Chairman and CEO, Gerald Panneton, commented, “The Mispickel area now has two additional new high-grade gold zones located north and west of the original main Mispickel area. The Mispickel area is strategically situated 20 kilometres north of Yellowknife and complements our flagship Con Mine Option Property where we are currently drilling at depth along the Campbell Shear south of the Con and on which an updated mineral resource estimate will be provided in September.”

Drilling Results

A summary of drill results for all 19 drill holes are shown in Table 1 below. New assay results are shown for holes GTWL22-001, 009 to 013 and 015 to 019.  Previously released holes include GTWL22-002-008 and 014 with one new updated re-run assay for GTWL22-004.

Highlights include hole GTWL22-017 which intersected 5.17 g/t Au over 3 metres from 320-323 metres and an updated re-run assay result for hole GTWL22-004 which returned 9.36 g/t Au over 3 metres from 57-60 metres, including the sample containing the visible gold-bearing vein which graded 27.7 g/t Au over 1 metre.

Table 1 – Summary of Assay Intersections on Mispickel MP-Ryan Zone

The location of drill holes in the Mispickel MP-Ryan area are shown in the following Figure 2.

Geological Summary

The Mispickel area is a broad, steeply easterly dipping shear zone upwards of 200 metres wide. The host lithology of the Mispickel shear is interbedded argillite and siltstone for majority of the system (Footwall and Main Zone) and medium grained greywacke on the western end (Zone 14) and to the north.

Within this shear corridor, MP Ryan, Main, and Footwall zones contain smoky quartz veining with arsenopyrite, pyrite, pyrrhotite, ± sphalerite mineralization, in addition to visible gold mineralization.  Quartz veins, which appear to be sub-vertical, range from sub-cm boudinaged veins to >1m smoky veins with coarse arsenopyrite mineralization. Alteration in the Main and Footwall zones is cryptic (e.i. thin bands of biotite and/or chlorite alteration) whereas the Hanging wall zone 14 contains sericite alteration surrounding mineralized veins. The zone 14 vein is 1.2 metres and different, consisting of white greyish quartz with visible gold.  Only hole GTWL-22-14 intersected this new high-grade zone, and will required further drilling to evaluate its potential.

The purpose of this drill program was to expand the footprint of known mineralization. This involved drilling above and below known gold occurrences and drilling along-strike in the shear system. The program was successful at doing both: holes GTWL22-002 (20-24m: 19 g/t Au over 4m) and GTWL22-004 (57-60m: 9.36 g/t Au over 3m) expanded on known high-grade zones whereas holes GTWL22-007 (102-109m: 3.59 g/t Au over 7m) and GTWL22-014 (43-46m: 31.89 g/t Au over 3m) have intersected new zones along-strike to the north.

Of 19 holes drilled at Mispickel, 5 holes contained multi-meter zones of >25 gram-metre Au as shown in Table 2 below. Additionally, 11 holes intersected visible gold, signifying the endowment of this zone.

Table 2 – Greater than 25 gram-metre intervals at Mispickel 

Potential Exploration

Figure 3 below shows the Mispickel area trend with exploration targets to the north and south.

2022 Drill Program

The Company’s 2022 primary drilling program remains focused on testing the continuity of the mineralized zones within the Campbell shear south of the former Con Mine with the objective of adding high-grade ounces to the current 1.2 Moz inferred resources (see March 31, 2021 Technical Report). Following closure of the winter program, the company is continuing its drilling on the Campbell shear structure south of the former Con Mine which produced 6.1 Moz (1938-2003). 

Technical Appendix

This news release reports new assay results from ten (10) drill holes totalling 3,402 metres from which 2623 core samples were assayed. Assays results range from non-detectable gold to a highest assay of 7.84 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 GoldTerra personnel in securely sealed bags to ALS preparation laboratory (“ALS”) in Yellowknife. Samples prepared by ALS 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 and 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 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.

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.

Visit our website at www.goldterracorp.com
For more information, please contact:

Gerald Panneton, Chairman and CEO
gpanneton@goldterracorp.com

Mara Strazdins, Manager of Investor Relations
Phone: 1-778-897-1590 | 604-689-1749 ext 102
Strazdins@goldterracorp.com

In Europe:
Swiss Resource Capital AG
Jochen Staiger
info@resource-capital.ch
www.resource-capital.ch

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.