TriStar Gold - Corporate Update

January 11, 2023

Scottsdale, Arizona--(Newsfile Corp. - January 11, 2023) - TriStar Gold Inc. (TSXV: TSG) (OTCQX: TSGZF) (the Company or TriStar) is pleased to provide an update on advancements in the work at Castelo de Sonhos gold project in Pará State, Brazil. TriStar is 100% focused on attaining the Liçença Previa (LP), or Preliminary Licence, the main environmental licence in the 3-step Brazilian mine permitting process. TriStar's Environmental Impact Assessment (EIA) and LP application were submitted in July of 2022, and assuming current timeline estimations are correct, we anticipate approval in the third quarter of 2023.

Mr. Nick Appleyard, CEO, stated, "The TriStar team are doing an outstanding job in maintaining open and transparent communication channels with the relevant state of Pará authorities."

Government Relations and Environmental Permitting
With the inauguration of the new administration in Brazil, the TriStar team met with the regulators at the Environmental Secretariat (SEMAS) of Pará State in Belem to confirm the status and timelines for receipt of the LP. The SEMAS licensing team informed us that the Castelo de Sonhos project is at the head of the line for EIA review. They remain committed to a technical site visit in March 2023, which is the next major milestone event, to review our environmental management and social engagement practices, and confirm the findings of the EIA.

SEMAS has informed TriStar that they anticipate an in-person public hearing in the village of Castelo de Sonhos, with the availability of virtual participation from municipal and other stakeholders. The TriStar team continues to prepare all engagement-related activities and prepare all technical requirements to ensure a successful hearing.

In anticipation of likely requirements for the next stage of permitting, TriStar has already advanced work on cave relevance studies and will be initiating detailed archeological studies.

Community Engagement and Transparency
The TriStar team continues to engage with key stakeholder groups in both the areas of direct and indirect impact of the project, focusing on sharing detailed project information, listening and responding to questions and concerns, discussing timelines and potential future events. The aim is to prepare the local communities and key stakeholders for the public hearing, which will follow the SEMAS site visit. Our engagement activities focus on multiple parties including the municipality, sub-district businesses, small-scale entrepreneurs, landowners, schools and civil society organizations.

TriStar partnered with local village shops and stores for the delivery of Christmas hampers of vital supplies to families over the holiday season. We continue to identify opportunities to partner with government and civil society to support the well-being of local families-in-need specifically in the areas of health and education.

Environmental Management
Daily environmental training and awareness initiatives have been developed at site by our internal team. Environmental management is focused on a continual improvement model, with current upgrades underway in the areas of solid waste management, recycling, treatment of effluents, power generation and potable water systems.

We continue with the sourcing and planting of native vegetation seedlings and the extensive rehabilitation of drill pads as well as helping to repair surrounding areas affected by the devastating impacts of seasonal wildfires.

We have received confirmation from the National Institute of Colonization and Agrarian Reform (INCRA) that all land within the Directly Affected Area (ADA) of the project are federally administered, and that there are no known encumbrances to project development.

Community Investment & Partnerships
As part of our commitment to building lasting partnerships in support of the development priorities of local stakeholders and communities, we are grateful to be partnering with the Altamira Municipality's Education Secretariat in the construction of an upgraded elementary school in the village of Esperança IV. This is the closest village to the project area, and we believe this important partnership will have lasting positive impacts for generations of families to come.

TriStar completed a 2,500m drill program in October of 2022, and gold assay results have been received for 25 of the 26 drill holes (CSH-22-604 is still pending) and five drill holes are still waiting for multi-element geochemistry.

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Figure 1 - Location of drill holes from the 2022 program at and around Esperança South.
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Results can be summarized according to the various defined aims of the program as:

Gold assay results have been received for 20 drillholes that were looking for possible extensions to the reefs around Esperança South. The most promising results were in the southernmost drill hole CSH-22-577 (azimuth 140°, dip -60°, total depth 80m) which returned 3m @ 1.72 g/t gold (20 to 23m downhole), which is a good indication that the mineralization continues to the south.

The drill holes aimed at longer range extensions generally failed to intersect meaningful mineralization, although the easternmost drill hole, CSH-22-610 (azimuth 0°, dip -90°, total depth 150m) intersected 7m @ 0.67 g/t gold (3 to 10m downhole) including 2m @ 1.66 g/t gold (8 to 10m downhole). The shallow depth of mineralization and the fact the hole is located nearly 1km to the east of known mineralization makes this an interesting intercept worthy of follow-up. The westernmost drill hole CSH-22-609 (azimuth 0°, dip -90°, total depth 200m) did not have any significant results, although until we receive and analyze the geochemistry results, we will not be able to confirm if the hole reached its target.

The true width of the mineralized intersection quoted is between 85 - 100% of the downhole drill indicated width.

Condemnation Drilling
Four drillholes, CSH-22-578/600/605/613, were designed to check for possible mineralization trending towards or underneath proposed waste dumps. None of these drill holes returned meaningful grades, so although this is not a definitive condemnation program it is a good first indication that the sites selected for the rock waste dumps at Esperança South appear to be appropriate.

Twin holes - Reverse Circulation v Core
During this recent drill campaign, one core drill hole was drilled as a twin of a pre-existing reverse circulation (RC) hole, with the aim being to confirm that the RC drilling process does not impact the reliability of sample quality by imparting a systematic bias. TriStar has drilled six twin holes during previous campaigns, with multiple interceptions showing indications of a higher grade in the core assays.

Drill hole CSH-22-611 was twinned against old RC hole RC-19-392, drilled in 2019. Hole 392 had three low-grade mineralized zones as shown in Table 1 below. Hole 611, drilled recently, intersected the same zones, showing good repeatability of mineralization, but demonstrated higher grades in each zone. TriStar will resubmit the samples for Leachwell analysis in order to properly align grade comparisons. In general, Leachwell analysis has a higher precision than fire assays; due to the mass of the analyzed material being approximately 20x larger in a Leachwell assay than the 50g aliquots analyzed in a conventional fire assay procedure. The results presented in Table 1 show the preliminary comparison between the two holes, located 5m apart in Esperança South.

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Table 1 - Comparison of significant intervals between RC hole RC-19-392 and new core hole CSH-22-611.

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Qualified Person
Alan Lambden (P.Geo.), project geologist for TriStar and the Qualified Person for the technical information presented in this press release, has approved its publication.

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


Nick Appleyard
President and CEO

For further information, please contact:

TriStar Gold Inc.
Nick Appleyard
President and CEO

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 ability to complete the current drilling program, the results of further exploration target identification and the anticipated ongoing 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.

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