TGM Trillium Gold Mines Inc

Trillium Gold Mines Inc. (TSXV:TGM, OTCQX:TGLDF, FRA:0702) (“Trillium Gold” or the “Company”) is pleased to provide an update on the Company’s first half 2022 exploration and drilling activities at its two projects in Red Lake, Ontario. These projects offer significant exposure to gold mineralization in a world-class mining jurisdiction.

The on-going time delay between drilling and receipt of assays continues to be a significant hurdle for Trillium Gold and many others in the advancement of informed targeted drilling. As a result, the Company believes it prudent to suspend drilling at its Newman Todd and Gold Centre projects to allow for all pending results to be received and compiled. Once the entirety of assay results has been received and reviewed, subsequent drilling may resume on targets using up-to-date information. In the meantime, the focus of active exploration activities is being directed at the Company’s Confederation belt projects where re-logging of historic drill core presents compelling prospects as Early Exploration permits are awaiting receipt. (See news release dated August 9, 2022.)

Newman Todd Complex – advancing open-pit scenario

Since January 2022, a total of 17 drillholes, for 7,665 metres, have been drilled at the Newman Todd Complex. Currently over 2,100 assay results remain pending. (See Figure 1 for all holes drilled on the Newman Todd Complex from January to June 2022).

Drilling at the 100%-owned Newman Todd-Rivard properties located some 26 km from Evolution Mining’s Red Lake Operations, continues to validate the team’s interpretation that gold deposition at the NT Zone is correlated with east-west structural corridors, and that several other structures displaying significant widths of mineralization can be found by stepping out of the Main Zone. The project has yet to be meaningfully drilled beyond 400 metres from surface and continues to demonstrate merit as a viable open-pit scenario with further informed drilling.

Surface channel sampling and mapping on the Rivard Property area continued into early summer 2022, although all 146 sample results remain pending. Alteration and wide-spread gold mineralization occurs extensively within structurally and chemically favourable rocks on the property. Historically, the Rivard Property is known to contain both visible gold in narrow high-grade veins, as well as in broader zones of lower grade gold mineralization ranging from <1 g/t Au to over 560 g/t Au (see news release dated June 29, 2021 – New Discovery Hole at Rivard Confirms High-Grade Visible Gold with 129.79 g/t over 1.30 metres).

Previous channel sampling results have shown that the significant gold values are not confined to small areas within the veins but occur over significant strike lengths, and at considerable grades, along the veins following structural plunges.

Understanding the controls and geometry of the high-grade mineralization seen on surface and intersected in drilling on Rivard is important to the expansion of the overall system. Trillium’s geological team has shown that this vein system is influenced by the east-west structures evident in the NT Zone which will increase the success in delineating high-grade shoots that can favourably impact Newman Todd’s economic prospects.

Figure 1: Geology plan showing the location of drillholes NT22-204 to 212 and RV22-37 to 43 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d3f462fa-372e-44e7-b3ac-040970ed3aa8

Gold Centre Property – targeting Red Lake mine stratigraphy

Since January 2022, a total of 4,950 metres in five holes were drilled, including GC22-10 which contained eight wedges. Over 450 assay results remain pending.

The Gold Centre property encompasses 253 hectares and is located immediately adjacent to Evolution Mining’s Red Lake Operation, which to date has produced more than 25 million ounces of gold at an average grade of 15 grams per tonne. Trillium’s 2021 drill program focused on the north end of the property, with eight drill holes targeting Red Lake Mine stratigraphy above 900 metres of vertical depth. The winter-spring 2022 program aimed at testing deeper in the stratigraphy while targeting the modeled up-plunge projection of the deep mineralization at the Red Lake Operation, at around 1,400 metres depth.

Proving the continuity with the Red Lake Operations is, first and foremost, hinged on identifying the Balmer host rocks at depth which Trillium has achieved from the start. The results to date have been positive with good evidence that correlates with the high-grade gold mineralization believed to be present on the property. The Balmer assemblage rocks are typical of those observed at the Red Lake Mine, both in lithology and veining and are generally moderately to strongly foliated, veined moderate-heavily by quartz-calcite (±carbonate).

All the key components that are ubiquitous to the gold mineralization immediately to the west have been observed and the alteration is seen generally increasing westward over the property, being largely confined to the Huston-Balmer assemblage contact in the east to increasing intensity westward. Biotite alteration, intimately associated with gold mineralization at the Red Lake Mine, is more abundant towards the west side of the Gold Centre Property and is brown to reddish-brown in colour.

