TRX.TO · 2020-06-23 12:00:00

Doubling of Gold Mineral Resources Confirmed

Corporate Updates

CONNECTICUT OFFICE: VANCOUVER OFFICE:

PO Box 577 #202, 5626 Larch Street

Sherman, CT Vancouver, BC

U.S.A. 06784 Canada V6M 4E1

Phone: 1.844.364.1830 Toll Free : 1.844.364.1830

Fax : 1.860.799.0350

www.tangoldcorp.com

Doubling of Gold Mineral Resources Confirmed

For Immediate Release June 23 2020

VANCOUVER (GlobeNewswire) - Tanzanian Gold Corp. (TSX: TNX); (NYSE American: TRX) (the

“Company”) is pleased to announce that it has filed a National Instrument 43-101 Independent

Technical Report entitled “Updated Mineral Resource Estimate for the Buckreef Gold Mine Project,

Tanzania, East Africa” (the “Report”). This Report follows the Company’s release of March 17, 2020

that announced a doubling of Res ources in the Measured and Indicated Categories as well as

highlighting the upside potential in Exploration Targets. The Report has been filed on SEDAR and is

available on the Company’s website.

The new Estimated Mineral Resources

The Estimated Mineral Resources released today at a cut-off grade of 0.4 g/t Au are set out below:

Prospect

Measured Indicated Inferred Total Measured + Indicated

Tonnes Grade In Situ

Content Tonnes Grade In Situ

Content

(Mt) Au

(g/t) Au (Oz) (Mt) Au (g/t) Au (Oz) (Mt) Au

(g/t) Au (Oz) (Mt) Au (g/t) Au (Oz)

Buckreef 19.98 1.99 1,281,160 15.89 1.48 755,120 17.82 1.11 635,540 35.88 1.77 2,036,280

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 2 to 40m

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

55% attributable to the Company

Effective Date: May 15, 2020

The Report notes that ”Since the last update, June 2018, the Buckreef Shear Zone Measured Mineral

Resources have more than doubled in terms of tonnage but increased by two and half times in terms

of contained ounces mainly due to the high grades intersected in the Main Zone Central and North

East extension during the last drilling campaign. Indicated Mineral Resources have increased by

approximately 20% percent with a corresponding nearly 30% increase in contained ounces. Inferred

Mineral Resources have also more than doubled but contained ounces just fall short of being double.

This is due to the deeper drilling and to reflect the open–ended nature of the mineralisation.”

Interested parties are encouraged to review the Report in its entirety.

Variances between the March 17, 2020 estimate and the final estimate:

There are several changes between the preliminary results released on March 17, 2020 and the final

results released today; notably:

A reclassification in the Measured and Indicated Categories resulted in a reduction of tonnes in

the Measured category and an in an increase in the tonnes of the Indicated category such that

the combined tonnes in both categories was reduced by 21%; but combined ounces only

declined by 13% (a reduction of 307,360 oz from March 17, 2020);

A notable increase of 14% in the grade of the Measured category to 1.99 g/t Au; and a 43%

increase in the grade of the Indicated category to 1.48 g/t Au; and

In the Inferred category the tonnage and the grade increased by close to 80% such that the

final in-situ ounces of gold in the Inferred category increased from 39,190 oz to 635,540 oz.

The major reason for this global reclassification in all three categories is that the March 17, 2020

estimate was based on kreiging parameters for the Main Zone which were applied to the South Zone

and to the Northeast Zone and the narrow parallel zones in these areas. The estimate today

improved classification by treating the zones separately and examining kreiging efficiencies

accordingly.

