Gold Terra Resource Corp. has expanded its 2026 fall drilling programme at the Con Mine Option Property near Yellowknife, Northwest Territories, with two additional rigs. The company says three rigs are active on the property, targeting Zone 103 North, the historical Con Mine Tailings Storage Facility and the Yellorex deposit area.
#Drilling programme targets
The programme began in July and is intended to support the company’s upcoming Preliminary Economic Assessment by investigating potential additional ounces. Work is being carried out across three areas with different objectives, including resource definition, tailings evaluation and metallurgical sampling.
#Historical tailings testing
Sonic drilling at the historical Tailings Storage Facility is scheduled to start with one rig, while a second sonic drill may be added. The planned work covers approximately 7,000 metres on a 40x40 metre grid, with holes expected to average 10-30 metres in depth.
Gold Terra says the grid is designed to identify variations in grade and support a future Mineral Resource Estimate for the historical Con Mine tailings. The tailings residue comes from operations conducted during 1938-2003. The company has described the material as having the potential to contribute ounces to the initial MRE included in its June 2026 Technical Report; that outcome remains subject to the drilling and related evaluation.
#Zone 103 North results and next steps
One diamond drill is operating at Zone 103 North to examine the resource potential of an area previously drilled from underground. The first two holes intersected the Campbell shear and Zone 103 North, but assay results for both holes remain pending.
Hole GTCM26-061a recorded a 5.3 metres intersection from 845.6 to 850.9 metres. The geological description also identifies a 0.15 metre quartz vein at 848.52 metres containing flecks of visible gold, trace antimony, pyrite and arsenic. Two further wedges are planned from the master hole, after which the rig is scheduled to move along the 1.6 km trend to test up-dip and down-dip extensions.
The release cites an initial Zone 103 North MRE comprising an Underground Inferred Mineral Resource of 5,083,000 tonnes averaging 3.64 g/t Au for 595,000 ounces of contained gold, using a cut off grade of 2.2 g/t. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The company cautions that no assumption can be made that all or part of an Inferred Mineral Resource will be mined economically or upgraded to a higher category.
#Yellorex drilling and metallurgical work
A diamond drill has been mobilised for a separate programme of approximately 3,000 metres in the upper portion of the Yellorex deposit area. The work is intended to complete infill drilling in areas that were inaccessible during the previous winter and support metallurgical sampling.
#Property option and programme funding
Gold Terra has the right under its purchase agreement to acquire 100% of the Con Mine Option Property from a subsidiary of Newmont Corporation. The proposed acquisition remains subject to the fulfilment of conditions set out in the agreement, as reported in the company’s news release dated November 22, 2021. Gold Terra’s option is valid until November 21, 2027.
The company says it has raised approximately C$ 10.1 million and plans to allocate a total of approximately C$ 7.2 million to the fall drilling work covering Zone 103 North, the historical tailings, Yellorex and metallurgical activities. Further terms of the financing are not set out in the release.
#Risks and forward-looking information
Statements about current drilling, the possibility of adding ounces to Gold Terra’s existing Yellowknife Project mineral resource and the company’s objective of re-establishing Yellowknife as a major gold district are identified as forward-looking information. Gold Terra says these statements rely on estimates and assumptions that are subject to known and unknown risks, and that actual results and future events could differ materially.
The company also states that the Mineral Resource estimates may be affected by legal, political, environmental or other risks that could materially influence their potential development. Readers are cautioned not to place undue reliance on forward-looking information.
#Key Takeaways
- Gold Terra has added two rigs to its 2026 fall programme, with three rigs active on the Con Mine Option Property.
- Historical tailings work is planned at approximately 7,000 metres on a 40x40 metre grid, with holes averaging 10-30 metres.
- Zone 103 North hole GTCM26-061a recorded a 5.3 metres intersection from 845.6 to 850.9 metres; assays for the relevant holes are pending.
- A separate Yellorex programme is planned at approximately 3,000 metres for infill drilling and metallurgical sampling.
- The company’s right to acquire 100% of the property from a Newmont subsidiary remains subject to agreement conditions, with the option valid until November 21, 2027.
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