TRX.TO · 2020-03-17 12:00:00

U.S.A. 06784 Vancouver, British Columbia

Corporate Updates

CONNECTICUT OFFICE VANCOUVER OFFICE:

PO Box 577 #202, 5626 Larch Street

Sherman, CT V6M 4E1 Canada

U.S.A. 06784 Toll Free (844) 364-1830

[email protected] www.tangoldcorp.com

Tanzanian Gold Announces Doubling Of Resources In Measured +

Indicated Categories And Highlights Upside In Exploration Targets

on its Buckreef Gold Project

FOR IMMEDIATE RELEASE March 17, 2020

TORONTO, March 17, 2020, (GLOBE NEWSWIRE) - Tanzanian Gold Corporation’s, (TSX:TNX)

(NYSE American:TRX) (the “Company’s”) Board of Directors is pleased to announce that it has

received an update of the Estimated Mineral Resources in the Buckreef Shear Zone from Virimai

Projects, its independent technical advisor. This update incorporates the results from the 2019

drilling campaign, the largest drill campaign in the Company’s history.

NI 43-101 Estimated Mineral Resource For Buckreef Sheer Zone (cut-off grade 0.4 g/t Au)

MEASURED INDICATED INFERRED MEASURED + INDICATED

Tonnes

(g/t) Ounces Tonnes

(g/t) Ounces

35,871,600 1.74 2,010, 780 10,010,350 1.03 331,870 9,926,300 0.6 3 39,190 45,881,9 50 1.59 2,342,650

Notes and Key Assumptions:

Mineral Resources inclusive of Mineral Reserves (no Mineral Reserves reported in this update)

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability

All resources below 540mRL classified as inferred

Estimates over variable widths of 3m to 40m

Bulk Density ranges 2.0g/cm3 to 2.8g/cm3

55% attributable to the Company

Effective Date: March 16, 2020

In order to appreciate the significance of these new results, at a cut-off of 0.5g/t, the updated

Mineral Resource for the Buckr eef Sheer Zone (Measured + Indica ted) comes up to 40.90

million tonnes grading @ 1.73g/t that contain 2,270,700 ounces. At the same cut-off grade,

the last published Measured + I ndicated Resource for the Buckreef Sheer Zone (at a cut-off

grade of 0.50 g/t Au) amounted to 21.99 million tonnes grading @ 1.54 g/t Au that contained

1,085,465 ounces of gold. This is m ore than doubles the estimat ed Mineral Resource in the

Measured + Indicated categories for the Buckreef Shear Zone.

In accordance with Part 2 of the NI 43-101 Standards of Disclosure for Mineral Projects (“NI

43-101”), set out below are the pot ential exploration targets a t The Buckreef Sheer Zone

(the “Exploration Targets”).

Exploration Targets At Buckreef Sheer Zone

In should be noted that the potentia l quantity and grade of the se Exploration Targets is

conceptual in nature, that there has been insufficient explorat ion to define a mineral

resource and that it is uncertain if further exploration will r esult in the target being delineated

as a mineral resource as per t he NI 43-101 reporting standards. The Exploration Targets

include 5 isolated drill holes and assume projections of mineralized structures to deep levels

as well as an extension of the Northeast Zone, and are based a continuation of favourable

geological conditions that host mi neralized structures which ha ve been encountered in

shallower drilling of Phase II to deep levels below the limits of the current wireframes used in

the estimation of the new resources described herein. The Exploration Targets assume that

the extension of the Northeast Zone along strike will be confirmed by additional drilling.

The Phase III drilling program is currently underway to further test the continuity of these

mineralized structures. Current i nformation from drill holes sh ow high grade intersections

including drill-hole BMRCD298 with an intercept average 2.45g/t from 650 to 681m down the

hole (NE Extension) and drill-ho le BMRCD309 with an intercept a verage 3.4g/t from 617 to

630m down the hole (Main North) as reported in a recent press r elease dated February 26,

2020 announcing the results from the first hole in the Phase III campaign.

A Technical Report prepared purs uant to the requirements of NI 43-101 will be released by

the Company within 45 days as part of the continuation of the r esults reported in the Pre-

Feasibility Report published in June 2018. This Technical Repor t will provide greater details

in respect of the Company’s disclosure herein, and investors ar e encouraged to review the

Technical Report, when available under the Company’s profile at www.sedar.com.

