Gold Terra Partnering with Midas Minerals Limited Solely on the Rights for Lithium and Rare Earth Minerals covering 544.7 Square Kilometres of its Yellowknife Property, Northwest Territories, Canada

4 April 2023

Vancouver, BC – April 4, 2023 – Gold Terra Resource Corp. (TSX-V: YGT; Frankfurt: TX0; OTCQX: YGTFF) (“Gold Terra” or the “Company”) is pleased to announce that it has signed a non-binding letter of agreement pursuant to which it has granted until April 25, 2023 the exclusive right to Midas Minerals Limited (ASX: MM1) (“Midas Minerals”) to enter into a definitive option agreement with Gold Terra (the “Definitive Agreement”). The Definitive Agreement, among other things, will provide that Midas Minerals can earn up to an 80% participating interest in two stages for only the “Critical Minerals” (pegmatite hosted lithium, tantalum and tin (Li, Ta, Sn), Lithium-cesium-tantalum (LCT), and rare earths or other rare earth deposits) contained within the Quyta-Bell and Eastbelt blocks totaling 544.7 square kilometres on the Company’s 100% owned Yellowknife property holdings excluding the potential gold belt area.

Chairman and CEO, Gerald Panneton, commented, "We are pleased to partner with Midas Minerals, a company with great expertise on lithium and critical minerals exploration. Our large Yellowknife land holdings have tremendous exploration potential for critical minerals in addition to the prolific abundance of gold that the Yellowknife gold district is known for. The deal allows us to continue with our focus on gold exploration in the gold belt area along the Campbell shear while keeping our exposure to the potential for critical minerals discovery at no cost to Gold Terra until a positive bankable feasibility study is completed. The Lithium prospective area is to the East and completely outside our main gold target, the Campbell Shear Gold corridor. In essence, this is a partnering that is expected to bring value to both companies and their shareholders.”

Highlights

  • Gold Terra is to receive up to C$1.2 million over 3 years, 2.20 million shares of Midas, and retain a 1% Gross Revenue Royalty (GRR) after the 51% earn in.
  • Midas Minerals has exclusivity to earn 51% interest in the first 3 years, and up to another 29% interest over the next following 2 years for up to 80% interest in the Critical Minerals rights over a 544.7 square kilometre portion of the Company’s Yellowknife property (YP)
  • The Yellowknife Lithium Project (YLP) is located East and North in close proximity to Yellowknife, Northwest Territories, Canada.
  • More than 100 LCT pegmatites are known in the region, including historic references to lithium and tantalum occurrences within the YLP tenure.
  • Midas Minerals plans to commence exploration at YLP in June 2023 and expects to have initial drill targets identified by August 2023.

See more in the full release. 

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