4 May 2026
Yellowknife, N.W.T. – Gold Terra Resource (TSXV: YGT; US-OTC: YGTFF) is among a small group of explorers seeking to rebuild a mining pipeline in the Northwest Territories amid the closure of diamond mines and few new emerging projects.
The Newmont (NYSE: NEM; TSX: NGT)-backed company is working to turn the past-producing Con mine into Yellowknife’s next producer as part of its expansive Yellowknife City gold project. Gold Terra plans to release an updated resource on the Con mine option shortly, a second update in September and a preliminary economic assessment by year-end.
“We have an opportunity with the gold price, with the timing, to recreate value and a future for generations in Yellowknife as we bring back mining,” chairman and CEO Gerald Panneton told The Northern Miner during a site visit this week. Panneton is the founder and former CEO of Detour Gold, who brought the Detour Lake mine into production in just over six years before Agnico Eagle Mines (TSX, NYSE: AEM) took over Detour Lake after it merged with Kirkland Lake Gold in 2022.
Con, which started production in 1938, effectively created Yellowknife by anchoring an economy in an area that was remote and sparsely populated in the early 20th century. The opening of Con, located just 2 km south of downtown Yellowknife, led to a gold rush and the start of a permanent community. Con produced 5.1 million oz. grading 16 to 20 grams gold per tonne from the Campbell shear until 2003, when it closed due to low gold prices.
The proposed Con transaction can be a win-win situation for both companies. Gold Terra signed an option agreement with Newmont in 2021, due to last until 2027, that will give the explorer the opportunity to acquire Newmont subsidiary Miramar Northern Mining. Gold Terra must still spend at least $8 million (US$5.8 million) on exploration, complete a prefeasibility study showing 1.5 million oz. in all resource categories, secure approvals and make a final $8 million cash payment. Gold Terra has drawn the attention of Eric Sprott, who raised his interest to 10% last November and the Mackenzie Fund which hosts a 7% stake.