Mr. Gerald Panneton reports

GOLD TERRA INTERSECTS HIGH-GRADE GOLD BEARING CAMPBELL SHEAR TARGET AT DOWNHOLE DEPTH OF 2,080 METRES ON CON MINE OPTION PROPERTY, NWT

Gold Terra Resource Corp.'s drill hole GTCM23-055 has intersected the upper portion of the high-grade gold-bearing Campbell shear at a downhole depth of 2,080 metres from surface to test for gold mineralization below the Con mine underground workings, on the Con mine option (CMO) property. Drilling continues through the Campbell shear which is typically 150 metres in width with mineralized zones generally three to 20 metres wide within the shear. The 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.

Chairman and chief executive officer Gerald Panneton commented: "A long-awaited moment for all Gold Terra shareholders to intersect the beginning of the prolific Campbell shear below the former Con mine underground workings and approximately 250 metres away from existing infrastructure and the Robertson shaft. The presence of alteration and veining in the core at the start of the Campbell shear intersection in hole GTCM23-055 confirms the potential to delineate additional ounces beneath the former Con mine. Once this hole is completed some 50 to 100 metres past the Campbell shear, additional wedge holes will allow us to further evaluate the Campbell shear structure."

Hole GTCM23-055 is targeted to intersect the down plunge extension of the prolific Campbell shear zone at depth below the Con mine deposit (1938 to 2003), where 5.1 million ounces of gold was produced at an average grade of 16 grams per tonne. Drill core from hole GTCM23-055 shows classic narrow calcite-dominant veining within chloritic alteration and the introduction of quartz-ankerite veining which usually marks the beginning of the structure in core.

Future updates

To hear about drilling updates and the company's future drilling plans, please join us on Tuesday, Nov. 7, at 11:20 a.m. at the Red Cloud Fall Mining Showcase, Sheraton Centre Toronto Hotel, 123 Queen St. West, Toronto, Ont., M5H 2M9.

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

The Yellowknife project (YP) encompasses 918 square kilometres 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 YP 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 million ounces of gold have been produced, and most recently on the Con mine option (CMO) property claims immediately south of the past-producing Con mine, which produced 6.1 million ounces between the Con, Rycon and Campbell shear structures (1938 to 2003).

The YP and CMO properties lie on the prolific Yellowknife greenstone belt, covering nearly 70 kilometres of strike length along the main mineralized shear system that hosts 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, reinforcing the company's objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.

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