Figure 2: Plan showing drill holes GC21-01 through GC22-11 on the Gold Centre Property, all historical drill holes, and regional magnetics survey is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/01fbde6f-f793-4af7-9ae0-20c563ce438a

Trillium Gold’s expansion strategy across Red Lake’s major crustal faults

Over the last few months, the Company has made significant strides in consolidating its strategic land position across the major fault structures attributed to Red Lake’s reputation as a world-class mining jurisdiction. Along the Confederation and Birch-Uchi greenstone belts, the completion of a series of acquisitions directly and through option agreements, has brought Trillium’s land assemblage to 60,080 hectares. The Eastern Vision projects alone, which closed in late June, created a contiguous land package over more than 100 km of favourable structures on trend with Kinross Gold’s Dixie Project and Evolution Mining’s Red Lake Operation.

Most recently, the Wenasaga property located 35 km to the west of and on strike with Kinross Gold’s Dixie Project, and the Panama Lake properties aggregating over 11,500 hectares and 80 km from Dixie, have extended Trillium Gold’s dominant contiguous foothold in the belt where major structures that transect the properties appear to be splays from, or are the eastern extension of the LP Fault structure. Multiple gold and VMS-style mineralization occurrences have been identified on these properties and field programs have already been designed to expand on and evaluate the lateral continuity of these mineralized trends.

Earlier in April, the Uchi Gold and Satterly Lake Gold agreements extended Trillium’s holdings to the northeast in proximity to First Mining’s Springpole Project.

All these acquisitions present Trillium with an unprecedented opportunity to explore for further LP Fault analogues, other Red Lake-style gold mineralization, and critical minerals along a structure that is many times larger, and equally as prospective as the Great Bear Project.

All Newman Todd Complex drilling was supervised by Paul Barc, PGeo. The drilling was conducted by Rodren Drilling Ltd. of West St. Paul, Manitoba. Drill core was logged and sampled in a secure core facility on site. All Gold Centre drilling was supervised by Richard Kowalski and Samuel Lewis, PGeo.

Core samples from these programs were cut in half, using a diamond cutting saw, and half cores were sent for analysis to Activation Laboratories Ltd. in Dryden, ON, an accredited mineral analysis laboratory. All samples were analyzed for gold using standard Fire Assay-AA techniques. Samples returning over 10.0 g/t gold were analyzed utilizing standard Fire Assay-Gravimetric methods. Any samples with results greater than one ounce per ton gold were also analyzed with a standard 1 kg metallic screen fire assay. Certified gold reference standards, blanks and duplicates are routinely inserted into the sample stream, as part of Trillium Gold’s quality control/quality assurance program (QAQC) to monitor accuracy and precision. No QAQC issues were noted with the results reported herein.

References to visible gold (VG) are factual observations and should not be construed as quantifiable grade.

The technical information presented in this news release has been reviewed and approved by William Paterson QP, PGeo, VP of Exploration of Trillium Gold Mines, as defined by NI 43-101.

On behalf of the Board of Directors,Trillium Gold Mines Inc.

Russell StarrInterim Chairman, President & CEO

For further information, please contact Donna Yoshimatsu, VP Corporate Development and Investor Relations at dyoshimatsu@trilliumgold.com, (416) 722-2456, or info@trilliumgold.com.

Visit our website at www.trilliumgold.com.

About Trillium Gold Mines Inc.

Trillium Gold Mines Inc. is a growth focused company engaged in the business of acquisition, exploration and development of mineral properties located in the Red Lake Mining District of Northern Ontario. As part of its regional-scale consolidation strategy, the Company has assembled one of the largest prospective land packages in and around the Red Lake mining district in proximity to major mines and deposits, as well as along the Confederation Lake and Birch-Uchi greenstone belts. The Company recently closed acquisitions effectively extending its contiguous land position over more than 100 km of favourable structures on trend with Kinross Gold’s Great Bear Project and Evolution Mining’s Red Lake Operation. In addition, the Company has interests in highly prospective properties in Larder Lake, Ontario.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary note regarding forward-looking statements

This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectations.

Forward-looking information is based on management’s reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Such factors, among others, include: impacts arising from the global disruption caused by the Covid-19 coronavirus outbreak, business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold or certain other commodities; change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.