Triumph Gold Corp. (TSX-V: TIG) (OTCMKTS: TIGCF) (Frankfurt: 8N61) is pleased to announce results from 755.90 metres of diamond drilling in 2 holes from the Nucleus Deposit at the Freegold Mountain Project (Figure 1). Highlights include 4.50 metres of 2.00 g/t Au and 1.57 g/t Ag within 46.28 metres of 0.54 g/t Au and 0.53 g/t Ag in N21-02 within the oxide zone returning 83% gold recovery through cyanide solubility analysis (AuCN/AuFA).

The Nucleus Deposit is made up of zones of Au-Ag-Cu epithermal and Au-Cu-Ag skarn mineralization. Four holes were drilled testing the “four corners” of the Au $1500 pit shell from the 2020 Mineral Resource Estimate (PR-20-02). The purpose of the four holes was to test mineralization continuity, confirm the depth of the oxide-sulphide boundary and test heap leach gold recovery through cyanide solubility (AuCN/AuFA) through both fire assay and cyanide analysis for gold.

The calculated ratio of cyanide gold (AuCN) over fire assay (AuFA) gold generates an estimate for gold recovery (AuCN/AuFA).

The results of the first two holes (N21-01 and N21-02) drilled on the southern corners of the pit shell are presented in this release.

Highlights:

During the 2021 exploration program, two drill holes were completed on the southern corners of the Nucleus Deposit totaling 755.90 metres (Figure 2, Tables 1 and 2).

• Drilling expanded mineralization and confirmed bulk tonnage mineralization from the 2020 Resource Model (PR-20-02)
• Drilling encountered multiple styles of mineralization including epithermal veins, sulphide breccias and disseminations, skarn, and sulphide replacement
• Drilling confirms the presence of a strong oxide profile across the proposed open pit with cyanide solubility ratios (AuCN/AuFA) up to 87% in N21-02
  • 128 samples were analyzed: 50 in the oxide zone, 78 in the sulphide zone
• N21-01 intersected 31.75 metres of 0.54 g/t Au and 1.72 g/t Ag from 52.50 metres in the sulphide zone
  • Including 1.03 g/t Au and 2.20 g/t Ag from 67.00 to 79.30 metres
• N21-02 intersected 46.28 metres of 0.54 g/t Au and 0.53 g/t Ag from 13.72 metres in the oxide zone
  • Including 2.00 g/t Au and 1.57 g/t Ag from 28.50 to 33.00 metres
• N21-02 intersected 8.00 metres of 0.74 g/t Au and 1.21 g/t Ag from 61.5 metres in the sulphide zone at the base of the oxide zone
• N21-02 intersected 24.80 metres of 0.54 g/t Au and 1.32 g/t Ag from 211.90 metres in the sulphide zone
  • Including 1.25 g/t Au and 3.15 g/t Ag from 228.80 to 236.70 metres
• 16 intervals of (>1 g/t Au) were intersected (Table 3), highlighted by:
  • 4.45 g/t Au, 4.90 g/t Ag, and 0.31% Cu from 93.58 to 94.28 metres in N21-01
  • 4.39 g/t Au and 1.10 g/t Ag from 114.08 to 114.63 metres in N21-02

57% of the 6,615 metres of the 2021 diamond drilling program have been reported to date (PR#21-10, PR#21-11). Further updates will be provided when the results for the remainder of the 2021 exploration program are received and interpreted from the Nucleus Deposit, the Orbit Zone, and regional exploration activities (Figure 1).

Intervals assaying above 0.2 g/t gold AuFA were tested by AuCN in N21-01. Intervals from the top of hole in N21-02 to 82.30 metres were tested by AuCN. Intervals below 82.30 metres depth and assaying above 0.2 g/t gold were also tested by AuCN.

The 2021 drill program incorporated a drillhole-constrained magnetic 3D inversion model to target magnetic lows within an east-west trending structural corridor at Nucleus previously tested in 2017 and 2018. The structural corridor is defined by zones of faulting hosting epithermal veining and quartz-feldspar porphyry dyke emplacement.

Table 1. 2021 Highlighted Intercepts (>0.5 g/t AuEq)

Refer to the Reference and Disclosure section below for compositing techniques, AuEq calculations, and AuCN/AuFA calculations.

“We are excited about the drill results confirming bulk oxide gold mineralization at the Nucleus Deposit. We are encouraged by the cyanide solubility results which indicate amenability to heap leach mining methods. We look forward to defining additional oxide gold zones at Freegold Mountain,” stated Brian May, President, Triumph Gold Corp.

Triumph Gold confirmed these zones during the 2021 program through the drilling of N21-01 and N21-02. Significant intercepts within these structural zones are presented below (Table 4, Figure 3). Figure 7 represents typical oxidation intensity in the upper oxide zone of N21-02. Historical intercepts within the structural corridor and proximal to N21-01 and N21-02 are presented in Table 7. Drill holes were oriented to the northeast to ensure drilling also intersected foliation within the YTT at a steep angle to core axis.

