October 27, 2020, Vancouver, B.C. – Gold Terra Resource Corp. (TSX-V: YGT; Frankfurt: TX0; OTCQX: YGTFF) (“Gold Terra” or the “Company”) reports the results of the first four holes drilled at the Crestaurum deposit on its 100% wholly-owned Yellowknife City Gold (“YCG”) project in the Northwest Territories. In this Phase 1 drilling program, the Company has completed 10 holes totaling 5,743 metres to test the depth extension of the Crestaurum deposit (Link to Plan View).

President and CEO David Suda stated: “The first four deep holes at Crestaurum successfully intersected the structure and were gold bearing. More importantly, the drilling has now shown the southern extension of the Crestaurum shear is not offset by a fault, indicating a previously unknown possibility for a large expansion of the mineralized system along strike to the southwest and at depth. There is potential to find more high-grade zones within the Crestaurum system and we are excited by what is still to come from the bulk of this drilling program before we turn our sights to the Campbell Shear target.”

All four holes intersected the Crestaurum shear with mixed results. The best intersection was 6.81 g/t over 1.4 metres in hole GTCR20-092. These four widely spaced holes (approx. 150 metres) tested a strike length of approximately 600 metres at a vertical depth of 400 metres. The alteration and mineralization observed in the intersected zones indicate the strong possibility of proximity to higher grade gold mineralization, which could be tested by closer spaced drilling.

In this drilling program, the remaining six (6) holes (GTCR20-093 to 098) have also intersected the Crestaurum shear (assays pending). This is significant as it now shows that the Crestaurum shear is not cut off at depth by the Daigle Fault and therefore extends the strike extension of the Crestaurum shear to the southwest and at depth, an area which has never been tested by drilling (Link to Long Section view). This re-interpretation has now expanded the potential size of the Crestaurum deposit by adding over three (3) kilometres of untested strike length to the structure and unlimited dip extent (Link to Plan View).

In addition, all remaining holes (assays pending) have intersected more than one shear structure, potentially indicating the presence of multiple mineralized secondary shears and splays converging towards the main Crestaurum shear.

Based on this new encouraging information, Gold Terra has started a Phase 2 drilling program of 1,665 metres in 15 shallow holes to test the extended Crestaurum shear structure to the southwest, test high-grade secondary shears and splays, and expand high-grade zones in the main Crestaurum shear to the northeast.

Technical Appendix:

This news release reports the assay results from four (4) drill holes totaling 2,398 metres from which 714 core samples were assayed. Assay results range from non-detectable gold to a highest assay of 7.09 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 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.

Crestaurum - DDH Intersections

Drill Hole Dip Azimuth UTM Location Easting Northing From (m) To (m) Interval (m) Au g/t

GTCR20-089 -54 306.4 636584 6941761 537.13 540.13 3.0 0.86
incl 539.13 540.13 1.0 1.67
GTCR20-090 -56 307.1 636482 6941656 252.50 253.5 1.0 0.97
508.0 512.25 4.25 1.17
GTCR20-091 -56 306.5 636309 6941444 481.08 482.16 1.08 1.09
523.68 524.68 1.00 3.62
GTCR20-092 -56 306.6 636378 6941522 520.03 522.86 2.83 3.45
incl 521.46 522.86 1.40 6.81

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