Chairman and CEO, Gerald Panneton, commented, “The latest drilling on the Yellorex zone was completed in preparation for our updated mineral resource estimate by year-end as the core from Hole 30 will be used for metallurgical testing.  Our updated mineral resource estimate is expected to add ounces from the Yellorex zone.”

The location of holes GTCM21-027,28 and 30 is shown in the following Figure 1: (see attachement)

Drilling Results

Hole GTCM22-030 was drilled as an ‘off-angle’ hole obliquely to the strike of the Campbell Shear to confirm the interpreted geometry of the Yellorex deposit’s strike and plunge. The interpreted zone orientation was confirmed, and three high-grade lenses were intersected consisting of smoky quartz veins with arsenopyrite and pyrite with minor sphalerite and stibnite. The sericite alteration halo surrounding the high-grade lenses is intensive and extends from 237 to 587 metres along the hole. The recognition of an extensive alteration halo signature extending for more than 200 metres along strike around a high-grade mineralized zone is significant for the future exploration of the Campbell Shear. This will allow Gold Terra to test the shear at a larger (200-metre) spacing using the signature alteration halo as a tool to vector into high grade lenses such as Yellorex. The excellent intersection of 26.5 metres of ore typical of the Campbell shear in hole GTCM22-030 will provide more core volume for the metallurgical testing. The historical recovery of more than 5 million ounces of gold at the Con Mine averaged around 90% over the years it was in production.

Holes GTCM22-027 and GTCM22-028 tested the Yellorex deposit at depth and are believed to be off the main plunge  of hole GTCM21-014 which intersected 5.22 g/t over 17.86 metres including 11.2 g/t gold over 4.57 metres (press release September 7,  2021). Both holes intersected the Campbell Shear at about 400 to 500 metres and minor mineralized zones consisting of arsenopyrite and pyrite stringers within a sericite alteration zone. Both holes intersected the alteration halo surrounding the Yellorex main deposit, which contains anomalous gold values in the 100ppb range over a width of approximately 100 metres. These holes are consistent with previous intersections just outside of the main high-grade plunge, typical of the Campbell shear zone.

A table of significant drill intersections for holes GTCM22-027, 028 and 030 are shown in Table 1: (see attachement)

The 2021 drill program of 26 holes totaling 12,687 metres was completed on December 18^th targeting the Campbell Shear over a strike length of 3 kilometres immediately south of the former Con Mine (1938-2003). The Campbell shear target and gold mineralization were intersected in all the holes of the 2021 program illustrating the continuity of the structure and identifying typical gold zoning similar to the former Con Mine gold mineralization.

The Company intends to drill approximately 40,000 metres in 2022 with the objective to delineate a  high-grade gold mineral resource to add to the Company’s current 1.2 million inferred ounces (See the technical report, titled "Technical Report on the 2021 Updated Mineral Resource Estimates, Northbelt Property, Yellowknife City Gold Project, Yellowknife, Northwest Territories, Canada" with an effective date of March 14, 2021, which can be found on the Company’s website at https://www.goldterracorp.com and on SEDAR at www.sedar.com) and ultimately advance towards an economic study.

Technical Appendix

This news release reports the assay results from three (3) drill holes from which 679 core samples were assayed. Results include final assays from holes GTCM-027, 028 and 030 for 1,918 meters of drilling, Assay results range from non-detectable gold to a highest assay of 30.0 g/t Au. The Company inserts certified standards and blanks into the sample stream as a check on laboratory Quality Control (QC). Drill core samples are cut by diamond saw at Gold Terra’s core facilities in Yellowknife. A halved core sample is left in the core box. The other half core is sampled and transported by Gold Terra personnel in securely sealed bags to ALS preparation laboratory (“ALS”) in Yellowknife. After sample preparation, samples are shipped to ALS’s Vancouver facility for gold analysis. Gold assays of >3 g/t are re-assayed on a 30 g split by fire assay with gravimetric finish. Samples with visible gold are additionally assayed using a screen metallic method. ALS is a certified and accredited laboratory service. ALS routinely inserts certified gold standards, blanks and pulp duplicates, and results of all QC samples are reported.

Drill holes GTCM22-027 and 028 were drilled at right angles to the structure hosting the mineralization and dip angles of holes were designed to intersect the zones as close to normal as possible. Zones reported here are interpreted to be approximately 90 percent true thickness. Hole GTCM22-030 was drilled obliquely to the interpreted strike of the mineralization to test the interpreted geometry of the mineralized zone, and for metallurgical testing purpose.

The technical information contained in this news release has been reviewed and approved by Joseph Campbell, Chief Operating Officer, a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Gold Terra’s Yellowknife City Gold Project

The YCG project encompasses 800 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 gold camps in Canada. Being within 10 kilometres of the City of Yellowknife, the YCG 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 prolific Campbell shear, where 14 Moz of gold has been produced, and most recently on the Con Mine Option claims immediately south of the past producing Con Mine (1938-2003).

The YCG lies on the prolific Yellowknife greenstone belt, covering nearly 70 kilometres of strike length along the main mineralized shear system that host 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 re-establishing Yellowknife as one of the premier gold mining districts in Canada.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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 on the Newmont Con Mine Option potentially adding high grade ounces to the Company’s current YCG mineral resource, future planned drilling on the Con Mine Option area 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.