Table 2. 2021 Drill Hole Summary (Coordinates in UTM NAD83 Zone 8N)

Table 3. 2021 Intervals > 1 g/t Au in the Oxide Zone.

* Lim = limonite, Hem = hematite

Table 4. 2021 Intervals > 1 g/t Au in the Sulphide Zone.

* Qtz = quartz, Carb = carbonate, Cpy = chalcopyrite, Bis = bismuthinite, Asp = arsenopyrite, Py = pyrite, Cpy = chalcopyrite, Po = pyrrhotite

Table 5. 2021 Significant Intercepts (>= 0.25 g/t AuEq) in the Oxide Zone. Highlighted intercepts correspond with Table 1.

*0.5 g/t Au cut-off for AuCN (cyanide analysis) composited interval.

Table 6. 2021 Significant Intercepts (>= 0.25 g/t AuEq) in the Sulphide Zone. Highlighted intercepts correspond with Table 1. NR = Not Recorded.

Table 7. Oxide intercepts >0.5 g/t AuEq in the east-west structural corridor ranked by gold grade within a 100-metre buffer of cross-sections N21-01 and N21-02.

^1,2 Refer to the Reference and Disclosure section below for compositing techniques and AuEq calculations.

Table 8. Historical sulphide intercepts >0.5 g/t AuEq in the east-west structural corridor ranked by gold grade within a 100-metre buffer of cross-sections N21-01 and N21-02.

Detailed Interpretation and Geology

N21-01 (Figure 3)

• Oxidation to 34 metres
  • Average cyanide solubility (AuCN/AuFA) ratio: 57%
  • Maximum cyanide solubility (AuCN/AuFA) ratio: 83% (25.50-29.00 metres)
• Epithermal vein-controlled mineralization and local sulphide replacement within both the oxide and sulphide zones
• Fault Zones:
  • 86 to 130 metres – steep north dipping fault zone; fractured, rubbly, gougy.
  • 214.5 to 286.42 metres (end of hole) – NW striking fault zone; sheared, locally gougy
• Propylitic (chlorite +/- epidote) to phyllic (quartz + sericite + pyrite) altered YTT
• Leucogranite dykes are up to 10 metres wide
• Vein-controlled mineralization is dominantly steeply-dipping to the NE
• Secondary vein sets dip shallowly to the west
• Foliation dips moderately to the south within the YTT

N21-02 (Figure 4)

• Oxidation to 61.50 metres
  • Average cyanide solubility (AuCN/AuFA) ratio: 83%
  • Maximum cyanide solubility (AuCN/AuFA) ratio: 96% (33.00-43.00 metres)
• Epithermal vein-controlled mineralization and local sulphide replacement within both the oxide and sulphide zones
• Fault Zones:
  • 0 to 50.80 metres – strongly fractured with local gouge
  • 179.60 to 203.50 metres – gouge zones with local fault breccia
  • 357 to 373.35 metres – broken zone, strongly bleached with mixed dyke lithologies
• Argillic (kaolinite) + silica-sericite altered YTT
• Leucogranite and quartz-feldspar porphyry dykes are up to 19 metres wide and locally brecciated
• Vein-controlled mineralization is dominantly steeply-dipping to NE
• Secondary vein sets dip moderately to the southwest (SW)
• Foliation dips moderately to the southwest (SW) within the YTT

Note: Samples were collected every 10 metres to test for alteration minerals with a Terraspec instrument. Oxidation was mapped according to the visual appearance of oxide minerals.

Links to Figures

Figure 1. 2021 Drilling Areas on the Freegold Mountain Project.

Figure 2. Plan View of the Nucleus Deposit within the $1500/ounce (“oz”) Au pit shell of the 2020 mineral resource estimate at the Nucleus Deposit (PR#20-02). Significant intercepts in the two drill holes of this release are listed in Table 3. Historical intercepts >0.5 g/t AuEq and/or >0.5 g/t Au are depicted by solid red bars and are listed in Table 4.

Figure 3. Cross-section of N21-01 showing mineralized intercepts. The oxide surface was generated using Micromine’s implicit modeling tools. The black outline shows the $1500/ounce (“oz”) Au pit shell of the 2020 mineral resource estimate.

Figure 4. Cross-section of N21-02 showing mineralized intercepts The oxide surface was generated using Micromine’s implicit modeling tools. The black outline shows the $1500/ounce (“oz”) Au pit shell of the 2020 mineral resource estimate.

Figure 5. Quartz-carbonate-chalcopyrite (Cpy)-pyrite-bismuthinite (Bis) vein within phyllic altered medium grained leucogranite at 75.39 metres in N21-01 assayed 0.90 g/t Au, 5.9 g/t Ag, and 0.32% Cu (75.00-75.75m).

Figure 6. Coarse-grained pyrite-arsenopyrite replacement oriented along the foliation of YTT at 61.50 metres in N21-02 assayed 2.00 g/t Au, 1.2 g/t Ag, and 0.10% Cu (61.50-62.05m).