Sample Protocol and QA/QC

The sample chain of custody is managed by the Buckreef technica l team under the

supervision of Anthony Minde. Gold analyses reported in this re lease were performed by

standard fire assay using a 50-gr am charge with atomic absorpti on finish (0.01ppm LLD)

and a gravimetric finish for assays greater than 10 grams per t onne. All assays were

Target Area Tonnes Tonnes Au (g/t) Au (g/t) Ounces Ounc es

Northeast Extension 4,000,000 6,000,000 1.40 2.50 180,047 482,269

Main Zone 25,000,000 35,000,000 1.30 1.50 1,044,915 1,687,940

Tonnage Range Grade Range Ounces Ran ge

performed by Nesch Mintech Laborat ory in Mwanza (the “Laborator y”). Sampling and

analytical procedures are subject to a comprehensive quality as surance and quality control

program. The QA/QC program incl udes duplication to the samples, blanks and analytical

standards.

Intervals of core to be analyzed are split in half with a mecha nized core cutter, with one half

sent to the Laboratory for geochemical analysis and the remaini ng half kept in storage for

future reference and uses.

The Laboratory is ISO 90001 and 17025 accredited and employs a Laboratory Information

Management System for sample tracking, quality control and reporting.

Qualified Person

The Company’s Qualified Person, Mr. Peter Zizhou, has reviewed and approved the

contents of this news release. Mr. Zizhou has a Master of Sci ence (Exploration Geology)

degree from the University of Zi mbabwe (2000) and is a register ed professional natural

scientist with SACNASP (Reg. No. 400028/08).

Mr. Wenceslaus Kutekwatekwa BSc (Hons) Mining Eng. MBA, FSAIMM, FIoDZ, MAMMZ,

MPMIZ the Qualified Person for Virimai Projects has read and approved the contents of this

press release and does hereby confirm that he and Virimai Projects are actively engaged as

the Qualified Person undertaking the NI 43-101 Mineral Resource Update Technical Report.

“Although the doubling of the gold resources categorized in accordance with the

requirements of 43-101 is most satisfying, the interim results we have released today are

pointing us in the direction of further increases” stated Mr. James E. Sinclair, Executive

Chairman, who went on to say that “We have already started the Phase III deep drilling

campaign that the Company expects could move the exploration targets into the NI 43-101

categories”.

Respectfully Submitted,

“James E. Sinclair”

James E. Sinclair

Executive Chairman

For further information, please contact Michael Martin, Investor Relations, via email at

[email protected], direct line 860-248-0999, or visit the Company website at

www.tangoldcorp.com

The Toronto Stock Exchange and NYSE MKT LLC have not reviewed and do not accept responsibility for the adequacy or accuracy

of this release

Cautionary Note to U.S. Investors - The United States Securitie s and Exchange Commission limits disclosure for U.S.

reporting purposes to mineral deposits that a company can econo mically and legally extract or produce. We use certain

terms on this news release, such as “reserves”, “resources”, “g eologic resources”, “proven”, “probable”, "measured",

"indicated", or "inferred" which may not be consistent with the reserve definitions established by the SEC. U.S. Investors

are urged to consider closely the disclosure in our SEC filings . You can review and obtain c opies of these filings from the

SEC's website at http://www.sec.gov/edgar.shtml

This news release contains certain forward-looking statements a nd forward-looking information. All statements, other than

statements of historical fact, included herein are forward-look ing statements and forward-looki ng information that involve var ious

risks and uncertainties. There can be no assurance that such st atements will prove to be accurate, and actual results and futu re events

could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially

from the Company's expectations are disclosed in the Company's documents filed from time-to-time with the British Columbia,

Alberta and Ontario provincial securities regulatory authorities.

Certain information presented in this release may constitute “f orward-looking statements” within the meaning of the Private

Securities Litigation Reform Act of 1995. Such forward-looking statements are based on numerous assumptions, and involve known

and unknown risks, uncertainties and other factors, including r isks inherent in mineral explor ation and development, which

may cause the actual results, performance, or achievements of t he Company to be materially different from any projected future

results, performance, or achievements expressed or implied by s uch forward-looking statements. Investors are referred to our

description of the risk factors affecting the Company, as conta ined in our SEC filings, including our annual report on Form 20 -F and

Registration Statement on Form F-10, as amended, for more information concerning these risks, uncertainties, and other factors.

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