploration and verification of these resources, and any updated estimates will need to comply
with current industry standards. Newmont Corporation is not responsible for Gold Terra’s exploration
activities, nor for any resource updates or future developments related to the CMO Property.
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
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securities laws, estimates of "Inferred Mineral Resources" cannot form the basis of feasibility or other
economic studies, except in limited circumstances where 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 o f
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 factor s 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 YCG 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 f uture
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.