VANCOUVER, BC - Gold Terra Resource Corp. (TSXV: YGT) (Frankfurt: TX0) (OTCQB: YGTFF) ('Gold Terra' or the 'Company') is pleased to announce the results of an updated, independent, Mineral Resource Estimate ('the 2026 MRE') prepared by SLR Consulting (Canada) Ltd ('SLR') on the Yellorex ('YRX'), Zone 103N, and Crestaurum deposits, part of its Yellowknife Project ('YP'), located near Yellowknife, NWT.
A Technical Report, prepared in accordance with NI 43 101 Standards of Disclosure for Mineral Projects, will be filed on SEDAR within 45 days of this notice.
Under the purchase agreement, the Company has the right to acquire 100% of the CMO property from a subsidiary of Newmont Corporation ('Newmont'), subject to the fulfillment of certain conditions set out in the agreement, as reported in the Company's news release dated November 22, 2021. Gold Terra's option on the CMO with Newmont is until November 21, 2027.
The 2026 MRE is based on a gold price of US$ 2,600. SLR started to work on the 2026 MRE in January 2026 and conducted a site visit to the Project on February 10 and 11, 2026.
This initial phase incorporates five new drill holes (1,523.2 metres) over YRX, a limited portion of the most recent 11,000 metre winter drilling program. The remaining results will be included in the second phase of an updated MRE, anticipated to be released in the Fall.
In addition, the 2026 MRE includes first time disclosure of the newly re-evaluated historical Zone 103N, a distinct mineralized zone of the CMO property, which was developed in the later years of Con Mine's operating life and includes underground development and drilling data. The Crestaurum deposit, located 20 kilometers north of town, has also been updated to consider higher metal prices and a revised approach.
The 2026 MRE is adding 595,000 Inferred ounces within 5.1 million tonnes grading 3.64 g/t from the Zone 103N, historically drilled from the Con Mine underground development in the northern extension of the Campbell Shear (CS) structure. The CS northern extension can be followed for 1.6 kilometres on three (3) different levels (2600, 2900 and 3100) or approximately 600 metres to 900 metres below surface. Zone 103N has excellent potential to increase the number of ounces of the YP and will be the subject of surface drilling currently planned to start in June 2026.
The Northbelt-Walsh Lake deposits were not included in this first phase update, but for Crestaurum. The previous Technical Report for these deposits was prepared by SGS (refer to Gold Terra Oct 21, 2022, Technical Report). The second phase of updates is currently planned to be released in Q4 2026 and will incorporate all recent surface drilling completed between January and April 2026, including 4,905 metres on the Walsh Lake zone.
Since the 2021 MRE, Gold Terra has completed approximately 10,000 metres of additional drilling on Walsh Lake, including the 4,905 metres in 2026. It is important to note that results from these drill programs have not yet been incorporated into the first phase of the updated 2026 MRE. Following the completion of assay result compilation, data validation, and geological interpretation, the Company plans to update the Walsh Lake MRE with SLR as part of the second phase of the 2026 MRE update.
Mineral Resource Estimate Highlights
The 2026 MRE, prepared by SLR, includes updates over the Yellorex and Crestaurum deposits, and includes an initial MRE for Zone 103N, the northern extension of the Con Mine within the Campbell Shear.
Zone 103N MRE
Underground Inferred Mineral Resource of 5,083,000 tonnes averaging 3.64 g/t Au for 595,000 ounces of contained gold
All Updated Deposits (Yellorex, Zone 103N, Crestaurum) MRE
Total Indicated Mineral Resource of 729,000 tonnes averaging 4.39 g/t Au for 103,000 ounces of contained gold
Total Inferred Mineral Resource of 7,534,000 tonnes averaging 3.69 g/t Au for 895,000 ounces of contained gold
Chairman and CEO, Gerald Panneton, commented, 'This updated first phase of the 2026 MRE demonstrates the potential that the Con Mine represents for Gold Terra to acquire 100% of the property. The Con Mine was closed at a time when gold prices were depressed since 1998 (US$ 256) to 2003 (US$ 340) and they were using a cut of grade of 10 g/t, to keep the Mine going. Compare this to today's gold prices of more than US$ 4,700 per ounce of gold. Gold Terra's effort and drilling programs are advancing the project towards enough ounces to sustain a potential restart of the Con Mine. The updated work of 2026 includes an initial MRE of approximately 595,000 Inferred ounces within 5.1 million tonnes grading 3.64 g/t at Zone 103N within the Con Mine Option property, underscoring its growing importance. We look forward to continuing our drilling program on the Campbell Shear and advancing the project towards a pre-feasibility economic study currently planned to be completed in 2027.
