Gold Terra Announces Visible Mineralization in Hole CMUP-005 in Early Sonic Drilling at the Con Mine Historical Tailings, Yellowknife, NWT

Gold Terra Resource Corp. (YGT) reported the visual observation of "visible gold" in sonic drill hole CMUP-005 at a depth of 25-26 metres downhole within the historic Con Mine tailings at the Upper Pud Tailings Storage Facility. This discovery is part of the Con Mine Option (CMO) property located near Yellowknife, NWT.

The release did not report any assay results, grades, widths, tonnage, or recovery figures. The only quantitative data provided included a photo caption and a count of program progress. The company is conducting a 7,000 m sonic drilling program that began on September 19, 2026. To date, 17 holes totaling 429 metres have been completed on a 40x40 m grid, with holes averaging 10-30 metres in depth. The drilling was performed by 403 Drilling, while ALS is conducting the analyses on the tailings samples.

The tailings originated from ore graded between 16-22 g/t Au during the mine’s operation from 1938 to 2003. Prior recoveries were estimated at 85-95%, implying the presence of residual gold. Historical tailings tonnage has been cited elsewhere as approximately 12 million tonnes.

CEO Joseph Campbell commented on the findings, stating, "to discover visible gold so early is not a surprise," noting that the mine operated without a gravity circuit until the 1980s. The technical information was reviewed and approved by Qualified Person Joseph Campbell, Senior Technical Advisor.

Gold Terra Resource Corp. (YGT) released results from its tailings program, confirming that gold remains present at one location, a finding that aligns with the company’s previously stated hypothesis. The release does not alter the company’s mineral resource estimate (MRE), which stands at approximately 103,000 ounces of Indicated and 895,000 ounces of Inferred gold as of June 2026, according to SLR. The current MRE does not include tailings, and this announcement adds no new ounces to the resource.

The tailings initiative was announced on August 24, 2026, and the market has not re-rated the stock based on this development. Through late September 2026, the stock traded flat at approximately C$0.18 to C$0.20, a level midway between its C$0.10 low and C$0.28 high. There is no embedded tailings anchor in the current price that this release must clear, nor is there a positive surprise priced in to reward.

As an explorer and developer in the pre-Pre-Feasibility Study (PEA) stage with no revenue, Gold Terra Resource Corp. is subject to a materiality test based on share-price impact. While a genuine discovery or a quantified new resource would be material, a single visual-gold sighting without assay data is considered routine news flow. A promotional observation-only release is unlikely to act as a standalone market mover.

The genuinely material event from this program would be a tailings resource defining tonnage, grade, and metallurgy that adds hundreds of thousands of near-surface ounces. That event is expected months away, with a Q4 2026 MRE update and a December 2026 PEA scheduled. The current release serves as pre-hype for that future event rather than the event itself.

Gold Terra Resource Corp. (TSX-V: YGT; OTCQB: YGTFF; Frankfurt: TX0) is a Yellowknife-focused gold exploration and development company. Its Yellowknife Project (YP) comprises 836 square kilometers of contiguous claims surrounding the City of Yellowknife, NWT, covering approximately 70 kilometers of strike along the Campbell Shear greenstone belt, which hosted the Con and Giant mines.

The company holds the Con Mine Option (CMO), a right to acquire 100% of the asset from a Newmont subsidiary, exercisable until November 21, 2027. A consolidated mineral resource estimate by SLR, effective April 30, 2026, at a US$2,600/oz gold price, identified approximately 103,000 ounces of Indicated resources at 4.40 g/t and approximately 895,000 ounces of Inferred resources at 3.70 g/t. These resources span Zone 103N (595,000 ounces Inferred), Yellorex, and Crestaurum.

Historical production on the Campbell Shear totals approximately 14 million ounces, including 6.1 million ounces from the Con Mine between 1938 and 2003 at grades of 16-22 g/t. Infrastructure assets include proximity to the city, all-season roads, hydro power, existing underground workings and shafts, and a water treatment plant.

Leadership includes Chairman and CEO Gerald Panneton, founder of Detour Gold, alongside CFO Mark Brown and Chief Development Officer Todd Burlingame. Strategic holders include Eric Sprott, who holds approximately 10.7%, and David Harquail.

The company’s catalyst path includes a Q4 2026 mineral resource estimate update, with a Preliminary Economic Assessment (PEA) targeted for December 2026. A Preliminary Feasibility Study (PFS) and short-form permitting are planned thereafter, with development targeted for 2028 and production for 2029.