TDG GOLD CORP. EXPANDS THE CODY LEE ZONE AT GREATER SHASTA-NEWBERRY, TOODOGGONE

White Rock, British Columbia, April 03, 2023. TDG Gold Corp. (TSXV: TDG) (the “Company” or “TDG”) is pleased to report expansion of the Cody Lee¹ Zone by +200 % from that previously reported (news release January 25, 2023). TDG has identified two mineralized targets within the Cody Lee¹ Zone based on the analysis of seven historical^2,3 diamond NQ drillholes totalling ~800 metres (“m”) from 1989 (Figure 1).

Highlights from the historical^2,3 drilling in the Cody Lee Zone include SH89-34 which intercepted 23.6 m of 2.53 grams per tonne (“g/t”) gold (“Au”) and 34 g/t silver (“Ag”) from 27.9 m depth (Table 1).

The Cody Lee¹ Zone is one of five higher priority exploration target zones¹ located within TDG’s Greater Shasta-Newberry project¹. The expansion of the Cody Lee¹ Zone brings its boundary to within 250 m of the Shasta deposit and increases the opportunity to connect these zones through further systematic, scientific exploration (Figure 2).

Steven Kramar, TDG’s VP Exploration, commented: “We hope to see ‘rediscoveries’ such as the two mineralized targets we’ve now identified within the Cody Lee Zone as we continue to recompile the large amount of historical data and information available for Greater Shasta-Newberry. The Cody Lee Zone is open along strike of the gold-in soil anomaly, which anomaly also coincides with the results of our broader VLF EM and ground magnetic studies completed in 2022.

The historical drill cores from these and other similar vintage drillholes are potentially stored in the core field at Shasta. Laboratory assays indicate only ~50% of these drill cores (by length) were analyzed historically. If the historical core can be recovered, it could be relogged and analyzed which may help identify additional mineralization through assaying all the available core⁵. Modern HQ diamond drilling (larger diameter than historical size) at Shasta has typically delivered up to +15% grade increase in gold versus historical assay results, meaning that the historical information we’ve recompiled may underestimate the potential of these targets.”

Table 1 – Historical^2,3Drill Composite Results from the Cody Lee¹ Zone.

Hole	From	To	Length	Au	Ag	AuEq4
	(m)	(m)	(m)	(g/t)	(g/t)	(g/t)
SH89-31	26.5	27.6	1.1	1.03	1	1.04
SH89-32	50.3	62.9	12.6	1.64	5	1.70
incl.	53.6	55.6	2.0	9.31	13	9.47
and	81.6	86.8	5.2	0.20	5	0.25
and	92.3	98.7	6.4	0.69	2	0.72
SH89-33	No Significant Results
SH89-34	27.9	51.5	23.6	2.53	34	2.95
incl.	27.9	45.0	17.1	3.37	45	3.93
incl.	36.7	45.0	8.3	6.17	78	7.15
incl.	43.5	44.0	0.5	91.50	595	98.94
SH89-59	32.9	37.1	4.2	0.36	2	0.39
and	49.7	56.5	6.8	0.19	1	0.20
SH89-60	18.5	28.1	9.6	0.36	7	0.44
SH89-61	59.5	67.5	8.0	0.23	7	0.32
SH89-62	48.3	67.2	18.9	0.31	5	0.37

Ongoing recompilation and modeling work from historical drill data, in combination with results from geophysical analyses conducted by TDG in 2022, indicates two parallel mineralized zones (Figure 3) which interpretation was confirmed by surface observations by TDG in 2022, exist within the Cody Lee¹ Zone (Figure 1) and may extend further than previously drill tested and is open down dip, at depth.

The Cody Lee¹ Zone is supported by: i) surficial geochemical sampling^2,3 in a > 100 parts per billion (“ppb”) Au in soil anomalous zone, ii) airborne magnetic susceptibility in a corridor that mimics the signature of the Shasta main deposit, iii) ground very low frequency (“VLF”) electromagnetic survey results in a corridor coincident with magnetic susceptibility with two large broad well-defined conductors, iv) ground geological mapping where sampling and prospecting identified outcroppings of altered, veined volcanic rocks which select grab samples assayed below detection to 1.45 g/t Au and 0.34 – 79 g/t Ag, respectively and, v) geological interpretation of the intersection of northwest structures with northeast structures.

This data has led to the redefinition of the Cody Lee¹ Zone with +200 % expansion of the exploration target area from its original interpreted size (see TDG News Release January 25, 2023). TDG has also replanned its 2023 field program work at the Cody Lee¹ Zone from previously reported (see TDG News Release March 20, 2023) including re-targeting of proposed HQ, oriented core diamond drillholes.

Qualified Person

The technical content of this news release has been reviewed and approved Steven Kramar, MSc., P.Geo., Vice President, Exploration for TDG Gold Corp., a qualified person as defined by National Instrument 43-101.

