Gold Terra’s Yellowknife City Gold Project – The advantage of existing infrastructure

Gold Terra’s yellowknife City Gold Project –

The advantage of existing infrastructure

Gold Terra’s Yellowknife City Gold Project encompasses 800 square kilometres of contiguous land north, south, and east of the city of Yellowknife.

Gold Terra believes there is more high-grade gold to be found in this existing mining camp and has an option to purchase 100 per cent of the former Con Mine property from Newmont. Gold Terra is continuing to advance exploration work on their property with a drilling program designed to test the Campbell Shear along strike south of the former producing Con Mine from surface to greater depths of approximately 1,000 metres.

A good infrastructure network is critical for successful mining operations. Gold Terra has a major advantage as their districtsize property is next door to the City of Yellowknife, situated in a key historic mining district with existing mining infrastructure from a long history in mining for gold and diamonds in the Yellowknife area. Gold mining is what created the city of Yellowknife in the 1930s, and where the Con and Giant mines had a combined output of over 14 million ounces at an average grade of 16 g/t gold.

One of the major obstacles to exploring and operating in Canada’s northern regions is the lack of existing critical infrastructure. Not only are the costs of mineral exploration, drilling, and developing mines significantly higher in remote regions, the higher cost is linked directly to the lack of infrastructure in northern regions. As such, companies operating in these remote areas must invest in vital infrastructure such as winter and permanent roads, accommodation facilities, and power stations. Additionally, there is often the lack of a nearby workforce, and it is costly to accommodate workers.

Gold Terra’s Yellowknife City Gold Project encompasses 800 square kilometres of contiguous land north, south, and east of the city of Yellowknife. The company controls a significant land play in one of the six major high-grade gold camps in Canada with the advantage of existing infrastructure in place, including seasonal roads, a local hydro-electric power plant, a nearby airport, a train station, and a workforce close by. The project has a major cost advantage as workers can go home at night and the cost of drilling is on par with exploration in less remote regions.

Gold Terra believes there is more high-grade gold to be found in this existing mining camp and has an option to purchase 100 per cent of the former Con Mine property from Newmont. From 1938 to 2003 the Con Mine produced over 6.1 MM ounces of gold from the Con and Campbell Shear Zones. Currently the underground

Con mine is flooded with water, but the existing infrastructure inside the mine, including the Robertson shaft, which goes down to approximately 1,900 metres vertical depth, is intact and could be cost effective to rehabilitate for any future mining operation.

Gold Terra is continuing to advance exploration work on their property with a drilling program designed to test the Campbell Shear along strike south of the former producing Con Mine from surface to greater depths of approximately 1,000 metres. High‐grade gold mineralization has been intersected in multiple targeted zones, including Yellorex, Yellorex North, Kam Point, and the Y88 zone. Gold Terra has completed 22,491 metres of drilling on the Campbell Shear since September 2020. An updated mineral resource estimate is scheduled for the fall of 2022, which will include the high-grade Yellorex zone, part of the Con Mine option property under option from Newmont.

Initial metallurgical testing has also been ongoing on the project. Gold Terra has received very positive initial metallurgical test results on the Yellorex zone, which achieved gold recoveries of 92 per cent. The recovery process involved milling, gravity, sulphide flotation, regrind of concentrate, followed by pressure oxidation (pOX) and cyanidation. High gold recoveries of up to 98.8 per cent were achieved into the flotation concentrate alone. Results

provide Gold Terra with two potential product paths for Yellorex mineralization, which is either to produce a saleable concentrate or produce gold on site through the POX process.

In addition, as of March 2021, the current resource stands at 1.2 Moz in the Inferred category in four deposits north of Yellowknife. Gold Terra is well placed to increase its resource with more drilling in the next winter season.

While the focus is to continue drilling along the Campbell Shear south of the Con Mine, Gold Terra is also having very positive drill results in the former Mispickel area, located approximately 20 kilometres northeast of Yellowknife. The 2022 drilling program has successfully extended gold mineralization in the Mispickel area with the addition of two new gold zones, MP-Ryan and Zone 14. Gold Terra plans to return to the area next winter with more drilling to infill and extend the three high-grade zones identified to date. The Mispickel area is of great importance as it has the potential to serve as a satellite deposit to the main area of focus along the Campbell Shear south of the Con Mine.

With a large drilling program and positive drill results, Gold Terra is on track to re-establish Yellowknife as one of the premier gold mining districts in Canada. Gold Terra offers a rare opportunity to invest in a world-class high-grade discovery on the doorstep of Canada’s most prolific past gold production. For more information and company news, please go to our website at www.goldterracorp.com/. 7

GOLD TERRA RESOURCE CORP.

TSX-V: YGT; FRANKFURT: TXO; OTC QX: YGTFF Multi-million ounce potential in Yellowknife Gold Belt. Drilling to delineate gold underway on Campbell Shear south of the former Con Mine.