Gold Terra Resource (TSX-V:YGT) has closed the second tranche of its C$10.8 million ($10.96 million) private placement, raising C$446,666 through the issue of 2.48 million shares at C$0.18 each.
The company’s issuance of shares closed on 6 August, expecting to close the final tranche on or around 20 August, subject to certain conditions.
The non-brokered offering carries no warrants and remains subject to final TSX Venture Exchange acceptance.
Gold Terra says the net proceeds will support general corporate purposes and two drilling programs at its Yellowknife Gold Project in Canada’s Northwest Territories.
The programs are planned for the northern extension of Zone 103 N at the Campbell Shear target and the historical tailings at the Con Mine Option property, which Gold Terra holds under option from a Newmont (ASX:NEM) subsidiary.
Around 12 million tonnes of processing residues were deposited at the Con Mine site between 1938 and 2003. Gold Terra expects the programs to run concurrently and says they are designed to confirm and potentially add gold ounces at the option property.
The company notes it paid C$21,400 in finders’ fees to arm’s-length parties and engaged Integrity Capital Group to support the financing.
Gold Terra’s Yellowknife Project covers 836km² of contiguous ground immediately north, south, and east of Yellowknife. The project lies close to all-season roads, air transport, hydroelectric power, and local service providers.
Exploration is focused on the Campbell Shear, where around 14 million ounces of gold has historically been produced, according to Gold Terra’s June 2026 technical report.
The adjacent former Con Mine produced 6.1 million ounces of gold from the Con, Rycon, and Campbell shear structures between 1938 and 2003. Gold Terra’s Yellowknife and Con Mine Option properties cover almost 70km of strike along the mineralised shear system hosting the former Con and Giant mines.
Write to France Pinzon at Mining.com.au
Images: Gold Terra
