Gold Terra Provides Corporate Update on Lithium Discoveries Under a Farm Out Option with Midas Minerals, NWT, Canada

VANCOUVER, BC / ACCESSWIRE / December 6, 2023 / Gold Terra Resource Corp. (TSX-V:YGT)(Frankfurt:TX0)(OTCQX:YGTFF) ("Gold Terra" or the "Company") is pleased to provide an update on its Option Agreement with Midas Minerals Ltd (ASX: MM1) ("Midas"). The option with Midas includes only Lithium and Rare Earth outside the gold corridor of the Yellowknife Project covering approximately 718 square kilometres. The Yellowknife region is known to host multiple lithium-bearing pegmatites, with associated tantalum minerals relating to multiple fertile stocks emanating from the Prosperous Granite Complex.

In the Option Agreement, Midas can earn first a 51% interest over 3 years by paying C$ 1.2 million, issuing 2.2 million shares of Midas (done summer 2023) and spending a minimum of C$ 5 million, subject to a 1.5% Gross Revenue Royalty (GRR). Midas can up its interest to 80% by spending another C$ 5 million over the next 2 years and Gold Terra has a carry interest of 20% up to a positive bankable feasibility study. Refer to the March 31, 2023 press release for full details.

Chairman and CEO, Gerald Panneton, commented, "The Lithium and RRE potential of our large Yellowknife land position has always been known to exist. Our agreement with Midas Minerals gives us excellent exposure to the potential for a critical minerals discovery at no cost to Gold Terra until a positive bankable feasibility study is completed. Midas has already fulfilled its 2023 commitment and spent over $350,000 in successfully evaluating the critical minerals potential in the Quyta belt area with sampling assays up to 4.65% Lithium. Well done Midas crew!"

More than 100 LCT pegmatites are known in the region, including historic references to lithium and tantalum occurrences within the YLP tenure. Midas has completed their first season of exploration at the Yellowknife Lithium Project ("YLP") in Northwest Territories, Canada. Results of the summer/ fall exploration are shown in Figure 1. (See also Midas Minerals Nov 20, 2023 press release.)

Highlights

• From May to late August 2023, Midas collected a total of 567 rock chip samples in broad-spaced regional sampling programs over approximately 300 square kilometres,
• Ten spodumene-bearing pegmatites confirmed to date returning maximum grades of up to 4.65% Li2O (refer to Midas ASX release dated 2 August 2023),
• Midas has successfully defined fertile pegmatite swarms with combined 58 kilometres of strike and an area of 70 square kilometres,
• Midas will undertake more detailed mapping in its 2024 field season to locate and define additional spodumene-bearing pegmatites within the fractionated pegmatite swarms located to date and prioritize targets for potential drill testing.

Foto: Accesswire

Figure 1 - Results from Midas fall/ summer exploration program.

Listen to an Update by Gold Terra at the Emerging Growth Conference on Dec 6