GoldTerra Advances Yellowknife City Gold Project Toward PEA As It Eyes Multi-Million Ounce Potential

• Gerard Panneton is focused on advancing Gotera Resource's high-grade gold project in Yellowknife, Canada toward a preliminary economic assessment (PEA) in 2024.
• Panneton believes gold is a long-term investment hedge against inflation and currency risk. He aims to build value by finding more gold, not just promote the stock price.
• Gotera has already outlined 500k-600k oz of gold deposits near surface and sees potential for 1-2 million oz below the past producing Con Mine.
• Drilling costs are low at around $6 per oz, well below industry average. Panneton sees potential to find 2 million more oz for $10-20 million.
• Social license and environmental considerations like dust and noise are priorities for Panneton. He wants to contribute to the local community in Yellowknife.

About GoldTerra Resources

GoldTerra Resource Corp. is a Canadian exploration and development company focused on advancing its flagship asset, the Yellowknife City Gold Project, located in the Northwest Territories. The company is led by Chairman and CEO Gerald Panneton, a mining veteran with over 40 years of experience, including 12 years at Barrick Gold where he was instrumental in developing the massive Detour Lake gold mine in Ontario.

GoldTerra controls a district-scale land package along the prolific Yellowknife greenstone belt, covering nearly 800 sq km of prospective ground. The project encompasses the past-producing high-grade Con and Giant gold mines, which produced over 14 million ounces of gold from the late 1930s to the early 2000s. GoldTerra sees significant exploration upside potential remaining at depth and along strike of the former mines.

Interview with Gerald Panneton, Executive Chairman and CEO of Gold Terra Resource Corp.

Exploring High-Grade Deposits Near Surface

GoldTerra is currently focused on exploring and expanding three main zones at the Yellowknife City project - the Campbell Shear, immediately south of the former Con mine, the Crestaurum deposit, and the recently discovered Yellorex zone. The initial focus is on areas that were left unmined by previous operators due to changing economics, but that still contain high-grade mineralization starting near surface.

In 2021-2022 drilling at Campbell Shear returned multiple high-grade intercepts including 33 g/t gold over 3 meters. GoldTerra sees potential for 1-2 million ounces of additional resources below and around the former Con mine. At Crestaurum, drilling has outlined an inferred resource of 735,000 ounces grading 4.6 g/t gold. The company believes both zones have potential to host over 1 million ounces each with further drilling.

Advancing Toward PEA in 2023

With around 1.2 million ounces of current inferred resources delineated, GoldTerra is aiming to significantly expand resources over the next year before initiating an initial preliminary economic assessment (PEA) in 2023.

The focus of the PEA will be on options for a restart of the former Con mine, which still has some operational infrastructure in place. GoldTerra's location within the city of Yellowknife provides advantage in terms of access to infrastructure and workforce. The company is already thinking ahead to optimal locations for milling and tailings facilities.

Exploration drilling is ongoing through 2022-2023 to add ounces ahead of the PEA. At current rates of discovery, GoldTerra is spending around $6 per ounce of resources delineated, highly cost effective by industry standards. An upcoming resource update is expected by end of 2022.

Navigating Tough Markets With Long-Term Focus

In the current risk-off investment environment, raising capital can be challenging for junior explorers. However, Chairman Panneton stressed that as an experienced mine builder, he is taking a long-term view and will continue strategically advancing the Yellowknife City project.

GoldTerra maintains a strong cash position with minimal dilution. For Panneton, the goal is clear - systematically expand resources to over 2 million ounces, allowing the project to support a 10+ year operation mining at 1 million ounces per year. The company is also considering adding a scavenger plant for redevelopment of tailings left by past miners.

Panneton believes GoldTerra is tremendously undervalued, with an enterprise value of only around $5-10 per ounce compared to redevelopment costs of $50 per ounce or more. The company has already identified clear targets for potentially doubling its current resource base.

Conclusion

With gold trading around US$1,650 per ounce and inflation rising globally, GoldTerra offers upside potential for investors seeking leverage to the gold price in a prospective jurisdiction. Led by a veteran mine builder, the company is methodically expanding resources to support a restart of the past-producing Con mine in Yellowknife. With ongoing exploration and permitting activities, GoldTerra aims to release a PEA in 2023, which could act as a key catalyst for a potential rerating. Patient, long-term investors could see substantial rewards if GoldTerra continues meeting its exploration targets in the year ahead.