Gold Terra Announces Sonic Drill Program to Evaluate Gold Content in Con Mine Historical Tailings, Yellowknife, NWT and Stock Options Grant

Gold Terra Resource Corp. announced a sonic drilling program targeting historical tailings at the former Con Mine in Yellowknife, NWT. The initiative involves drilling approximately 148 holes at 40m x 40m spacing, with an average depth of 20 to 30 metres. The objective is to establish the tonnage and grade of residual gold in the tailings to potentially create a low-grade surface stockpile for future processing.

Additionally, the company granted up to 3,800,000 stock options to directors, officers, employees, and consultants at an exercise price of C$0.205 per share, with the options vesting over 2.5 years. The tailings program and ongoing Zone 103N drilling are funded by a recent C$10.1 million capital raise. A Preliminary Economic Assessment (PEA) is anticipated by year-end 2026.

Gold Terra Resource Corp. announced a strategic move to target historical tailings, a decision that follows the company’s May 2026 Mineral Resource Estimate update and the financing secured in July and August 2026. This approach is considered a lower-risk, lower-cost exploration method compared to deep underground drilling. If successful, the initiative could yield a near-surface, low-grade resource that requires minimal processing, thereby improving project economics. However, the potential upside is limited by the nature of tailings, making it unlikely to single-handedly transform the project into a major mine without significant upgrades to the underground resource.

Additionally, the company granted stock options that are dilutive, representing approximately 0.81% of current shares. These options were priced at a slight premium to the recent trading range, at $0.205 versus $0.21, a factor that helps mitigate immediate negative market reaction. The announcement aligns with the company’s stated 2026 exploration roadmap and does not contain unexpected, market-moving information.

Gold Terra Resource Corp. (YGT) is a pre-revenue junior explorer focused on the Yellowknife Project in the Northwest Territories, Canada. Its flagship asset is the Con Mine Option (CMO) property, which grants the right to acquire 100% of the historic Con Mine from a Newmont subsidiary until November 21, 2027. The project sits on the prolific Campbell Shear, which historically produced approximately 14 million ounces of gold. The Con Mine itself produced 6.1 million ounces between 1938 and 2003.

Key exploration targets include the Yellorex Zone, Zone 103N (northern extension of the Campbell Shear), and the Walsh Lake Gold Corridor. The company has spent nearly C$19 million on drilling to date and is advancing toward a prefeasibility study level.