Trifecta Gold Discovers More Gold and Receives 10-Year Exploration Permit at its Eureka Project, Yukon

VANCOUVER, February 24, 2022 - Trifecta Gold Ltd. (TSX.V:TG) ("Trifecta" or the "Company") has discovered new areas of gold mineralization with grades up to 2.43 g/t gold at its road accessible and 100% owned Eureka Gold Project ("Eureka"). Eureka covers 70 km² of highly prospective ground in the southern portion of the Yukon's Klondike Gold Fields.

Eureka straddles the headwaters of two of the most productive placer creeks in the Klondike Gold Fields, Eureka and Black Hills creeks, and hosts multiple gold showings within an 8 km by 2.5 km gold-in-soil geochemical anomaly. Within the soil anomaly there are pronounced structural linears that host mineralization. Figure 2 below illustrates the location of the known showings, LiDAR linears, mapped structures, anomalous gold-in-rock sample locations and photos of recently recovered placer gold.

In 2021, shallow excavator trenches and hand pits were dug at locations of strongly anomalous gold-in-soil values to determine the bedrock source. Highlight rock chip and specimen samples are listed in Table I.

Table I - Highlight Results from 2021

"We are excited to see higher gold grades in bedrock than the overlying soil response which is consistent with major discoveries elsewhere in the district," states Richard Drechsler, President and CEO. "These new results clearly define additional targets for drilling within our 20 km² gold-in-soil anomaly." Nearby deposits include Newmont's Coffee and White Gold's Golden Saddle.

Trifecta was recently granted a 10 year Class 3 Land Use Approval allowing for up to 100 diamond drill holes, 100 RC holes and significant trenching and road construction in order to define areas of economic mineralization on the property. The Company would like to thank the Yukon Government for the Yukon Mining Exploration Program (YMEP) grant it received for Target Evaluation at Eureka in 2021.

Eureka Project

The Eureka Gold Project has a long history, with the earliest recorded mineral claims in the area dating back to the early 1900s. Placer activity in the area dates back to the discovery of gold in the Klondike in 1896 and is still highly active today. Reported gold production from 1978-2020 for Eureka Creek is 101,671 ounces while reported production from Black Hills Creek over the same time period is 115,996 ounces¹. Studies of placer gold from Eureka Creek show a fineness of gold that indicates a proximal source. Previous hard rock exploration on the Eureka property has been conducted by numerous operators intermittently since 1988 and has resulted in the discovery of the Wealth, Childs, Allen, Happy and Ball showings.

Wealth Showing

Located in the center of the Property, bulldozer trenches across the Wealth Showing exposed quartz breccias with gougy alteration halos. The highest gold assays in trenches include: 0.54 g/t gold across 20 m, 0.97 g/t gold over 17.9 m, and 0.75 g/t gold across 10 m. RC drilling within this showing returned encouraging results including: 0.59 g/t gold across 18.3 m and 2.34 g/t gold over 3.05 m.

Childs Showing

Located 2.5 km south of the Wealth Showing, gold-bearing breccia zones exposed in bulldozer trenches returned 0.72 g/t gold over a true thickness of 4 m and 0.48 g/t gold across a true width of 5.5 m. RC drilling at this showing returned 6.62 g/t gold over 1.52 m and 1.19 g/t gold over 1.52 m.

Allen Showing

Located 800 m northeast of the Wealth Showing, a deep trench cut along a north-trending ridge exposed a brecciated and clay-altered zone that is 2 to 5 m wide. A rock sample from the trench returned 15 g/t gold, while chip sampling across an alteration zone in the trench returned 0.44 g/t gold across 4 m.

Happy Showing

Located 1.8 km north of the Wealth Showing, a sample from an isolated diamond drill hole assayed 9.99 g/t gold over 1.5 m and has not been followed up.

Ball Showing

Located in the southeastern part of the soil grid, a gold-rich quartz vein exposed in bedrock by a placer miner assayed 9.8 g/t gold and 238 g/t silver over 0.6 m. This vein has not been drill tested.

Rock sample preparation and multi-element analyses were carried out at ALS in Whitehorse, YT and North Vancouver, BC, respectively. Each sample was dried, fine crushed to better than 70% passing 2 mm (CRU-31) and then a 250 g split (SPL-21) was pulverized to better than 85% passing 75 microns (PLU-31). The fine fractions were then analyzed for 36 elements using an aqua regia digestions with inductively coupled plasma-atomic emission spectroscopy (ME-ICP41), and for gold by fire assay and inductively coupled plasma-atomic emission spectroscopy (Au-ICP21).

Technical information in this news release has been approved by Heather Burrell, P.Geo., a senior geologist with Archer, Cathro & Associates (1981) Limited and qualified person for the purpose of National Instrument 43-101.

¹ - Bond, J. and van Loon S., 2021. Yukon placer mining 2020 development and exploration overview. In: Yukon Exploration and Geology Overview 2020, K.E. MacFarlane (ed.), Yukon Geological Survey, p. 19-32.

About Trifecta Gold Ltd.

Trifecta is a Canadian-based precious metals exploration company dedicated to increasing shareholder value through the discovery and development of 100% held gold projects in Yukon and Nevada. Drilling is ongoing at its Yuge Gold Project, located in northern Nevada, where multiple broad zones of gold mineralization have been identified near historical high-grade mines. The Company's Eureka Project hosts an 8 x 2.5 kilometre belt of surface showings and anomalous gold-in-soil that straddle the headwaters of two of the most productive placer creeks in Yukon's southern Klondike Goldfields.

ON BEHALF OF THE BOARD

"Richard Drechsler"
President and CEO

For further information concerning Trifecta or its various exploration projects please visit www.trifectagold.com or contact:

Corporate Information

Trifecta Gold Ltd.
Richard Drechsler
President and CEO
Tel: (604) 687-2522 ext. 262

This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.

Neither the 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.

SOURCE: Trifecta Gold Ltd.