¹Mineral Exploration/Exploration Target Area(s): TDG is a mineral exploration focused company and the Company’s Projects are in the mineral exploration stage only. The degree of risk increases substantially where an issuer’s properties are in the mineral exploration stage as opposed to the development or operational stage. Exploration Targets and/or Exploration zones are speculative and there is no certainty that any future work or evaluation will lead to the definition of a mineral resource.

²Historical Data: This news release includes historical information that has been reviewed by TDG’s qualified person (QP). TDG’s review of the historical records and information reasonably substantiate the validity of the information presented in this news release; however, TDG cannot directly verify the accuracy of the historical data, including (but not limited to) the procedures used for sample collection and analysis. Therefore, any conclusions or interpretations borne from use of this data should be considered too speculative to suggest that additional exploration will result in mineral resource delineation. TDG encourages readers to exercise appropriate caution when evaluating these data and/or results.

³Historical Drill Core Sampling & Assay Methodology: Historical core was geologically logged with lithologies identified and notable geological features recorded. Historical core was cut in half (and in rare cases sawn in half) along sample intervals (lithology and mineralization dependant) generally less than 3 m. Chemical analysis was performed dominantly for precious metal analysis (Au, and Ag), and infrequently for base metals (Pb, Zn, Cu), and rarely for major elements and trace elements. Historically, different commercial laboratories were utilized in addition to an assay lab at Baker Mine Site. These lab facilities may or may not have had accreditation and in all cases accreditation (if applicable) pre-dated current ISO standards. Over that period, a variety of digestion and assay methods were used, including atomic absorption, fire assay atomic absorption, aqua regia atomic absorption and aqua regia ICP with varying detection limits. Reference materials (if any) were inserted at the analytical level and thus were unblind to the facility processing the samples.

⁴Gold Equivalent (AuEq): Gold Equivalent (AuEq) is used for illustrative purposes, to express the combined value of Au and Ag as a percentage of Au on an in situ basis. Calculations are uncut and recovery is assumed to be 90% for each metal with an Au price of US$1,800/oz and an Ag price of US$22.50/oz (based on trends over the past approximately three years), giving an 80:1 silver to gold ratio for AuEq calculation purposes. Actual prices and recoveries (following metallurgical test work) may differ from these assumptions, which would change the ratio.

⁵Unassayed Historical Drill Core: Historical drill core intersections, lengths or intervals referenced for re-assay or geological analysis may not be available or suitable for sampling. Historical drill cores were inherited with the project and TDG provides no guarantees or warranties that these drill cores are part of the historical inventory, are available and/or have not degraded to a state that would render them wholly unusable for the purposes of scientific investigation. TDG provides no warranties/guarantees that these historical un-assayed drill cores host precious or base metal mineralization.

The Cody Lee Zone was named with the kind permission of the family in honour and remembrance for Cody Lee who passed away on October 05, 2021.

About TDG Gold Corp.

TDG is a major mineral claim holder in the historical Toodoggone Production Corridor of north-central British Columbia, Canada, with over 23,000 hectares of brownfield and greenfield exploration opportunities under direct ownership or earn-in agreement. TDG’s flagship projects are the former producing, high-grade gold-silver Shasta, Mets and Baker mines, which are all road accessible, produced intermittently between 1981-2012, and have over 65,000 m of historical drilling. The projects have been advanced through compilation of historical data, new geological mapping, geochemical and geophysical surveys and, at Shasta, over 13,000 m of modern HQ drill testing of the known mineralization occurrences and their potential extensions. In May 2022, an initial Mineral Resource Estimate was published for Shasta (see TDG news release May 17, 2022). In January 2023, TDG defined a larger exploration target area adjacent to Shasta (Greater Shasta-Newberry; see TDG news release January 25, 2023) with drill-ready targets where TDG aims to undertake follow-up exploration activity in 2023.

ON BEHALF OF THE BOARD

Fletcher Morgan
Chief Executive Officer

For further information contact:
TDG Gold Corp.,
Telephone: +1.604.536.2711
Email: info@tdggold.com

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.

This news release contains forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “expand/expansion”, “connect”, “show”, “potential”, “project”, “anticipate”, “intend”, “impact”, “extension”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate”, “identify”, “hope”, “open”, “help”, “deliver”, “underestimate” and variations of these words as well as other similar words or statements that certain events or conditions “could”, “may” or “will” occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current and planned exploration activities; the impact of 2022 drilling and re-assaying of 2021 drill core on the mineral resource estimates; the results of planned geophysical and geochemical studies, as well as re-logging of historical core; conclusions of future economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in grades of mineralization and/or future actual recovery rates; accidents, labour disputes and other risks of the mining industry; the availability of sufficient funding on terms acceptable to the company to complete the planned work programs; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.