The company just announced a mineral resource update of 1.2Moz on the Sam Otto, Crestaurum, Barney and Mispickel deposits, consisting of an open pit constrained inferred resource of 21.8 million tonnes grading 1.25g/t for 876,000oz and an underground inferred resource of 2.55Mt grading 4.04g/t for 331,000oz.

"There will be no drilling on these for 2021 as they bring enough ounces into the picture for now," said executive chair Gerald Panneton during a webinar.

"The focus will be on the Campbell Shear to the south as we need to reach 2Moz to justify a PEA or PFS. Drilling at Campbell Shear, if it can bring in 1-2Moz of high-grade material, means the deposits to the north would be incremental ounces to an operation in the south."

The Campbell Shear has produced 13Moz over 7km of strike length in a structure up to 250m wide and down to depths of 2km. Gold Terra has an option from Newmont to earn up to 60% of a concession the south of historical Con mine, which produced 5.1Moz grading 16g/t.

The Yellowrex and Kam Point areas already have resources defined near surface which are part of the earn-in with Gold Terra looking to drill down to 500m vertical below these to find more mineralisation. "The question is not if the shear zone is there or not, but its potential has never really been well tapped. There is a hole at 600m depth of 13.4m grading 2.8g/t drilled in the past that was never followed up," said Panneton.

Shares in Gold Terra Resource are trading at C29c, valuing the company at $55 million.