Star Metro - Gold Terra Announces New Drill Targets on the Campbell Shear North Extension on the Con Mine, Yellowknife, NWT

Gold Terra has identified numerous historical targets within the Con Mine underground infrastructure between 500 metres to 1000 metres below surface. The Con Mine produced a total of 6.1 Moz between 1938 and 2003 and closed at a time when gold price averaged US$ 340 per ounce and while using a cut-off grade (COG) of 10 g/t Au (Refer to the Oct. 21, 2022 Technical Report).

The largest of these targets (see Figure 1 and 1A) is an interpreted 1.4 kilometre long Northern Extension of the Campbell Shear structure between section 6600N and 8000N, and between 600 metres to 1,200 metres below surface, which was previously drilled in the 1990's from underground stations between level 1900 and 2900 (580 metres and 885 metres).

The proposed plan is to:

• Drill at 100 metres spacing to confirm the underground historical drill results which extend for more than 1 kilometer north of the Con Mine.

• Test three (3) other areas between 800 metres vertical to 1400 metres within the Con Mine main ore body that weren't mined historically.

• Test and In-fill drill in the Con Mine south area where the Company has already outlined a NI43-101 resource on the Yellorex and Yellorex North deposits (See Note 2 further in the press release- Mineral Resource Estimate (MRE) dated September 2022). This drilling is intended to bring this area up to a Drill Indicated confidence level and increase the size of the Yellorex and Yellorex North zones which remained open along strike and plunge following the October 2022 NI43-101 mineral resource estimate.

Chairman and CEO, Gerald Panneton, commented, "In this current gold price environment, we have reviewed over the summer many additional targets at the Con Mine well within reach of existing underground infrastructure. With gold price now well above US$3700/oz; this is a game changer. We have 100% access to a district-scale prospective land position ― one of the largest past-producing high-grade gold belts in Canada along the prolific Campbell Shear. Over the last few months, we have re-evaluated our options and are excited to start this drilling program which targets shallower gold mineralization along the past producing CS structure."

Following the completion of the 2025-2026 drilling program, the Company is planning to update its 2022 Mineral Resources Estimate (MRE) (See Note 2 further in this press release) which will include the new drilling results, a higher gold price and potentially a lower cut-off grade. It is anticipated that the updated MRE will be followed by a Preliminary Economic Assessment (PEA).

Under the CMO agreement, the Company has the right to acquire 100% of the CMO property from a subsidiary of Newmont Corporation, subject to the fulfillment of certain conditions set out in the agreement, as reported in the Company's news release dated November 22, 2021. Gold Terra's option on the CMO with Newmont is until Nov 21, 2027, supporting ongoing CS drilling and potential resource growth.

Figure 1 -Composite Long Section showing the location of the planned 2025-2026 drilling program:

Notes:

Note 1. Historical Estimate:

The Con Mine closed in 2003 at a time when the gold price was around US$ 340 per ounce, with approximately 650,000 ounces at 11-12 g/t Au in historical mineral resources and reserves (See table below). The historical estimate was compiled and reported by Miramar Northern Mines Ltd. (MNML) during its operation and closure of the Con Mine in 2003. There are no known more recent estimates.

Refer to the October 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 September 2, 2022, by Qualified Person, Allan Armitage, Ph. D., P. Geo., SGS Geological Services, which can be found on the Company's website at https://www.goldterracorp.com and on SEDAR+ at www.sedarplus.ca.

Source: MNML

The historical estimates are historical in nature and should not be relied upon, however, they do give indications of mineralization on the property. The Qualified Person has not done sufficient work to classify them as current Mineral Resources or Mineral Reserves and Gold Terra is not treating the historical estimates as current Mineral Resources or Mineral Reserves. Parameters for the resource/reserve categories listed above are not known.

Note 2, October 2022 Mineral Resource Estimate:

Indicated and Inferred resources (MRE October 2022 - see Gold Terra's Oct. 21, 2022 Technical Report) near surface and south of the Con Mine are shown in the table below:

1. The classification of the current Mineral Resource Estimate into Indicated and Inferred is consistent with current 2014 CIM Definition Standards - For Mineral Resources and Mineral Reserves.

