Phase 1 Drilling Program of 12,000 Meters On Newmont Option Claims

VANCOUVER - Gold Terra Resource Corp. reported the start of a 12,000 meter drilling program to test the Campbell Shear, south of the former producing Con Mine, on the Company's recently optioned property from Newmont Ventures Limited and Miramar Northern Mining Limited, adjacent to its 100% wholly-owned Yellowknife City Gold project in the Northwest Territories. In this Phase 1 program, the Company plans to drill up to 19 holes testing over 1.2 kilometers of strike extension of the Campbell Shear at vertical depths between 250 and 600 meters to extend known gold mineralization.

Executive Chairman Gerald Panneton said, "The Campbell Shear target where more than 13 million ounces of Gold has been produced historically (Con and Giant mines) is the main reason I joined Gold Terra one year ago. Our first priority was to secure the option agreement with Newmont and now the time has come to start our drilling program on the prolific Campbell Shear extension immediately south of Newmont's Con Mine. We are very excited to begin drilling this month on what we believe to be one of the most prospective targets in the Yellowknife mining camp."

Data compilation work completed by Gold Terra in 2020, including an integrated 3 Dimensional model of 13,699 historical drill holes from underground and surface exploration of the Campbell Shear, highlighted the prospectivity of the southern extension of the Campbell Shear. In particular, some very good historical intersections were previously drilled on the Campbell Shear southern extension with limited follow-up drilling. With the Southbelt property (100% Gold Terra) and the option on the Newmont ground, the Company will be able to test the Campbell Shear, which remains relatively underexplored south of the Con Mine and at depth.

At the former Con Mine, the Campbell Shear (5.1 of the 6 million ounces produced between 1938-2005) dips west and is located between two stratigraphic unconformities, namely the Jackson Lake Formation to the east (equivalent to the Timiskaming in Abitibi) and the Bode debris flow to the west. At the Con Mine, the Campbell Shear is known for 2 kilometers, but it is extensive in strike length (over 65 kilometers as part of the district-scale Yellow River fault Zone) in the Yellowknife mining camp and extends vertically to over 2,000 metres. At the Con Mine, the Campbell Shear zone demonstrated widths from 10 to 175 meters in some areas. To the south of the Con Mine, the Campbell Shear structure extends over 20 kilometers and has been largely underexplored with very limited exploration since 1961.

Compilation work further identified that the majority of the historical drilling south of the Con Mine targeting the Campbell Shear structure was terminated at the first shear zone intersection and failed to test the footwall. Some of Gold Terra's Phase 1 drilling will target beyond the current known structure and into the Jackson Lake Formation.

On the ground optioned from Newmont, the Campbell Shear extends for another 2.3 kilometers. It was tested at Yellowrex from surface to about 600 meters vertical - historical drill hole MY1 intersected the Campbell Shear at that level and returned 2.8 g/t Au over 13.4 m1. It was also tested at Kam Point North from surface to about 250 metres vertical - historical drill hole KC054 intersected 4.21 g/t Au over 7.0 m1 and KC069 intersected 1.92 g/t over 11.32 m1. All historical drilling from Yellowrex to Kam Point North indicated the presence of the Campbell Shear, showing intense shearing and gold mineralization and will be the focus of Gold Terra's Phase 1 drilling (Figure 3. Long Section).

Based on the success of Phase 1 drilling (approximately 12,000 meters), the Company will plan a deeper Phase 2 program, which will include a series of holes testing the Campbell Shear at 800 meters depth below the area tested by Phase 1.

The objective of this Phase 1 drilling program is to test the Campbell Shear over a strike length of nearly 1.2 kilometers at 125-150 meter spacing. The first series of holes are intended to intersect the Campbell Shear between 250 and 600 meters below surface and continue through the footwall to cross the entire width of the shear. The drilling program also includes a second series of drill holes to test the shear at 800 meters below surface, subject to the success of the Phase 1 drilling results.

Gold Terra has filed for an amendment to its Land Use permit (LUP) with the Mackenzie Valley Land and Water Board (MVLWB) and expects drilling to commence in November on its 100% owned Southbelt property using its current LUP. Drilling will continue all winter long as per the Covid-19 policy already in place with same local manpower. The company is fully funded to complete the Phase 1 drilling program.