Mr. Gerald Panneton reports

GOLD TERRA DEEP DRILL HOLE INTERSECTS CON SHEAR WITH VISIBLE GOLD SPECKS ON CON MINE OPTION PROPERTY, NWT

Gold Terra Resource Corp. has provided an update on the deep drilling program designed to test gold mineralization at depth below the Con mine deposit (1938 to 2003), where 5.1 million ounces of gold were produced at an average grade of 16 grams per tonne. The Con mine option (CMO) property is under option from subsidiaries of Newmont Corp. and is acquirable by the company upon fulfilment of certain conditions set out in the CMO property agreement, as reported in the company's news release dated Nov. 22, 2021.

Hole GTCM23-055 intersected 22.5 metres of the Con shear starting at 858 metres with several visible gold (VG) specks reported during logging. The Con shear was mined from 1938 until the 1960s with the C1 shaft to a depth of 800 metres and produced one million ounces (Moz) at 20 g/t gold. The deposit was thought to be cut-off by a granite intrusive. The current hole has demonstrated that the Con shear is open at depth and in all directions, therefore warranting further drilling to assess its excellent potential to add ounces on the CMO.

Hole GTCM23-055 is progressing well currently at a depth of 1,135 metres toward its primary target, the Campbell shear, at a depth of 2,000 metres where very high-grade gold intersections have been reported in historic underground drill holes.

Chairman and chief executive officer Gerald Panneton commented: "Intersecting the Con shear is a big plus for our drilling program. We are excited about the Con shear intersection as this mineralized zone has the potential to add additional ounces to our current mineral resource, and where we already have existing infrastructure at depth."

An update on the CMO property deep drilling program will be presented by chairman and CEO Mr. Panneton at the John Tumazos Very Independent Research 2023 Virtual Conference virtually on Wednesday, June 7, at 9:45 a.m. EDT. The webcast may be accessed through the company's website. The replay will be available within 24 hours after the presentation.

The former Con mine is a world-class gold deposit and part of the prolific Yellowknife mining camp where 6.1 million ounces of high-grade gold were recovered from the underground operation from both the Con shear and Campbell shear. The first deep drill hole of the summer program, GTCM23-055, has intersected the Con shear from 858 to 880.5 metres (22.5 metres) and is on track to intersect the primary Campbell shear target below 2,000 metres. The opportunity will exist to wedge off the initial hole and target other high-grade zones in the area.

In addition to the Con shear the deep drill hole has intersected several felsic intrusive bodies above and below the Con shear that contain mineralized quartz veins. Limited sampling from historical underground drill holes on these felsic intrusive bodies reported several multigram gold intersections. Gold Terra will be testing these mineralized zones for potentially adding to its mineral resources.

The Con shear intersection contains zones of intense mineralization. A few fine specs of VG have been noted in the footwall zone of the Con shear in a smoky quartz vein with stibnite and sphalerite in addition to arsenopyrite and pyrite.

The focus of the 2023 drilling program is to expand the September, 2022, initial mineral resource estimate (MRE) (see Sept. 7, 2022, press release) of 109,000 indicated ounces of contained gold and 432,000 inferred ounces of contained gold between surface and to a depth of 400 metres below surface along a two-kilometre corridor of the Campbell shear. Refer to the Oct. 21, 2022, technical report, titled "Initial Mineral Resource Estimate for the CMO Property, Yellowknife City Gold Project, Yellowknife, Northwest Territories, Canada," with an effective date of Sept. 2, 2022, by qualified person Allan Armitage, PhD, PGeo, SGS Geological Services, which can be found on the company's website and on SEDAR.

Qualified person

Joe Campbell, PGeo, senior technical adviser for Gold Terra, is a qualified person within the meaning of National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.

About Gold Terra Resource Corp.

The YCG project encompasses 800 square 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, YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydroelectric power and skilled tradespeople. Gold Terra is currently focusing its drilling on the prolific Campbell shear, where 14 Moz of gold have been produced, and most recently on the Con mine option claims immediately south of the past-producing Con mine (1938 to 2003).

The YCG and CMO properties lie 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.

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