Gold Terra Starts Winter Drilling Program on Con Mine Option Property to Expand Current Mineral Resources

18 January 2023

January 18, 2023, Vancouver, B.C. – Gold Terra Resource Corp. (TSX-V: YGT; Frankfurt: TX0; OTC QX: YGTFF) (“Gold Terra” or the “Company”) is pleased to announce the start of an 8,000-metre winter drilling program on the Con Mine Option (“CMO”) Property in Yellowknife, NWT. The CMO property is under option from subsidiaries of Newmont Corporation and is acquirable by the Company upon fulfillment of certain conditions set out in the CMO agreement, as reported in the Company's news release dated November 22, 2021.

The initial drilling program will consist of 20 holes drilled from surface to a depth of -600 metres over a 2-kilometre stretch with the objective of expanding the September 2022 initial Mineral Resource Estimate  (“MRE”)(see September 7, 2022 press release) along the Campbell Shear south of the Con Mine. In addition, preparations are underway to move in a second drill which is capable of drilling 2,500 metre holes to test the depth extension of mineralization below the former Con Mine.

Chairman and CEO, Gerald Panneton, commented, "This winter drilling program will continue to focus on expanding the current near surface mineral resources on the CMO on where the initial MRE was based on. At the same time, we are planning, to drill the down plunge extension of the Con Mine deposit below -1,900 metres as we strongly believe there is significant additional high-grade potential. The current MRE remains open in all directions along the prolific 6-kilometre-long Campbell Shear structure from which the Con Mine produced more than 5 million ounces of high-grade gold (16 g/t Au) on 2 kilometres of strike length alone. Our goal is to advance the project towards an economic study and bring further value to our shareholders."

Drilling Program on the Yellorex North, Yellorex and Kam Point deposits

The focus of the winter drilling program is to expand the current mineral resource estimate with targets being shown in Figure 1 below.

All these targets are located along the Campbell Shear structure between surface and -500 meters depth with the exception of one hole which will test the depth of the Yellorex Main deposit where most of the initial MRE is located.

The drilling program will start on the Yellorex North target this week, with the first seven (7) holes drilled near surface representing the best underexplored target of the area. The target area is very close to existing underground mining infrastructure and tested only by one hole in 2022 (GTCM22-039).

2022 Key Achievements

 The Company announced an initial MRE of an underground Indicated 0.82 million tonnes averaging 7.55 g/t for 109,000 ounces of contained gold and an underground Inferred of 2.0 million tonnes averaging 6.74 g/t for 432,000 ounces of contained gold (See Sept 7, 2022 press release for full details). The October 21, 2022 technical report, titled "Initial Mineral Resource Estimate for the CMO Property, Yellowknife City Gold Project, Yellowknife, Northwest Territories, Canada" with an effective date of September 2, 2022 can be found on the Company's website at and on SEDAR at

  • The initial CMO mineral resources was delineated at a discovery cost of $12 per oumce.
  • On November 21, 2022, the Company completed a non-brokered private placement for gross proceeds of $3.8 million. This financing is allowing the Company to have a substantial winter drilling program on the CMO Property.

Qualified Persons

Joe Campbell, P. Geo., Senior Geological Advisor for Gold Terra is a Qualified Person within the meaning of NI 43-101 and has reviewed and approved the technical information contained in this news release.

About Gold Terra

The YCG project encompasses 800 sq. km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, Gold Terra controls one of the six major high-grade gold camps in Canada. Being within 10 kilometers of the City of Yellowknife, the YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power, and skilled tradespeople. Gold Terra is currently focusing its drilling on the prolific Campbell Shear, where 14 Moz of gold has been produced, and most recently on the Con Mine Option claims immediately south of the past producing Con Mine (1938-2003).

The YCG and CMO property lie on the prolific Yellowknife greenstone belt, covering nearly 70 kilometers of strike length along the main mineralized shear system that host the former-producing high-grade Con and Giant gold mines. The Company's exploration programs have successfully identified significant zones of gold mineralization and multiple targets that remain to be tested which reinforces the Company's objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.