Gold Terra Resource (WKN A2P0BS / TSXV YGT) has released a promising update on its ongoing winter drilling program at the Yellowknife project in Canada’s Northwest Territories. The focus is on work along the historically high-grade Campbell Shear (CS), approximately two kilometers south of the former Con Mine.
According to Gold Terra, eight diamond drill holes have already been completed in the Yellorex target area, as well as two additional holes in the Northbelt area, approximately 20 kilometers north of the city of Yellowknife, at the Mispickel target. All samples from the completed boreholes have already been sent to the laboratory, and Gold Terra expects the analysis results within the usual processing times.
The work is being carried out as part of the Con Mine Option (CMO) property. Through an option agreement, Gold Terra has the right, under certain conditions, to acquire 100% of the CMO property from a subsidiary of Newmont. According to the company, the option runs until November 21, 2027. CEO Gerald Panneton emphasizes that the winter program should help to define “additional ounces” in the existing resource estimates and, in particular, to strengthen the “indicated” category. Two drilling rigs are currently working on the Con Mine option; a total of more than 2,600 meters have been drilled on this sub-area to date.
Yellorex: Eight drill holes intersect the Campbell Shear, assays still pending
In the Yellorex target area, Gold Terra has drilled boreholes GTY26-001 to GTY26-008 – a total of 2,613.7 meters. According to Gold Terra, the aim of these boreholes is to investigate areas for which there has previously been little or no drilling information. While boreholes GTY26-009 and GTY26-010 are still in progress, the company has already published geological core observations on the completed holes.
Accordingly, all Yellorex drillings have penetrated the Campbell Shear (shear zone)! Characteristic features are variable, sometimes strong quartz-ankerite and smoky quartz veins, accompanied by sericite-dominated alteration. Gold Terra highlights sericite as an important feature, as this alteration is often associated with gold mineralization in the system. According to the release, the mineralized intervals vary from moderately to strongly developed quartz and ankerite vein packages. In addition, there are sulfides – mainly pyrite and arsenopyrite, locally also stibnite and sphalerite, and occasionally chalcopyrite.
The table on the drillings shows that the Campbell Shear sections in the individual holes sometimes have considerable thicknesses. For example, Gold Terra reports a CS section of 81.1 meters in GTY26-002, 84.1 meters in GTY26-005 and even 95.8 meters in GTY26-007. It is important to note that these figures describe the drilled shear zone intervals including vein and alteration packages; the decisive gold grades will only be available with the outstanding assays.
Gold Terra is positioning the Yellorex targets where the company already presented a resource estimate (resource estimate) in 2022 and where potential for additional ounces is seen between the surface and 700 meters depth. Three sub-areas are mentioned: the Yellorex Main Zone (YRX), whose close-meshed drillings in 2021/2022, according to the company, have supported more than 65% of the 2022 resource estimate; Yellorex North (YRX-N), which was drilled in 2023 and was not included in the 2022 resource estimate; and areas south of the main mining structures (C17 and the 3100′ level), which were historically drilled from underground and are said to have partially untested historical analyses.
Northbelt: Mispickel drillings build on high-grade results from 2022
In addition to Yellorex, Gold Terra is also focusing on the Northbelt. There, the GTWL26-020 and GTWL26-021 drillings in the Mispickel target were completed to depths of 300.7 and 307.7 meters, respectively. They are testing mineralization associated with the previously reported high-grade borehole GTWL22-014. According to the release, two further drillings (GTWL26-022 and GTWL26-023) are in progress.
For classification, the company recalls the 2022 drilling program in the Mispickel system (19 holes, 6,011 meters) and mentions several high-grade sections reported at the time: including 19.00 g/t gold over 4 meters (including 73.9 g/t over 1 meter) in GTWL22-002, 7.63 g/t over 3 meters (including 22.5 g/t over 1 meter) in GTWL22-004 and 31.89 g/t over 3 meters (including 69.4 g/t over 1 meter) in GTWL22-014. The current drillings – typically for Mispickel – have again intersected several deformation zones, sulfide mineralization and quartz veining. The remaining holes are to further explore along the strike to the north and south, more precisely delineate high-grade trends and also test a new area in the southeast.
New resource estimate: SLR to deliver 2026 update
In parallel to the ongoing drilling work, Gold Terra has commissioned the renowned experts SLR Consulting to prepare an updated resource estimate for the Yellowknife project. The last resource estimate dates back to 2022; according to company information, several zones were not taken into account at that time. The update is expected to be available in the second half of 2026, with a first draft expected before April 2026. For Gold Terra, this is a central milestone in order to further advance the project – especially as the ongoing drillings explicitly aim to define additional ounces and increase the proportion in higher-value categories.
Background: Gold Terra’s Yellowknife project comprises 836 square kilometers of contiguous land around Yellowknife. Gold Terra is currently focusing on the Campbell Shear, along which approximately 14 million ounces of gold have historically been produced. With the 2026 winter drillings, Gold Terra now wants to close data gaps – initially geologically visible in the thick shear zone sections, and in a next step, as soon as the laboratory results are available, also on the basis of reliable gold grades.
