Mr. Gerald Panneton reports

GOLD TERRA CONFIRMS HIGH-GRADE INTERSECTION OF 9.36 G/T AU OVER 3 METRES IN WINTER PROGRAM OF MISPICKEL AREA, YELLOWKNIFE, NWT

Gold Terra Resource Corp. has released final assay results for all 19 drill holes, totalling 6,011 metres, drilled in the Mispickel area, including a higher-grade rerun assay for hole GTWL22-004, with reported visible gold (VG) and assay results for the remaining 11 holes of the program. The 2022 drilling program has successfully extended gold mineralization in the Mispickel area with the addition of two new gold zones, MP-Ryan and zone 14. Gold Terra plans to return to the area next winter with more drilling to infill and extend the three high-grade zones identified to date. The Mispickel area and multiple high-grade zones are open in all directions.

Chairman and chief executive officer 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 mine 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 is shown in an attached table. New assay results are shown for holes GTWL22-001, GTWL22-009 to GTWL22-013 and GTWL22-015 to GTWL22-019. Previously released holes include GTWL22-002 to GTWL22-008 and GTWL22-014, with one new updated rerun assay for GTWL22-004.

Highlights include hole GTWL22-017, which intersected 5.17 grams per tonne gold over three metres from 320 metres to 323 metres, and an updated rerun assay result for hole GTWL22-004, which returned 9.36 g/t Au over three metres from 57 metres to 60 metres, including the sample containing the visible-gold-bearing vein, which graded 27.7 g/t Au over one metre.

Geological summary

The Mispickel area is a broad, steeply easterly dipping shear zone upward of 200 metres wide. The host lithology of the Mispickel shear is interbedded argillite and siltstone for the 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, the main zone and the footwall zone contain smoky quartz veining with arsenopyrite, pyrite and pyrrhotite (plus or minus sphalerite mineralization), in addition to visible gold mineralization. Quartz veins, which appear to be subvertical, range from subcentimetre boudinaged veins to greater than one m smoky veins with coarse arsenopyrite mineralization. Alteration in the main and footwall zones is cryptic (thin bands of biotite and/or chlorite alteration), whereas the zone 14 hangingwall 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 require 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 m to 24 m -- 19 g/t Au over four m) and GTWL22-004 (57 m to 60 m -- 9.36 g/t Au over three m) expanded on known high-grade zones, whereas holes GTWL22-007 (102 m to 109 m -- 3.59 g/t Au over seven m) and GTWL22-014 (43 m to 46 m -- 31.89 g/t Au over three m) intersected new zones along strike to the north.

Of the 19 holes drilled at Mispickel, five holes contained multimetre zones of greater than 25 gram-metres gold, as shown in an attached table. Additionally, 11 holes intersected visible gold, signifying the endowment of this zone.

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 million ounces of inferred resources (see March 31, 2021, technical report). Following the 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 million ounces from 1938 to 2003.

Technical appendix

This news release reports new assay results from 10 drill holes, totalling 3,402 metres, from which 2,623 core samples were assayed. Assay results range from non-detectable gold to a highest assay of 7.84 grams per tonne gold. The company inserts certified standards and blanks into the sample stream as a check on laboratory quality control. 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 the ALS preparation laboratory in Yellowknife. Samples prepared by ALS are shipped to ALS's Vancouver facility for gold analysis. Gold assays of greater than three g/t are reassayed 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 the 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 herein are interpreted to be approximately 90 per cent 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.

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