Mr. Gerald Panneton reports

GOLD TERRA COMPLETES ITS MASTER DEEP HOLE AT 3002 METRES TO BE USED FOR WEDGE HOLES TARGETING THE PROLIFIC CAMPBELL SHEAR, CON MINE OPTION PROPERTY, NWT

Gold Terra Resource Corp. has outlined its phase 2 deep drilling program designed to continue targeting the prolific Campbell shear (CS} from the recently completed master hole GTCM24-056 on the Con mine option (CMO) property. Hole GTCM24-056 was drilled to a depth of 3,002 metres and will serve as a master hole from which to branch off with as many wedges as possible to evaluate the CS in a first phase of drilling from 600 metres to 700 metres below the current Robertson shaft depth, updip and laterally. The branching-off wedge drilling strategy from the same master hole will allow for the evaluation of the CS with substantial benefits rather than drilling holes from surface.

The objective of the phase 2 drilling program is to continue testing for high-grade gold in the CS (past production of 5.1 Moz (million ounces) at 16 g/t (grams per tonne) on the Con mine below the historic Con mine underground workings. The CMO property is under option from a subsidiary of Newmont Corp. and is 100 per cent acquirable by the company upon fulfilment of certain conditions set out in the CMO property option agreement, as reported in the company's news release dated Nov. 22, 2021. The target is located downdip from the 5.1 Moz mined deposit plunging steeply to the south between elevation approximately 1,900 metres (Robertson shaft depth) and approximately 2,600 metres.

Chairman and chief executive officer Gerald Panneton commented: "We have successfully completed hole GTCM24-056 to a depth of 3,002 metres with no damage to the master hole. Our strategy remains unchanged to branch off the master hole with wedges to reach the CS with shorter holes than from surface. The wedge holes will open a large underexplored area downplunge from the prolific CS that is 600 metres to 800 metres below the existing infrastructure and will eventually add high-grade ounces to our next MRE (mineral resource estimate). The completion of this deep master hole GTCM24-056 to 3,000 metres was a great achievement of our team and of the Foraco team of drilling operators.

Phase 2 drilling program highlights

The first wedge is planned to start at 2,000 to 2,100 metres downhole with a CS target of minus 2,700 metres, or 800 metres, below the Robertson shaft. Wedges holes are designed to target the CS at depth first and as the company moves updip, the wedges will be placed higher up. The first updip wedges will be started after a short break.

The phase 2 drilling program will consist of an initial plan of wedge holes (five to seven) with an approximate estimate drilling length of 3,000 metres.

Master hole GTCM24-056 highlights

Deep in the hole, areas of deformation indicating a possible proximity to the CS were seen in the core, however, these are areas which need to be evaluated. An area of increased deformation was seen in the core from 2,782 to 2,824 metres containing quartz veining, intermittent fabric development, and blocky texture as follows:

• 2,782 metres: start of minor quartz-ankerite veining;
• 2,787 to 2,798 metres: epidote breccia zone;
• 2,793 to 2,799 metres: weak shear with minor QV; po-py-carb;
• 2,799 metres: minor bull QV with chlorite inclusions; fabric sub to CA; mx to weak fabric;
• 2,817 metres: fault gouge;
• 2,817 to 2,824 metres: mx to weak fabric; minor quartz-carb veining; minor po-cp;
• Below 2,924 metres, the drill intersected pillowed volcanic rocks with intermittent strain zones containing quartz-carbonate veining. The strain fabric may be a sign of proximity to the Campbell shear structure. The core will be evaluated.

In addition, as previously reported, hole GTCM24-056 identified new gold mineralization ranging up to 13.90 g/t Au over 0.60 metre in the hanging granite wall of the Con shear. The Con shear was intersected further down the hole at a depth of 1,366 to 1,405 metres from surface with anomalous gold assays up to 0.6 g/t Au over 0.6 metre.

The hole intersected a granite from 264 metres to 1,365 metres containing numerous quartz veins with pyrite, arsenopyrite, stibnite, sphalerite and one occurrence of visible gold.

At the granite's lower contact, the Con shear (past production one million ounces of gold at a grade of 20 g/t, refer to the Oct. 21, 2022, technical report) was encountered, representing the deepest intersection of the Con shear, with a multimetre-wide white quartz vein and numerous narrow smoky grey quartz veins. The Con shear was intersected where anticipated, suggesting good predictable of shear-hosted mineralization at depth on the Con mine property. The new intersection adds potential for the Con shear to be expanded to supplement the CS.

The first deep hole, GTCM23-055, intersected 12.63 g/t Au over 1.7 m in the CS structure approximately 150 m below the Con mine workings, demonstrating the potential of the CS at depth.

The 2024 deep drilling program aims to expand the September, 2022, initial mineral resource estimate (MRE) of 109,000 indicated ounces of contained gold and 432,000 inferred ounces of contained gold between surface and 400 metres below surface along a two-kilometre corridor of the Campbell shear.

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 Resource Corp.

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.

We seek Safe Harbor.