Reviving One Of Canada’s Richest Gold Mines

Gold Terra Resource Corp. (TSX.V:YGT, OTCQB:YGTFF) taps veteran mine-builder Gerald Panneton to unlock a historic producer in Yellowknife.

Distributed on behalf of Gold Terra Resource Corp. Please see the disclaimer below.

“After 40 years as a successful gold explorer and developer, I still love the mining business and I can’t turn away from a golden opportunity. In this case, it is the prolific Campbell Shear in the Yellowknife mining camp, including the former Con Mine.”
— Gerald Panneton, CEO, Gold Terra Resource Corp¹”

When Gerald Panneton sets his sights on a project, the mining industry pays attention.

Known for his precision and execution, Panneton was the founder and former President / CEO of Detour Gold Corporation.

Between 2006 and 2013, he transformed the Detour Lake project from a 1.5-million-ounce resource into over 16 million ounces in reserves, bringing it into production in just over six years².

The foundation he built was later sold to Kirkland Lake Gold for $4.9 billion in January 2020³.

Today, Detour Lake stands as Canada’s largest gold producing operation⁴.

During his tenure at Detour Gold, Panneton raised approximately $2.6 billion in capital and earned the PDAC 2011 Bill Dennis Award for Canadian mineral discoveries and development⁵.

He now brings that same fast-track development mindset to Gold Terra Resource Corp. (TSX.V:YGT, OTCQB:YGTFF).

At the center of his new focus: reviving the high-grade Con Mine in Yellowknife, Northwest Territories.

He describes it as “a simple target with a simple goal.”

Six Million Ounces of Gold And Counting

Originally in operation from 1938 to 2003, the Con Mine produced 6.1 million ounces of gold over its 65-year lifespan⁶.

When it closed gold prices hovered around $300 per ounce⁷, despite the mine’s reputation for high-grade deposits.

Today, the global gold environment has shifted dramatically. As of July 2025, gold has topped to $3,400 per ounce,⁸ more than eleven times its value at the time of Con Mine’s closure.

This price surge is part of a broader structural tailwind for gold – driven by central bank buying, emerging industrial demand, and geopolitical instability.

In this environment, high-grade projects with infrastructure in place are gaining renewed attention, especially those like Con Mine, which were shuttered at a fraction of today’s gold price.

The Golden Spine of Yellowknife

The unique advantage Con Mine holds is its location along the Campbell Shear, one of the most prolific gold-bearing structures in Canada.

Across the broader Yellowknife camp, this shear zone has produced over 14 million ounces of gold historically¹⁰.

The Campbell Shear was discovered within the boundaries of the Con Mine in 1946, brought into production by 1956, and became a very rich zone for gold production after 1963¹¹.

While the Shear extends over 10 kilometers in strike length, up to 175 meters wide, and to depths of 2,000 meters, only a fraction of it was historically mined¹².

Gold Terra’s (TSX.V:YGT, OTCQB:YGTFF) 2025 campaign is designed to change that — targeting previously untouched zones 600–800 meters beneath the Robertson Shaft, using a wedge hole approach from an existing master hole that reached as far as 3,002 meters¹³. These deeper zones were previously inaccessible with older infrastructure or uneconomic at lower gold prices.

The results are expected to be very encouraging.

Early results underscore the potential: One recent intercept returned an astounding 534 grams per tonne (g/t) over 19.3 meters¹⁴ – a level of mineralization that puts the Con Mine in elite company.

Based on more than 21,000 meters of drilling, Gold Terra (TSX.V:YGT, OTCQB:YGTFF) has defined an initial resource of 109,000 ounces indicated at 7.55 g/t and 432,000 ounces inferred at 6.74 g/t¹⁵.

This represents only the upper part of the system—exploration is just beginning to test the deeper potential.

District-Scale Project With Significant Expansion Potential

Beyond Con Mine, Gold Terra controls a 918-square-kilometer land position surrounding Yellowknife²⁰ – one of the largest and most strategically located holdings in the region.

Gold Terra has steadily advanced four key deposits across this region: Sam Otto, Crestaurum, Barney, and Mispickel.

Nearly 70 kilometers of the Campbell Shear runs through this land package, yet only 8 kilometers of that trend has seen historic production²¹.

The remaining ~90% of the property has been largely underexplored.

Recent drilling south of the Con Mine has confirmed the presence of mineralized shear zones bearing quartz veining, sulfides, and visible gold. Many of these areas had never been systematically tested until now.

In March 2021, Gold Terra (TSX.V:YGT, OTCQB:YGTFF) published an updated NI 43-101 resource estimate for the four deposits, confirming a total Inferred resource of 1.2 million ounces, including:

8 million tonnes at 1.25 g/t gold(open-pit constrained) for 876,000 ounces, and
55 million tonnes at 4.04 g/t gold(underground) for 331,000 ounces. ²³

Together, these deposits represent just a portion of the Campbell Shear trend now under Gold Terra’s control, highlighting the scale of the opportunity and the untapped high-grade potential across the Yellowknife belt.

Existing Infrastructure Reduces Time and Capital Risk

A key advantage of the Con Mine project is its fully built infrastructure. The site includes the 1,950-meter-deep Robertson Shaft, a 10,000-square-foot warehouse, modern roads and utilities, a full dewatering system, and a recently built $10 million water treatment facility¹⁶.

