Gold Terra Resource Corp. will start a sonic drilling program in the first week of September 2026 to evaluate historical tailings at the former Con Mine in Yellowknife, Northwest Territories.

The Upper Pud Tailings Storage Facility program will comprise about 148 sonic drill holes spaced 40 by 40 metres, averaging 20 to 30 metres deep. The work aims to establish tonnage and grade, support metallurgical testing, and provide an Indicated resource.

Gold Terra allocated C$7.2 million from a recent C$10.1 million financing toward drilling programs, including the tailings and Yellorex. The company anticipates a Preliminary Economic Assessment by year-end 2026.

An initial inferred mineral resource estimate in June 2026 outlined 5,083,000 tonnes averaging 3.64 g/t gold for 595,000 ounces at Zone 103N. Historical figures stood at 650,000 ounces at 11 to 12 g/t gold.

“The evaluation of the historic tailings is an important part of Gold Terra's strategy to seek and add potential additional ounces to its mineral resources on the CMO. The tailings represent a compelling exploration target, as the material originated from mined ore graded between 16 to 20 g/t Au over the course of the Mine operation between 1938 and 2003*.”

— Gerald Panneton, Chairman and CEO

Under the purchase agreement, Gold Terra may acquire 100% of the Con Mine Option property from a Newmont Corporation subsidiary until November 21, 2027. Additionally, the board approved a stock option grant for up to 3,800,000 common shares at C$0.205 per share for five years.

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