Gold Terra Intersects 9.03 g/t over 5 metres at its High Grade Crestaurum Deposit, Yellowknife City Gold Project, Northwest Territories

The 9 holes totaling 1062 metres tested the main Crestaurum shear structure at shallow depths across 900 metres of strike length, and also tested high-grade secondary shears and splays in the hanging wall and footwall of the main shear.

President and CEO David Suda stated, “The  Crestaurum deposit is likely an extension of the Con Shear Zone which produced approximately 1 M oz of gold at the past producing Con Mine. 2020 drilling at the Crestaurum deposit identified multiple vein systems from near surface to approximately 250m below surface. With these results, we are confident that the Crestaurum could potentially be host to a substantial open pit scenario in the future.  In 2021, we will continue to focus on expanding our YCG resource and resume drilling on our highest priority target, the Campbell Shear, immediately south of the past producing Con mine (5 million ounces). Both the Campbell Shear and the Con Shear stratigraphy are exceptional due to the high-grade nature of their past producing gold deposits.”

Drilling Highlights

Hole GTCR20-104 intersected 9.03 g/t Au over 5 metres including 23.7 g/t Au over 1.0 meter within a mineralized shear zone containing quartz veins with visible gold. The hole is located approximately 40 metres up dip and 25 metres to the south from GTCR20-103 which intersected 9.60 g/t over 4.0m (NR 

December 9, 2020).  In addition, hole GTCR20-105 intersected 5.84 g/t Au over 2 metres approximately 75 metres up dip of GTCR20-104.  

Three holes were drilled in an area around the exploration shaft sunk in 1946, an area previously believed to be unmineralized. Hole GTCR20-102 had a narrow low grade intersection of 2.66 g/t Au over 0.80 metres, Hole GTCR20-106 was designed to test both the main shear and a hangingwall vein and intersected 3.23 g/t Au over 0.75 metres in the hangingwall vein and 1.75 g/t Au over 2.70 metres in the main shear. Hole GTCR20-107 intersected 2.31 g/t Au over 4.10 metres, including 10.55 g/t Au over 0.80 metres.

Three drill holes were drilled across approximately 200 metres of strike length to intersect the main shear at shallow depths above current high grade in the South Shoot area. These holes were designed to increase the near surface mineralization available for future open pitting. Hole GTCR20-108 interested 8.19 g/t Au over 1.95 metres, and GTCR20-109 intersected 3.43 g/t over 3.90 metres, including 7.11 g/t Au over 1.75 metres.  Both holes also intersected significant mineralization in the footwall of the main shear, including 2.53 g/t Au over 2.75 metres in hole GTCR20-109. Hole GTCR20-111 failed to intersect significant mineralization in the main shear and had two gram level assays in the hangingwall to the shear.

Hole GTCR20-110 was drilled south of the Daigle Fault to determine the location of the southern extension of the Crestaurum Shear beyond the fault. The shear structure was successfully intersected but was low grade (0.86 g/t Au over 3.0 metres).

Assays are pending for hole GTCR20-112.

Technical Appendix

This news release reports the assay results from nine (9) drill holes totaling 1,062 metres from which 264 core samples were assayed. Assay results range from non-detectable gold to a highest assay of 23.7 g/t Au. The Company inserts certified standards and blanks into the sample stream as a check on laboratory Quality Control (QC). Drill core samples are cut by diamond saw at Gold Terra’s core facilities in Yellowknife.  A halved core sample is left in the core box. The other half core is sampled and transported by Gold Terra personnel in securely sealed bags to ALS (ALS) preparation laboratory in Yellowknife. After sample preparation, samples are shipped to ALS’s Vancouver facility for gold analysis. Gold assays of >3 g/t are re-assayed on a 30 g split by fire assay with a gravimetric finish. Samples with visible gold are additionally assayed using a screen metallics method. ALS is a certified and accredited laboratory service. ALS routinely inserts certified gold standards, blanks and pulp duplicates, and results of all QC samples are reported.

Drill holes were drilled at right angles to the zones of mineralization and dip angles of holes were designed to intersect the zones as close to normal as possible. Zones reported here are interpreted to be 90-100 percent of true thickness. 

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’s Yellowknife City Gold Project

The YCG project encompasses 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 kilometres 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.

The YCG lies 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.

Visit our website at www.goldterracorp.com.

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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 Crestaurum Deposit 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.