Gold Terra identifies new drill targets at Con mine

Executive Summary

• Gold Terra announced a new drilling program targeting the Campbell Shear north extension on the Con Mine, with plans to start before year‑end 2025.
• The program aims to confirm historic resources (≈650,000 oz Au at 11–12 g/t) and test additional zones down‑hole (500–1,400 m), potentially expanding the current resource base ahead of an updated MRE and a Preliminary Economic Assessment.
• The company retains a CMO option to acquire 100 % of the Con Mine property from Newmont until 21 Nov 2027, supporting continued exploration on this district‑scale gold belt.

Key Details

• Historical Con Mine resources (2002) – ~650,000 oz Au at 11–12 g/t, based on Jan 1 2003 estimate.
• Con Mine produced 6.1 Moz between 1938‑2003; closed when gold averaged US$340/oz and used a 10 g/t cut‑off grade.
• New drilling focus:
• Campbell Shear north extension – ~1.4 km long, 600–1,200 m depth, previously drilled in the 1990s.
• Drill spacing of 100 m to confirm historic underground results extending >1 km north of Con Mine.
• Test three additional zones at 800‑1,400 m vertical depth within the main ore body that were not historically mined.
• Infill and test drilling in the southern Con Mine area (Yellorex & Yellorex North) to upgrade from indicated confidence level and expand those zones, which remain open along strike/plunge per the Sep 2022 NI 43‑101 resource estimate.
• Planned timeline: drilling program runs 2025‑2026; post‑drill update of the 2022 MRE incorporating new results, higher gold price assumptions, and potentially a lower cut‑off grade.
• Updated MRE expected to feed into a Preliminary Economic Assessment (PEA).
• CMO agreement: Gold Terra holds an option (until 21 Nov 2027) to acquire 100 % of the Con Mine property from a Newmont subsidiary, contingent on certain conditions (referenced in Nov 22 2021 release).

Notable Quotes

“In this current gold price environment… with gold now well above $3,700/oz; this is a game changer. We have 100‑percent 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.” – Gerald Panneton, Chairman & CEO

Materiality: Material – Positive (the announcement outlines a substantial exploration program that could materially increase Gold Terra’s resource base and support future economic studies).