Gold Terra Drilling Confirms Continuity of Gold Mineralization to Over Two Kilometres in Campbell Shear South of Con Mine, Newmont Option, Northwest Territories

Today’s results establish continuity of gold mineralization in the Campbell Shear structure for over two kilometres immediately south of the former Con Mine (where 5 of the 6 million ounces of gold produced was in the Campbell Shear structure) (Figure 1).  Results from the recent three holes provide confirmation that the gold system being targeted has the same controls on gold mineralization as the former Con Mine. High-grade zones, similar to those mined at Con and those intersected in holes GTCM21-003 and 005 earlier in the Phase 1 drilling at 150-200m spacing, are part of the same system that needs to be drilled systematically with closer spacing . 

President and CEO David Suda stated, “We are highly encouraged that results to date establishes continuity of the gold mineralization for over two kilometers and a strong correlation with historical assay results and historically, the same gold envelope part of the Con Mine. All holes have intersected the Campbell Shear with the same distinct alteration and pinch and swell structures similar to the Con Mine mineralization style.  This includes the high-grade gold values intersected earlier in the program (see March 23, 2021 and April 6,2021 news releases). These latest results add confidence to our geological model to potentially outline more higher-grade gold mineralization on the Newmont Option ground. We are planning our Phase 2 drilling program of another 10,000 meters beginning this summer along the Campbell shear structure which remains open at depth and along strike to the south.”

Drilling Highlights

Results for holes GTCM21-007, GTCM21-008 and GTCM21-009 totaling 1,452.45 metres are as follows and shown in Figure 2:

• Hole GTCM21-007 intersected 77 metres of the Campbell Shear. Importantly, a gold-bearing zone within the shear consisted of strong and pervasive sericite alteration with quartz veins, pyrite and arsenopyrite needles and returned14 g/t Au over 11.05 metres, including 2.99 g/t Au over 3.30 metres. Historically at the Con Mine, results such as these were indicative of proximity to high-grade ore. The mineralization in hole GTCM21-007 occurs below a gold zone identified in historical drill holes and shows continuity of this zone down dip. Historical intersections included 4.21 g/t Au over 7.01 metres in hole K-054 and 3.42 g/t Au over 12.68 meters in hole KC-071 (Note – The intersections stated here are historical in nature and have not been verified by Gold Terra. Hole location, downhole survey, assay and lithologic data was obtained from the Con mine databases, and therefore is assumed by Gold Terra to be reasonably valid).
• Hole GTCM21-008 intersected 82 metres of the Campbell Shear. Alteration and shearing is less intense, and only minor gold mineralization occurred on the footwall of the shear where the best assay result was 1.26 g/t Au over 0.74 metres. Although the character of the alteration and mineralization likely indicate this hole is more distal from high grade, the strong shear, and anomalous gold values extends the continuity of the gold bearing structure.
• Hole GTCM21-009 intersected 238 metres of the Campbell Shear. A good alteration halo was intersected with anomalous gold (0.6 g/t Au over 7.5 metres, including 1.18 g/t Au over 2.5 metres) as well as other narrow zones of 0.5 to 1.5 g/t Au in the hanging wall and footwall of the shear. The very wide shear, good alteration, and the anomalous gold values flag this area for follow-up drilling. Hole GTCM21-009 intersected an exceptionally wide Campbell Shear with an undeformed portion (39 metres). These were historically described as “horses” by Con Mine geologists and are significant for localizing gold mineralization in the pressure shadows they create. One of the objectives of this drill program was to identify favourable alteration halos around these undeformed “horses” to locate potential pressure shadow zones where gold can occur. Hole GTCM21-009 appears to meet the criteria for hosting a gold-bearing pressure shadow.

Geologic Model

The drill program has identified favourable alteration halos located within potential pressure shadow zones where high-grade gold can occur. Figure 3 is a schematic section illustrating the exploration model for locating the discrete high grade gold mineralization within the Campbell Shear. A level plan based on underground development on the Campbell Shear shows the targeted alteration types. The auriferous zones that are evident in holes GTCM21-007 and 009 indicate potential proximity to these lodes. High grade lodes have historically been located successfully in the Campbell Shear Structure and the limited drilling to date is considered highly encouraging.

Technical Appendix

This news release reports the assay results from three (3) drill holes totaling 1,452.45 metres from which 545 core samples were assays. Assays results range from non-detectable gold to a highest assay of 5.81 g/t Au. The best intersections are listed in Table 1. 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 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 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 80 to 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.

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.

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