TriStar Gold: Castelo De Sonhos Drilling Succeeds on Two Fronts

TriStar Gold Inc. (“TriStar”) is pleased to announce results from 18 holes (2,645m) completed in November of last year at the Castelo de Sonhos gold project (“CDS”). There are two drilling programs currently underway at CDS:

Resource growth drilling

Currently, project resources stand at

-          Indicated: 17.7 million tonnes at 1.2 g/t, containing 0.7 million ounces of gold

-          Inferred: 39.8 million tonnes at 1.0 g/t, containing 1.3 million ounces of gold

New infill holes are designed to improve confidence in resource estimates, while new holes in open extensions beyond the preliminary pits defined by the PEA (September 17th, 2018 press release entitled “35% increase in resources at Castelo de Sonhos as preliminary economic assessment begins”) are designed add to resources.

Exploration upside drilling

Geological reasoning, combined with artificial intelligence, has been used to develop targets for significant gold mineralization that may lie below the reach of an open pit project. New holes in these areas will investigate the geology and grade to improve TriStar’s understanding of the potential for underground mining at CDS.

All holes that reached their planned target depth contain significant intervals (Figure 1 and Table 1), with most containing several significant intervals. The one hole that had to be abandoned before reaching its target depth, an exploration upside hole, contained no significant intervals.

The best results from resource growth holes lie at the north end of Esperança South including:

-          9.0m @ 1.4 g/t gold in CSH-20-486

-          12.3m @ 1.0 g/t gold in CSH-20-490.

The best results from exploration upside holes lie south of a granite outcrop in the center of the plateau, where CSH-20-498 encountered carbonate minerals not previously encountered in shallower drilling, along with abundant fuchsite; the highest grade in this hole was 4.5 g/t over 0.6m, near the bottom of the hole where it approached the granite.

Commenting on the latest assay results, Nick Appleyard, TriStar’s President and CEO, said “It’s great to see that we’re systematically hitting significant gold intersections, providing confirmation of our steadily improving understanding of the geometry and continuity of mineralization. We remain on target to complete the PFS this summer, based on a new resource model that takes into account new drilling. And it’s great that the funding we secured last year allows us to begin drilling to test deep targets that have compelling rationale and exciting potential."

Discussion of results

Resource growth drilling

The drilling in the north of Esperança South continues to show that significant gold mineralization is open down dip, to the west, and along strike, to the north and northwest into the valley. Once drilling in this area reaches the required spacing, there will be considerable potential for converting Inferred resources to Indicated resources, and for broadening the footprint of Inferred resources.

Drilling in mid-Esperança South has returned broader low-grade intersections that will be used in the mineral resource update, and that will enable the defintion of additional low-grade Indicated resources.

Drilling on one of the open down-dip extensions at Esperança East shows that gold mineralization continues down-dip to the west, in the same manner as seen elsewhere on the plateau. In the Fall of 2020, TriStar began systematically collecting multielement chemistry data from every hole; artificial intelligence and machine learning studies coordinated by GoldSpot Discoveries Inc. (“GoldSpot”) have demonstrated that multielement data is of great value in building detailed models of stratigraphy and structure. GoldSpot will soon extend their cluster analysis to Esperança East, where the folding and faulting are more complex, and where detailed models of stratigraphy and structure will be essential for feasibility study resource models.

Exploration upside drilling

TriStar geologists have recognized the potential for higher-grade bands to exist at depth, where granitic intrusions may have provided a heat source and fluids for taking paleo-placer gold in to solution, moving it slightly, precipitating and possibly concentrating it in a new location outwards and ahead of the intrusion. The investigation of this possibility has begun with a detailed 3D model of the granites and the mineralized conglomerate band at depth.

