Gold Terra Reports Results from the Crestaurum Drilling Program on its Yellowknife City Gold Project in the Northwest Territories (9.60 g/t over 4.5 metres in hole GTCR20-103)

The Company has now commenced its 12,000 metre drilling program targeting the Campbell shear target south of the Con Mine (past production of 6 million ounces of gold).

President and CEO David Suda stated: “The drilling program has been successful in extending the Crestaurum shear structure by 500 metres to the southwest and to a depth of 600 metres. It remains open and untested for another two kilometres to the southwest. The Crestaurum deposit remains a near-surface target (surface to 200 metres) with the potential for additional high-grade gold mineralization.”

The first 10 holes totaling 5,864 metres were widely spaced (+150 metres) and confirmed the depth extension of the Crestaurum shear structure to 600 metres and its extension to the southwest on the other side of the Daigle Fault by 500 metres (refer to news release October 27, 2020 for the results of the first four holes). The remaining six (6) holes intersected the Crestaurum shear with low-grade gold mineralization due to the lack of quartz veining (Link to Long Section) (Link to Cross Section for holes GTCR20-093 and 096).

Another 15 shallow holes totaling 1,784 metres tested the Crestaurum shear structure to the southwest beyond the Daigle Fault; secondary high-grade shears, veins and splays; and several high-grade zones in the main Crestaurum shear to the northeast. The first five holes are reported today (Link to Long Section).

Hole GTCR20-103 intersected 9.60 g/t Au over 4.5 metres within the main Crestaurum shear to the north (Link to Cross Section).

Following the new interpretation that the Daigle Fault was not displacing the Crestaurum main shear, Gold Terra extended hole TCR15-057 to a depth of 190 metres and confirmed the continuation of the Crestaurum shear system 30 metres to the southwest at a vertical depth of 60 to 95 metres. The high-grade intersection of 43.00 g/t Au over 1 metre (hole TCR15-057X) contained quartz veins with visible gold and is currently interpreted to be in the footwall of the main Crestaurum shear (Link to Cross Section).

Hole GTCR20-100 intersected 16.60 g/t Au over 1 metre in a quartz vein in the hanging wall of the main Crestaurum shear (Link to Cross Section).

Assays are pending from the remaining 10 shallow holes. All holes intersected more than one shear structure, potentially indicating the presence of multiple mineralized secondary shears and splays converging towards the main Crestaurum shear.

Technical Appendix

This news release reports the assay results from 11 drill holes totaling 4,101 metres from which 1,189 core samples were assayed. Assay results range from non-detectable gold to a highest assay of 43.6 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 (ALS) preparation laboratory 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 a gravimetric finish. Samples with visible gold are additionally assayed using a screen metallics 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 were drilled at right angles to the zones of 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 90-100 percent of 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.

The Company also announces the departure of Alan Sexton, Vice President Exploration, effective December 1, 2020. The Company wishes to thank Mr. Sexton for his years of contribution to the Company and wishes him success in his future endeavours.

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.

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:

David Suda, President and CEO

Phone: 604-928-3101 | Toll-Free: 1-855-737-2684

dsuda@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 Crestaurum deposit remaining a near-surface target (surface to 200 metres) with the potential for additional high-grade gold mineralization 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.