2. Additional drilling will be required to upgrade/verify the resource estimates.

Yellowknife Project 2021 MRE:

The Yellowknife Project has an extensive land position with over 836 square kilometres covering 70 kilometers of the CS and the previous exploration results indicate the potential to host multiple deposits. To date, the Yellowknife Project's contiguous Northbelt Property has a March 2021 mineral resource estimate of 1,207,000 inferred ounces 15 km north of the Con Mine and the city of Yellowknife in 4 satellite deposits, with the Crestaurum open pit @ 6 g/t Au (see Gold Terra's Oct. 21, 2022 Technical Report).

For current resource estimates please refer to the October 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 September 2, 2022, by Qualified Person, Allan Armitage, Ph. D., P. Geo., SGS Geological Services, which can be found on the Company's website at https://www.goldterracorp.com and on SEDAR at www.sedarplus.com.

Gold Terra's strategic land holdings covering an extensive mineralized system in the Yellowknife Gold Belt are shown in the figure below:

The technical information contained in this news release has been reviewed and approved by Joseph Campbell, a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects and Senior Technical Advisor for the Company.

About Gold Terra

The Yellowknife Project (YP) encompasses 836 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 kilmetres of the City of Yellowknife, the YP is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power, and skilled tradespeople. Gold Terra is currently focusing its drilling on the prolific Campbell Shear, where approximately 14 Moz of gold has been produced, and most recently on the Con Mine Option (CMO) Property, immediately south of the past producing Con Mine which produced 6.1 Moz between the Con, Rycon, and Campbell shear structures (1938-2003) (refer to Gold Terra Oct 21, 2022, Technical Report).

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 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.

For more information, please contact:

Gerald Panneton, Chairman & CEO
[email protected]

Mara Strazdins, Investor Relations
Phone: 1-778-897-1590 | 416-710-0646
[email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Information Concerning Estimates of Mineral Resources

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Therefore, investors are cautioned not to assume that all or any part of an Inferred Mineral Resource could ever be mined economically. It cannot be assumed that all or any part of "Measured Mineral Resources," "Indicated Mineral Resources," or "Inferred Mineral Resources" will ever be upgraded to a higher category. The Mineral Resource estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential development of such mineral resources. Refer to the Technical Report, once filed, for more information with respect to the key assumptions, parameters, methods and risks of determination associated with the foregoing.

Cautionary Note Regarding Historical Estimates and Newmont Corporation's Involvement

The historical estimate referenced in this press release, which was carried out during the operation and closure of the Con Mine by Newmont's predecessor company (2003), are provided for historic context only. These estimates do not reflect Newmont's current resource base. Gold Terra is solely responsible for the exploration and verification of these resources, and any updated estimates will need to comply with current industry standards. Newmont Corporation is not responsible for Gold Terra's exploration activities, nor for any resource updates or future developments related to the CMO Property.

Cautionary Note to United States Investors

The Company prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to Mineral Resources in this news release are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended ("CIM Standards"). The U.S. Securities and Exchange Commission (the "SEC") has adopted amendments effective February 25, 2019 (the "SEC Modernization Rules") to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934. As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources", which are defined in substantially similar terms to the corresponding CIM Standards. In addition, the SEC has amended its definitions of "Proven Mineral Reserves" and "Probable Mineral Reserves" to be substantially similar to the corresponding CIM Standards.

U.S. investors are cautioned that while the foregoing terms are "substantially similar" to corresponding definitions under the CIM Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance any Mineral Resources that the Company may report as "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources" under NI 43-101 would be the same had the Company prepared the Mineral Resource estimates under the standards adopted under the SEC Modernization Rules. In accordance with Canadian securities laws, estimates of "Inferred Mineral Resources" cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101.

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, potentially adding ounces to the Company's current YCG mineral resource, 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.

SOURCE: Gold Terra Resource Corp

View the original press release on ACCESS Newswire

F.T. Michaud--SMC