Gold Terra Resource raises C$10.1 million for drilling

Gold Terra Resource Corp. has completed a C$10.1 million private placement to fund exploration activities at its Yellowknife Gold Project in Canada’s Northwest Territories. The total funds were raised through three tranches, with the final tranche closing recently to bring the aggregate gross proceeds to approximately C$10.1 million.

The capital is earmarked for two primary drilling programs. The first, targeting the northern extension of Zone 103N along the Campbell Shear, commenced on August 7. The second program, scheduled for September, will target historical tailings at the Con Mine, which contain an estimated 12 million tonnes of processed ore residues deposited between 1938 and 2003.

These drilling initiatives aim to confirm and expand gold ounces at the Con Mine Option property, which Gold Terra holds under option from a subsidiary of Newmont. The company is focused on the Yellowknife greenstone belt, a region where the Campbell Shear has historically produced approximately 14 million ounces of gold.