Technical Information and Quality Control Procedures
Gold Terra's drilling programs are monitored through the implementation of a quality assurance and quality control (QA/QC) program. The drill core (NQ size) is logged and sample intervals for assay are selected by Gold Terra's geologists. In general, the sampling intervals vary from half-a-metre to one-metre in length depending on the geology and mineralization observed. The drill core samples are cut by diamond saw at Gold Terra's core facilities in Yellowknife. Half of the core sample is left in the core box and stored in a dedicated core storage facility in Yellowknife. The other half-core samples are transported in securely sealed bags by Gold Terra personnel to ALS Limited ('ALS') preparation laboratory in Yellowknife. After sample preparation, samples are shipped to ALS Vancouver facility for gold and a complete digestion four acid ICP analysis for 33 elements. Gold assays of >3 g/t are re-assayed on a 30-gram split by fire assay with a gravimetric finish. ALS is a certified and accredited laboratory service operating to ISO 17025 standards. ALS routinely inserts certified gold standards, blanks and pulp duplicates, and results of all QC samples are reported. Gold Terra inserts certified standards and blanks into the sample stream as a check on laboratory QC.
In addition to traditional assay methods, Gold Terra also carries out a variety of spectrometry tests on selected core and rock samples to determine the associated mineral characterization and the gold deportment within the mineralized zones.
About Gold Terra
The Yellowknife Project (YP) encompasses 836 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 historical gold camps in Canada. Being within 10 kilometres of the City of Yellowknife, the YP 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 Campbell Shear, where approximately 14 Moz of gold has been produced in the past, (refer to Gold Terra Oct 21, 2022, Technical Report) and most recently on the CMO property claims immediately south of the past producing Con Mine which produced 6.1 Moz between the Con, Rycon, and Campbell shear structures (1938-2003).
The YCG and CMO properties lie on the Yellowknife greenstone belt, covering nearly 70 kilometres of strike length along the main mineralized shear system that hosts 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 seeking to re-establish Yellowknife as one of the premier gold mining districts in Canada.
Contact:
Gerald Panneton
Email: gpanneton@goldterracorp.com
Web: www.goldterracorp.com
Mara Strazdins
Tel: 1-778-897-1590
Email: strazdins@goldterracorp.com
Information Concerning Estimates of Mineral Resources
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Therefore, investors are cautioned not to assume that all or any part of an Inferred Mineral Resource could ever be mined economically. It cannot be assumed that all or any part of 'Measured Mineral Resources,' 'Indicated Mineral Resources,' or 'Inferred Mineral Resources' will ever be upgraded to a higher category. The Mineral Resource estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential development of such mineral resources. Refer to the Technical Report, once filed, for more information with respect to the key assumptions, parameters, methods and risks of determination associated with the foregoing.
Cautionary Note to United States Investors
The Company prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to Mineral Resources in this news release are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended ('CIM Standards'). The U.S. Securities and Exchange Commission (the 'SEC') has adopted amendments effective February 25, 2019 (the 'SEC Modernization Rules') to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934. As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of 'Measured Mineral Resources', 'Indicated Mineral Resources' and 'Inferred Mineral Resources', which are defined in substantially similar terms to the corresponding CIM Standards. In addition, the SEC has amended its definitions of 'Proven Mineral Reserves' and 'Probable Mineral Reserves' to be substantially similar to the corresponding CIM Standards.
U.S. investors are cautioned that while the foregoing terms are 'substantially similar' to corresponding definitions under the CIM Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance any Mineral Resources that the Company may report as 'Measured Mineral Resources', 'Indicated Mineral Resources' and 'Inferred Mineral Resources' under NI 43-101 would be the same had the Company prepared the Mineral Resource estimates under the standards adopted under the SEC Modernization Rules. In accordance with Canadian securities laws, estimates of 'Inferred Mineral Resources' cannot form the basis of feasibility or other economic studies, except in limited circumstances were permitted under NI 43-101.
Cautionary Note Regarding Forward-Looking Information
Certain statements made and information contained in this news release constitute 'forward-looking information' within the meaning of applicable securities legislation ('forward-looking information'). Generally, this forward-looking information can, but not always, be identified by use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or statements that certain actions, events, conditions or results 'will', 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved' or the negative connotations thereof.
All statements other than statements of historical fact may be forward-looking information. Forward-looking information is necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. In particular, this news release contains forward-looking information regarding the current drilling on the Campbell Shear, potentially adding ounces to the Company's current YP mineral resource, and the Company's objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.
There can be no assurance that such statements will prove to be accurate, as the Company's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the 'Risk Factors' section in the Company's most recent MD&A and annual information form available under the Company's profile at www.sedar.com.
Although the Company has attempted to identify important factors that would cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The forward-looking information contained in this news release is based on information available to the Company as of the date of this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All of the forward-looking information contained in this news release is qualified by these cautionary statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof. Except as required under applicable securities legislation and regulations applicable to the Company, the Company does not intend, and does not assume any obligation, to update this forward-looking information.
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