Trillium Gold Updates Drilling on Gold Centre Property Adjacent to Red Lake Operations

• Trillium Gold receives six of eight drill hole results from the 2021 drill program at the Gold Centre Property comprising 9,329 metres targeting Red Lake Mine stratigraphy
• Visible gold has been identified in gabbros immediately adjacent to Evolution's producing Red Lake Mine (EVN:RLO)
• Structural, veining and alteration of core has identified four prospective geological trends; a deeper, fifth gold trend from targets at RLO to be drilled in 2022

VANCOUVER, British Columbia, March 16, 2022 (GLOBE NEWSWIRE) -- Trillium Gold Mines Inc. (TSXV: TGM) (OTCQX:TGLDF) (FRA:0702) ("Trillium Gold" or the "Company") is pleased to report on the progress of drilling at the Company's 80%-owned Gold Centre Property. The property consists of one lease of 16 contiguous historical mineral claims encompassing 253 hectares and is located immediately adjacent to Evolution Mining's Red Lake Operations (EVN-RLO).

Trillium's 2021 drill program was focused on the north end of the property, comprising 9,329 metres in eight drill holes, targeting Red Lake Mine stratigraphy, induced polarization survey targets and the down-dip extensions of results identified on adjacent properties. Several gold intersections were made in core (see full listing in Table 1), the most significant of which is in hole GC21-01, where visible gold (VG) was noted at 782.2 metres in a foliation-parallel shear associated with arsenopyrite and hosted in a silica altered gabbro unit of the Balmer assemblage, the host rock for the Red Lake Mine (see Figure 1).

Much of the gold mineralization encountered to date is interpreted to be the down-dip equivalent of that found on the adjacent property, proximal to an identified NNE-trending structure, but importantly in rocks, alteration, veining and mineralization closely resembling that at the adjacent producing mine.

Russell Starr, Chairman, President & CEO stated, "The proximity of the deep mineralization zones at the Red Lake Mine, located within 350 metres of our Gold Centre Property, provides further support that the west southwest-dipping and southeast plunging mine trend may indeed extend onto Gold Centre along strike at depth."

William Paterson, Trillium Gold's Vice President of Exploration and former Exploration Superintendent for Goldcorp's Red Lake Gold Mines added, "Proving Gold Centre's continuity to the EVN-RLO has always hinged on identifying the Balmer host rocks at depth which we have achieved. The results to date have been positive and we are assembling vital evidence that will allow us to focus in on the high-grade gold mineralization believed to be present. We have observed all the key components on this property that are analogous to the gold mineralization next door."

Figure 1: Close-up of visible gold in sheared and altered gabbro associated with arsenopyrite.
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Detailed structural, veining and alteration analyses of the core has identified four prospective geological trends within the Gold Centre Property;

• Chert-magnetite iron formation hosted, forming planar trends immediately below the Huston-Balmer contact,
• Structurally controlled gold-bearing and sulphide replacement of veins occurring midsection of the gabbro rocks,
• Structurally and lithologically controlled arsenopyrite- and gold-bearing quartz-feldspar porphyry dykes (QFP),
• A NNE-trending structure identified through surface mapping and drill hole structural measurements. The importance and the geological extent of this structure requires further investigation.

A deeper, fifth interpreted gold trend from targets at depth at the neighbouring Red Lake Mine will be the focus of the 2022 drill program.

The Balmer assemblage rocks are typical of those observed at the Red Lake Mine, both in lithology and veining. They are generally moderately to strongly foliated, veined moderate-heavily by quartz-calcite (±carbonate). The intensity of foliation and veining can lead to the development of calcite (±quartz, ±carbonate, ±sericite) breccia faults, breccias and calcite flooding. Alteration generally increases westward over the property, being largely confined to the Huston-Balmer assemblage contact in the east to more widespread and increasing in intensity westwards. 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 color.

It has also been observed that sulphide (pyrrhotite, pyrite, ±chalcopyrite, ±arsenopyrite) and magnetite mineralization generally increases westward and selectively replacing the calcite (±carbonate ±quartz) veins. It is also noted that blue quartz eyes occur within a gabbro diorite unit, often adjacent to sulphide mineralization, both above and below the gabbro units and proximal to the Balmer mafic volcanics, again similar to the Red Lake Mine.

Due to the significant delays in receiving assay results affecting the entire industry, results for only the first six drillholes have been received to date and are reported herein. For drillholes GC21-07 and GC22-08 only the rock-types are shown. Almost half of the assays, reported herein, were only recently received.

Table 1: List of significant intercepts from 2021 drilling on Gold Centre (>0.1 g/t Au)

Table 2: Drill collar location, azimuth and dip for drill holes included in this news release - UTM zone 15, NAD 83.

Figure 2: Plan showing holes GC21-01 through GC22-08 at north end of the Gold Centre Property, significant gold values above 0.1 g/t Au and regional magnetics survey.
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All drilling was supervised by Richard Kowalski and Samuel Lewis, P.Geo. The drilling was conducted by Rodren Drilling Ltd., of West St. Paul, Manitoba and drill core was logged and sampled in a secure core facility. Core samples from the program 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. 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. All drill intercepts reported are down-hole core lengths, which do not necessarily represent true widths.

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

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

Russell Starr
Chairman, President & CEO

For further information, please contact Donna Yoshimatsu, VP Corporate Development and Investor Relations at [email protected], (416) 722-2456, or [email protected].

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 the largest prospective land package in and around the Red Lake mining district in proximity to major mines and deposits, as well as the Confederation Lake and Birch-Uchi greenstone belts. Recent examples are the acquisition of the Willis property southwest of and contiguous to the Newman Todd complex, and a definitive agreement giving the Company control over a significant portion of the Confederation Lake Greenstone Belt to more than 100 km in length. In addition, the Company has interests in highly prospective properties in Larder Lake, Ontario and the Matagami and Chibougamau areas of Quebec.

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.