Buckreef Gold’s Main Zone Extended And Chased Toward The Surface

Main Zone Remains Open In All Directions

TORONTO, Aug. 16, 2022 (GLOBE NEWSWIRE) -- TRX Gold Corporation (TSX: TNX) (NYSE American: TRX) (the “Company” or “TRX Gold”) is pleased to announce several positive assay results from the northeast (“NE”) step-out drilling at the Buckreef Gold Main Zone (“Main Zone”), which has now been extended by yet another 50 meters (“m”) for a total extension in the NE of 300 m; the total strike length having now been extended to 2.0km (see previous press release dated June 2, 2022). TRX has also commenced exploration drilling to the southwest (“SW”) of the Main Zone, where the drill rig is now active approximately 250 m beyond the historical South Pit.

The NE step-out drilling mineralization and grades have been generally consistent with the Main Zone, where the Company has recently commenced oxide mining activities over the past two quarters. TRX Gold will continue to explore closer to surface in the NE over time. The shallowest hole thus far has been 101.5 m below surface.

Drill highlights include:

• Hole BMDD246 intersected 12.27 m grading @ 1.90 g/t Au from 191.7 m, on northernmost section line. Deposit is open to north and up-dip towards surface.
• Hole BMDD244 intersected 4.50 m grading @ 1.96 g/t Au from 129.5 m.
• Hole BMDD243 intersected 7.46 m grading @ 1.76 g/t Au from 101.5 m.
  

“We continue to be excited by the progress made by TRX. As we get close to once again ramping up gold production within the next month, our exploration program continues to beat our expectations. These new step out drilling results are clearly demonstrating the growth potential at our Buckreef Gold Project,” noted Stephen Mullowney, Chief Executive Officer of TRX Gold. “The geological model predicted that gold mineralization associated with the Main Zone shear zone would continue – and it certainly does! Our geologists have been very methodical in extending the boundaries of the Main Zone; at depth, to the NE and are currently exploring in the SW. The team has also been focused on planning exploration programs on our new discoveries of Buckreef West and Anfield. We remain confident that we can continue to create shareholder value through the drill bit. As our production profile continues to grow with the expanded processing plant coming online shortly, our exploration program will continue to grow throughout the year as well.”