Figure 7. Representative section of core in N21-02 (28.32-36.89m) showing the state of oxidation for the 49.78m oxide gold interval (13.72-63.50m) assaying 0.58 g/t AuEq with an 83% cyanide solubility ratio.

References and Disclosures

¹ Gold equivalent [AuEq] is used for illustrative purposes, to express the combined value of gold, silver, and copper as a percentage of gold. No allowances have been made for recovery losses that would occur in a mining scenario. AuEq is calculated using US$1,750.00 per troy ounce of gold, US$24.00 per troy ounce of silver, and US$4.00 per pound of copper.

AuEq = Au g/t + (Ag g/t X $24.00 / $1750.00) + (Cu% X $4.00 X 22.0462) / ($1750.00 / 31.10)

Reported assay intervals are calculated using Micromine’s grade compositing tool using >0.25 g/t AuEq cutoff, constrained by no more than 6 metres of consecutive internal dilution. High-grade intervals are reported using >0.5 g/t AuEq cutoff with no more than 6 metres of consecutive internal dilution. Composites were separated by logged oxidation into oxide and sulphide zones.

Reported assays are uncut weighted averages and represent drilled core lengths. The true width of reported mineralization is unknown.

Sample Preparation and QAQC

Diamond drill holes at the Freegold Mountain Project are drilled using HTW and NTW core sizes (70.92 millimetres and 56.00 millimetres diameter respectively). Drill core samples average 1.50 metres in length with a minimum length of 0.50 metres and a maximum length of 2.10 metres except at the top of N21-01 where core loss resulted in sample length of 3.65 metres and 2.44 metres and at the top of N21-02 where core loss resulted in a sample length of 2.57 metres. Drill core is cut along the long axis of the core over the entire length of the drill hole. Sample intervals are defined by mineralization, lithology, structure, and alteration boundaries.

Sample preparation is completed at ALS Whitehorse with sample pulps shipped to ALS Vancouver for analyses. Samples are dried and crushed to 70% less than 2 millimetres with a 250-gram riffle-split and pulverized to better than 85% passing 75 microns (PREP-31).

A 50-gram sample from the pulp is analyzed for gold using fire assay techniques and atomic absorption spectroscopy with detection limits of 0.005-10 parts per million (“ppm”) (Au-AA24). Gold overlimit values are re-analyzed using a gravimetric finish with an upper detection limit of 10,000 ppm (Au-GRA22). A 0.25 gram sample from the pulp is analyzed with multi-element geochemistry (ME-ICP61) using a 4-acid near total digestion and induced coupled plasma atomic emission spectroscopy (ICP-AES) providing 33 elements (Ag, Al, As, Ba, Be, Bi, Ca, Cd, Co, Cr, Cu, Fe, Ga, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Sr, Th, Ti, Tl, U, V, W, Zn).

Samples assaying above 0.2 g/t gold were tested for cyanide-soluble gold with the 30-gram Au-AA13 method. This form of analysis is a preliminary indication of the favorability of the sample for gold recovery by cyanide leach. Since the test is performed on a small aliquot of a pulverized sample, it is not a reliable indication of metallurgical recovery. Cyanide ratios “AuCN/AuFA” were capped at 100%.

Sample Quality Assurance/Quality Control measures include unmarked certified reference materials (CRMs), rock blanks, and field duplicates are inserted into the sample sequence and make up 5% of the samples submitted to the lab for holes reported in this release. Additional QAQC checks are ongoing in accordance with 43-101 standards.

National Instrument 43-101 Disclosure

The technical content of this news release has been reviewed and approved by Triumph Gold’s President, Brian May, P.Geo., a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. He has also verified the data disclosed, including sampling, analytical and test data, and the underlying technical information in this news release.

About Triumph Gold Corp.

Triumph Gold Corp. is a Canadian based, growth-oriented exploration and development company with a district scale land package in mining friendly Yukon. The Company’s 100% owned, road accessible, flagship Freegold Mountain Project in the Dawson Range Au-Cu Belt is host to three NI 43-101 Mineral Deposits (Nucleus, Revenue, and Tinta Hill). The Project is 200 square kilometres and covers an extensive section of the Big Creek Fault Zone, a structure directly related to epithermal gold and silver mineralization as well as gold-rich porphyry copper mineralization.

Led by an experienced management and technical team, Triumph Gold is focused on actively advancing the Freegold Mountain Project using multidiscipline exploration and evaluation techniques.

The Company owns 100% of the Big Creek and Tad/Toro copper-gold properties situated along strike of the Freegold Mountain Project within the Dawson Range.

The Company also owns 100% of the Andalusite Peak copper-gold property, situated 36 km southeast of Dease Lake within the Stikine Range in British Columbia.

Triumph Gold acknowledges the traditional territories of the Little Salmon Carmacks First Nation and Selkirk First Nation on which the Company’s Yukon mineral exploration projects are located. Triumph Gold has a long standing, ongoing, engagement with these First Nations through communication, environmental stewardship, and local employment.