Gold Terra Resource (WKN A2P0BS / TSXV YGT) has released the first assay results from the 2026 winter drilling program at the Yellorex Zone, south of the historically producing Campbell Shear! The focus is on the first seven drill holes of the program on the Con Mine Option area, immediately south of the former Con Mine near Yellowknife. Gold Terra aims to confirm historical drilling and expand the near-surface resource estimate from 2022 on the Con Mine Option area.
The strongest interval reported to date comes from drill hole GTY26-001, where Gold Terra intersected 20.35 meters grading 8.20 g/t gold (!) between 242.5 and 262.85 meters depth. This includes 6.75 meters grading 18.80 g/t gold starting at 254.75 meters. The results come from a 10,000-meter winter drilling program in the Yellorex Zone of the Campbell Shear. The goal is to further confirm and expand the known near-surface resource from surface level down to a depth of 500 meters on the Con Mine Option.
The Con Mine Option is strategically significant for Gold Terra. Under the terms of the purchase agreement, the company has the right to acquire 100% of the property from a Newmont subsidiary, provided certain conditions are met. In parallel with the drilling program, Gold Terra is also advancing an updated resource estimate.
Gold Terra confirms continuity in the Campbell Shear
For Gold Terra, the geological continuity of the Yellorex Zone is of particular importance. All drill holes reported to date in the GTY26-001, 002, 003, 004, 005, 006, and 008 series have intersected the Campbell Shear. Characteristic features include quartz-ankerite and smoky quartz-rich veins with strong, sericite-dominated alteration. According to the company, this feature is one of the key parameters of gold mineralization in the Campbell Shear.
In addition to GTY26-001, GTY26-004 also returned a significant interval as 19.10 meters grading 4.54 g/t gold were intersected between 335.90 and 355.00 meters, including 2.00 meters grading 20.23 g/t gold. Additionally, the drill hole intersected 7.80 meters at 2.47 g/t gold between 366.90 and 374.70 meters, including 1.10 meters at 13.59 g/t gold. This combination of thicker and higher-grade intervals is important for Gold Terra because it provides insights into the internal distribution of gold mineralization within the structure.
Several other drill holes also returned strong, continuous gold values. GTY26-002, for example, returned 15.15 meters at 3.20 g/t gold, including 5.60 meters at 4.11 g/t gold and 3.90 meters at 5.90 g/t gold. In GTY26-003, Gold Terra reports 10.40 meters at 3.42 g/t gold, including 2.90 meters at 6.52 g/t gold. GTY26-005, 006, and 008 were somewhat weaker in comparison but also confirm the presence of the mineralized structure.
Yellorex is expected to expand Gold Terra’s resource
Drilling in the Yellorex area is focused on zones where Gold Terra has already delineated a resource estimate in 2022 and sees additional potential between the surface and a depth of 700 meters. These include the Yellorex Main Zone, Yellorex North, as well as C17 and the 3100’ level within the Campbell Shear south of the former mine workings.
The Yellorex Main Zone forms a core area. According to the company, drill holes spaced 30 to 50 meters apart from 2021 and 2022 account for more than 65% of the 2022 resource estimate. Yellorex North was drilled in 2023 but was not yet included in this estimate. C17 and the 3,100-foot level, in turn, lie south of the main workings of the historic mine and were previously drilled from the 2,300-foot and 3,100-foot levels. According to Gold Terra, there are also historical, previously untested assay results within the Campbell Shear in this area.
The results now presented are relevant for Gold Terra because the company aims to add additional ounces, primarily to the indicated category. Chairman and CEO Gerald Panneton emphasizes that further drilling is necessary to report more ounces in this category. At the same time, the Campbell Shear remains the company’s primary target, partly due to its historical significance: According to the technical report dated October 21, 2022, the former Con Mine produced more than 5 million ounces of gold there with an average grade of 16 g/t gold.
Gold Terra advances drilling and a new MRE in parallel
According to Gold Terra, the 2026 winter program is proceeding as planned. To date, 23 drill holes totaling approximately 8,000 meters have been completed using two drill rigs. This demonstrates that the company is making rapid progress in the Yellorex Zone and is systematically expanding its drilling campaign.
In parallel, independent experts from SLR Consulting are working on an updated resource estimate for Gold Terra, which is scheduled for completion in March 2026. This new MRE (Mineral Resource Estimate) will not yet include the results of the ongoing 2026 winter program but will incorporate the 103 North zone. Gold Terra is thus pursuing two objectives simultaneously: in the short term, updating the resource estimate, and in the medium term, further expansion through ongoing drilling.
The broader context for this work is the Yellowknife Project, which covers 836 square kilometers of contiguous land north, south, and east of the city of Yellowknife in the Northwest Territories. According to the company, Gold Terra controls one of Canada’s six major high-grade gold camps there. Of particular importance at present is the Campbell Shear in the Con Mine Option Area south of the former Con Mine, which produced a total of 6.1 million ounces of gold between 1938 and 2003 in the Con, Rycon, and Campbell structures.
With the first seven drill holes from Yellorex, Gold Terra has now presented additional data supporting the continuity of the Campbell Shear in the target area and broadening the basis for the next expansion steps at the Con Mine Option.