The hole that provides the greatest insights into the possibility of remobilized gold is the diamond drill hole of the four exploration upside holes, CSH-20-489, which was collared in the sediments south of a granite outcrop, and angled toward the intrusion. This hole contained abundant fuchsite, a mineral not commonly observed in shallower holes, and also contained the project’s first confirmed carbonate minerals. Both of these observations show that the nearby granite has heated the surrounding rock and injected hydrothermal fluids for a few hundred meters outwards. The 4.5 g/t interval toward the bottom of the hole is a promising indication, but only one sample. As shown on Figure 1, additional deep holes are being drilled to the east and north of the same intrusion, approach it from two other sides. Once the geological observations from all three holes are available, along with the gold assays and multielement chemistry, TriStar geologists well be able to review and refine their understanding of the potential for deep mineralization in the center of the plateau.

Three near-surface RC holes in the exploration upside program have returned assay results. One of these, in Esperança East, had to be abandoned prior to teach its target depth. The other two, near a granite on the footwall side of the main conglomerate band in Esperança South, did encounter low-grade gold mineralization near surface. A more complete understanding why this area supported a large artisanal operation will be possible when two additional near-surface holes are drilled on the north side.

Figure 1. Locations of holes with new assa­y results.

Table 1. Tabulation of significant intervals (CSH-20-485 to CSH-20-489).

Table 1 (continued). Tabulation of significant intervals (CSH-20-490 to CSH-20-491 and RC-20-540 to RC-20-544)

Table 1 (continued). Tabulation of significant intervals (RC-20-545 to RC-20-550)

Qualified Person

R. Mohan Srivastava (P.Geo.), Vice President of TriStar, is the Qualified Person who has reviewed the technical information contained in this news release, including data verification, and has approved its disclosure.

Assay methods, Quality Assurance and Quality Control (QA/QC)

All drill hole samples are analyzed using a fire assay analysis of the chips collected in RC holes. Samples are transported by truck from the site to the ALS preparation lab in Brazil where they are dried, crushed, pulverized and packaged for shipment to the ALS analytical lab in Lima, Peru.

The ALS preparation and analytical labs are accredited to ISO 17025:2005 UKAS ref 4028 and have internal QA/QC programs for monitoring accuracy and precision. In addition to this, TriStar uses standards, blanks and field duplicates in an external QA/QC program to provide independent monitoring of laboratory analyses.

About TriStar

TriStar Gold is an exploration and development company focused on precious metals properties in the Americas that have the potential to become significant producing mines. The Company’s current flagship property is Castelo de Sonhos in Pará State, Brazil. The Company’s shares trade on the TSX Venture Exchange under the symbol TSG and on the OTCQX under the symbol TSGZF. Further information is available at www.tristargold.com.

On behalf of the board of directors of the company:

Nick Appleyard

President and CEO

For further information, please contact:

TriStar Gold Inc.

Nick Appleyard

President and CEO

480-794-1244

[email protected]

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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Forward-Looking Statements

Certain statements contained in this press release may constitute forward-looking statements under Canadian securities legislation which are not historical facts and are made pursuant to the "safe harbour" provisions under the United States Private Securities Litigation Reform Act of 1995. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects” or “it is expected”, or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward looking statements in this press release include statements about the Company’s plans to complete a pre-feasibility study on the CDS project, the results of further in-fill drilling on the CDS property, the ability of the Company to complete the current in-fill drilling program, the results of further exploration target identification and the anticipated effects of the COVID-19 virus. Such forward-looking statements are based upon the Company's reasonable expectations and business plan at the date hereof, which are subject to change depending on economic, political and competitive circumstances and contingencies. Readers are cautioned that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause a change in such assumptions and the actual outcomes and estimates to be materially different from those estimated or anticipated future results, achievements or position expressed or implied by those forward-looking statements. Risks, uncertainties and other factors that could cause the Company's plans to change include changes in demand for and price of gold and other commodities (such as fuel and electricity) and currencies; changes or disruptions in the securities markets; legislative, political or economic developments in Brazil; effects of the COVID-19 virus on all aspects of the Company’s business, the need to obtain permits and comply with laws and regulations and other regulatory requirements; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived potential of the Company’s projects; risks of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties in connection with exploration, mining or development activities; the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves and resources; and the risks involved in the exploration, development and mining business. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable securities laws.