Gold Terra Announces High-grade Sampling Results along a 700-Metre-long Epithermal Gold-Silver Corridor with up to 32.9 g/t Gold and 579 g/t Silver, Mulligan Project, New Brunswick

Chairman and CEO, Gerald Panneton, commented, “The Mulligan Project was acquired in 2019 as part of the acquisition of Gold Matter Corporation. While our primary focus is on the Con Mine Option in Yellowknife NWT, we have completed a modest exploration program as part of the New Brunswick Junior Mining Assistance Program (NBJMAP), with a net cost of $ 30,000. We are confirming that the excellent potential of the Mulligan project will add value and optionality to our property portfolio with such very positive results. As part of our project criteria strategy, the property is located very close to existing infrastructure and more importantly, the project is of a very high-grade nature, typical of an epithermal system.”

Highlights of Results

Summary results on the 2022 Trench #1 and Trench #2 work are as follows:

Trench No. 1:

Two stockwork systems were exposed in Trench #1 at Mulligan Gulch Felsic porphyry as shown in Figure 1:

1. Stockwork/sericite alteration trending 296°/78° NW-SE orientation

• Channel sampling (32 samples of 0.5 meters) averaged 3.48 g/t over 16 m.
• Highest channel sampling gold value of 32.9 g/t Au and silver value of 579 g/t Ag.

2. Stockwork/sericite alteration zone trending 225°/80° SW-NE orientation

• Grabs samples averaged 5.44 g/t over 24.8 metres along the strike of the stockwork trend
• Highest gold value of 24.7 g/t

Trench No. 2:

Outcrop was stripped over an area approximately 20 x 40 meters and 48 grab samples were collected over this broad area for analysis. The average gold grade for the 48 samples is 0.98 g/t Au with highest value of 7.1 g/t Au.

The Company received a grant of $15,000 from the New Brunswick Junior mining Assistance program and the Company contributed an additional $30,000 for a work program of $45,000.  The 2022 trenching and stripping program was conducted to follow-up on the anomaly and gold/silver mineralization discovered and sampled in 2017-2018.  Based on our 2022 positive results, future exploration activity will be proposed for the project area to create cost effective value and optionality to the Company and its shareholders. The Mulligan project is situated close to the western edge of the Bathurst Mining Camp, 10 kilometres north-east of the Puma William Brook Gold discovery  (See Puma news release – high-grade intersections such as 14.90 g/t Au over 3.60 m in hole WB22-96 and 10.96 g/t Au over 3.75 m in hole WB22-91) and 12 kilometres from the Trevali Caribou VMS Mine. The location of the project and geology are shown in Figure 2:

The Mulligan project appears to be a Low Sulphidation (LS) epithermal system as indicated by the presence of extensive silicification and alteration near stockwork and veins and a strong brecciation and silicification of the rhyolite. Extensive sericite alteration is associated with the gold and silver mineralization. Mineralization consists of Au, Ag, As, Zn, Pb. 

The 2022 sampling program confirms high-grade gold-silver hydrothermal mineralization within the Mulligan felsic breccia. The hydrothermal system could be very large extending at least 700 metres between Trench 1 and 2. Geophysical signatures from lower chargeability and higher resistivity IP survey data could indicate a NE trending silicified alteration and mineralization system developed over a minimum distance of 1.7 kilometers.

The Company intends to continue its work on the Mulligan property as the project is a very attractive high-grade Au-Ag new discovery in an area poorly explored in the past. Our recent program in 2022 has outlined multiple areas of high-grade mineralization at surface covering an area of 50 metres by 700 metres, which is open in all directions. The Mulligan felsic breccia and its hydrothermal system could be very large extending more than what has been defined. As geophysical signatures from lower chargeability and higher resistivity IP survey data indicate NE trending silicified alteration and a much larger mineralization system, the Company intends to continue its work in 2023 to better outline the overall system with additional geophysical surveys. 

In 2017-18 gold was discovered on the property with initial sampling yielding up to 8.9 g/t Au and 1500 g/t Ag. The average gold grade was 5.7 g/t over 16 meters. In September of 2020, a drilling program was conducted totaling 1,650 meters in 11 holes to test high chargeability IP anomalies from a survey conducted in 2019. A total of 1,100 samples were fire assayed for gold and silver values. Gold values varying between 0.1 to 1 g/t were encountered, but the source of the higher-grade gold and silver was not replicated.  As such, the 2022 summer program to strip overburden, trench and sample was conducted to better understand the geology and the structural model before doing another drill program. The 2022 summer program for a direct cost of C$ 30,000 illustrates the systematic approach that Gold Terra’s team uses to evaluate its assets from early discovery to advanced exploration and adding high-grade ounces such as at the Con Mine Property, the Company’s flagship project in the NWT.

Full sampling results:

Trench #1 Channel Au and Ag Results – Stockwork trending NW-SE 296°/78°:

Only several high-grade Au samples were assayed for Ag, when over 10 g/t Au. These high-grade samples indicate the potential for substantial added value to the Mulligan prospect.

Qualified Persons

Joe Campbell, P. Geo., Chief Operating Officer for Gold Terra, a Qualified Person within the meaning of NI 43-101, have reviewed and approved the technical information contained in this news release.

About Gold Terra

The Mulligan Gulch project is a secondary, but important, exploration property for Gold Terra. Gold Terra’s primary exploration focus is the Yellowknife City Gold (YCG) project encompassing 800 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 kilometers of the City of Yellowknife, the YCG 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 14 Moz of gold has been produced, and most recently on the Con Mine Option claims immediately south of the past producing Con Mine (1938-2003).

The YCG lies on the prolific Yellowknife greenstone belt, covering nearly 70 kilometers 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.

Visit our website at www.goldterracorp.com

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.

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 on the Newmont Con Mine Option potentially adding high grade ounces to the Company’s current YCG mineral resource, future planned drilling on the Con Mine Option area 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.