Trillium Gold’s Gold Centre Drilling Update Targeting Red Lake Mine Stratigraphy

VANCOUVER, Nov. 28, 2022 - 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 2022 exploration and drilling activities at its Gold Centre project in Red Lake, Ontario.

The Gold Centre property encompasses 253 hectares and is located immediately adjacent to Evolution Mining's Red Lake Operation (RLO) which to date has produced more than 25 million ounces of gold at an average grade of 15 grams per tonne. The property offers significant exposure to extensions of Red Lake Mine gold mineralization in the heart of this world-class gold mining jurisdiction.

Since January 2022, a total of 4,950 metres in five holes were drilled, including GC22-10 which contained eight wedges. 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 vertical depth. The winter-spring 2022 program completed the initial phase of drilling and progressed to testing deeper in the stratigraphy, targeting the modeled up-plunge projection of the deep mineralization at the RLO, at around 1,400 metres vertical depth.

Bill Paterson, Trillium's Vice-President of Exploration summarized the program as follows: "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. From the start, our drilling program successfully identified the Balmer host rock at depth which is a key criteria to demonstrating continuity with the RLO. We believe there is reasonable potential to tap into the gold-bearing mine stratigraphy drilling to depths of 2,000 metres and beyond to intersect gold mineralization on strike from the operation."

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.

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). 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 1: Plan showing drill holes GC21-01 through GC22-11 on the Gold Centre Property and the regional magnetics survey. Assays shown in g/t gold. https://www.globenewswire.com/NewsRoom/AttachmentNg/2f85fbbb-f379-4178-9c58-b0f65919488a

All significant results > 0.5 g/t Au from all drilling are presented in the following table. A full listing of all significant results >0.1 g/t Au can be found on the website at www.trilliumgold.com.

Gold Centre 2022 drill hole details are listed below - UTM zone 15, NAD83.

Note: GC22-10 also had a further 597 metres of drilling in 8 wedged segments for total of 1,547 metres.

Gold Centre drilling was supervised by Richard Kowalski and Samuel Lewis, 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.

Core samples 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.

All drill interval lengths and widths referenced herein are measured downhole.

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 Starr
Director, 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. In 2022 the Company closed a number of 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 (Incl. 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 (Incl. 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.