Replicating this infrastructure today would cost between $150 million and $250 million¹⁷.

Underground mining infrastructure accounts for 35% to 60% of total development costs in new builds¹⁸ with average all-in sustaining costs reaching $1,800 per ounce in 2025 as reported by Alamos Gold. ¹⁹ That makes this is a critical advantage.

Gold Terra’s (TSX.V:YGT, OTCQB:YGTFF) inherited infrastructure significantly shortens the development timeline and reduces future capital requirements.

Just as important is the site’s location. Situated next to Yellowknife, the Con Mine has access to a year-round workforce, mature utilities, and transportation infrastructure.

It’s a rare combination. The project holds high-grade potential, built-in infrastructure, and a path to near-term development – without the typical greenfield risks.

5 Reasons To Add Gold Terra Resource Corp. (TSX.V:YGT, OTCQB:YGTFF) to Your Watchlist

Proven Mine Builder at the Helm
Gerald Panneton took Detour Gold from 1.5 million ounces to over 16 million², raised $2.6 billion⁵, and led the development of what became one of Canada’s largest gold mines, which sold for $4.9 billion³. That same focused approach now drives Gold Terra.
Historic Asset, Modern Gold Economics
Con Mine produced 6.1 million ounces⁶ before closing at $300/oz⁷. With gold now over $3,400/oz⁸, the same proven zones are potentially far more economic, without needing to reinvent the wheel.
Exceptional Drill Results in a Known System
Gold Terra is drilling beneath the historically mined Campbell Shear, returning standout results like 534 g/t over 19.3 meters¹⁴ and defining a high-grade resource of 540,000+ ounces,¹⁵ with deeper targets still to come.
Infrastructure That Fast-Tracks Development
With the Robertson Shaft, full utilities, roads, and a $10M water facility already on-site¹⁶, Gold Terra avoids years of capital-intensive buildout. Replacement cost is estimated at $150–$250 million,¹⁷ a major head start.
District-Scale Opportunity with Defined Path to Ownership
Gold Terra controls 918 km² across Yellowknife, including nearly 70 km of the prolific Campbell Shear²⁰. The company holds an option to acquire 100% of Con Mine from Newmont.²³.

The Yellowknife project hosts a high-grade system, deep infrastructure, and untapped potential, and it’s now under the guidance of one of Canada’s most accomplished mine builders.

From 14 million ounces already extracted to deep zones still unexplored, this proven district offers a rare chance to revive a legacy mine – rapidly, cost-effectively, and under a gold market that has never looked more favorable.

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For more information, visit: www.goldterracorp.com

¹https://goldterracorp.com/investors/videos/
²https://goldterracorp.com/corporate/directors/gerald-panneton/
³https://resourceworld.com/kirkland-lake-acquiring-detour-gold-for-4-9-billion/
⁴Largest Gold Mine in Canada: Detour Lake Producing Over 700,000 Ounces Annually – rcgcorp.cahttps://www.agnicoeagle.com/English/operations/operations/Detour-Lake-Mine/
⁵https://pdac.ca/about-pdac/awards/previous-awards-recipients
⁶https://goldterracorp.com/projects/con-mine-property/overview/
⁷https://resourceworld.com/a-conversation-with-geologist-gerald-panneton-executive-chairman-gold-terra-resource-corp/
⁸https://goldprice.org
⁹https://www.marketresearchfuture.com/reports/gold-mining-market-16112
¹⁰https://goldterracorp.com/projects/yellowknife-project/campbell-shear-priority-target/
¹¹ https://www.resource-capital.ch/en/news/view/gold-terra-announces-c15m-strategic-investment-and-option-agreement-with-newmont-to-purchase-100-of-miramar-northern-minings-past-producing-high-grade-gold-con-mine-yellowknife-nwt/
¹²https://www.resource-capital.ch/en/news/view/gold-terra-plans-to-drill-prolific-high-grade-campbell-shear-on-its-yellowknife-property/
¹³https://resourceworld.com/gold-terra-drilling-campbell-shear-con-mine-northwest-territories/
¹⁴https://theprospectornews.com/critical-investor-gold-terra-resource-looking-to-delineate-multi-million-ounce-deposit-at-yellowknife-city-gold-project-just-raised-c2-5m/
¹⁵https://goldterracorp.com/projects/con-mine-property/overview/
¹⁶https://cabinradio.ca/83984/news/yellowknife/gold-terra-discusses-reviving-con-mines-robertson-shaft/
¹⁷https://www.miningdoc.tech/2025/03/06/how-much-does-it-cost-to-run-a-mining-project/
¹⁸https://mshasafetyservices.com/understanding-the-cost-of-underground-mining/
¹⁹https://www.alamosgold.com/news-and-events/news/news-details/2025/Alamos-Gold-Reports-First-Quarter-2025-Results/
²⁰ 25-07-10_ygt_july_corp_presention_final_for_website.pdf
²¹https://www.nwtgeoscience.ca/gsforum/re-interpretation-geology-suggests-campbell-shear-extends-north-giant-mine-along-west-shore-walsh
²²https://www.streetwisereports.com/article/2021/12/28/new-ceo-for-gold-terra-gerald-panneton.html
²³https://goldterracorp.com/projects/yellowknife-project/overview/
²⁴https://goldterracorp.com/corporate/directors/gerald-panneton/

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June 10, 2025

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