No Changes in the Exploration Targets:

s stated on March 17, 2020 “In accordance with Part 2 of the NI 43-101

Standards of Disclosure for

Mineral Projects

(“NI 43-101”), set out below are the potentia l exploration target s at The Buckreef

Sheer Zone (the “Exploration Targets”)

Exploration Targets at Buckreef Sheer Zone

It should be noted that the potential quantity and grade of these Exploration Targ ets is conceptual in

nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain

if further exploration will result in the target being delineated as a mi neral resource as per the NI 43-

101 reporting standards. The Expl oration Targets include 5 isolated drill holes and assume

projections of mineralized structures to deep levels as well as an extension of the Northeast Zone,

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

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 Range

and are based a continuation of fa vourable geological c onditions that host mi neralized structures

which have been encountered in shallowe r drilling of Phase II to deep levels below the limits of the

current wireframes used in the esti mation of the new resources described herein. The Exploration

Targets assume that the extensi on of the Northeast Zone along strike will be confirmed by additional

drilling.

Sample Protocol and QA/QC

The sample chain of custody is managed by the Buckreef technical team under the supervision of

Anthony Minde. Gold analyses reported in this release were performed by standard fire assay using a

50-gram charge with atomic absorption finish (0. 01ppm LLD) and a gravimetric finish for assays

greater than 10 grams per tonne. All assays were performed by Nesch Mintech Laboratory in

Mwanza (the “Laboratory”). Sampli ng and analytical procedures are subject to a comprehensive

quality assurance and quality cont rol program. The QA/QC program includes duplication to the

samples, blanks and analytical standards. Intervals of core to be analyzed ar e split in half with a

mechanized core cutter, with one half sent to the Laboratory for geochemical analysis and the

remaining half kept in storage for future reference and uses. The Laboratory is ISO 90001 and 17025

accredited and employs a L aboratory Information Ma nagement System for samp le tracking, quality

control and reporting.

Qualified Person

Report was compiled by Wenceslaus

The Kutekwatekwa BSc Hons (Mi ning Eng.), MBA, FSAIMM,

FIoDZ, PRINCE2®, MAMMZ, MPMIZ (Mining Consultant) and Frank Crundwell BSc (Hons) Maths of

Finance. BSc (Chemical Eng.), MSc (Chemical Eng.), PhD (Chemic al Eng.) Pr Eng. FSAIMM,

FIChemE (Metallurgy Consultant). Mr. Wenceslaus Kutekwatekwa BSc (Hons) Mining Eng. MBA,

FSAIMM, FIoDZ, MAMMZ, MPMIZ the Qualified Person for Virimai Pr ojects has read and approved

the contents of this press release .

Statement By Chairman

“I am delighted that the report today has clearly highlighted two si gnificant aspects of our growing

resource base – the high grade natur e ( almost 2.0 g/t Au) of the bulk of our resources , and the

potential to the Inferred category with additional drilling” stated Mr. James E. Sinclair, Executive

Chairman.

About Tanzanian Gold Corporation

Tanzanian Gold Corporation is pursuing the development of a gold mine at its Buckreef Project in

Tanzania. An ongoing drill program has, to date, nearly doubled the size of measured and indicated

resources to 2.036 million oz, compared to the Company’s June 2018 technical report.. The Company

is rapidly advancing on three value-creating tracks, simultaneously: 1. Production from an oxide

processing plant, to operate as a separate, stand-alone plant for the full life of the larger sulphide

mining and processing operation; 2. The Company moves to Final Feasibility for the

sulphide operation and now envisions a plant substantially larger than previously modelled. 3. The

Company has begun Ultra-Deep Drilling and completed a Level 1 stope design to consider an

underground gold mining component at Buckreef and will start infill drilling to update ounces currently

in the Inferred category.

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 Stat es Securities and Exchange Commission limits disclosure for

U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. We

use certain terms on this news release, such as “reserves”, “resources”, “geologic 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 cons ider closely the disclosure in our SEC filings. You can

review and obtain copies of these filings from the SEC's website at http://www.sec.gov/edgar.shtml

This news release contains certain fo rward-looking statements and forward-look ing information. All statements, other

than statements of historical fact, included herein are forw ard-looking statements and forw ard-looking information that

involve various risks and uncertainties. Th ere can be no assu rance that such statements w ill prove to be accurate, and

actual results and future events could differ materially from those anticipated in such statem ents. 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 Columb ia, Alberta and Ontario provincial securities regulatory

authorities.

Certain information presented in this release may constitute “forward-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, unce rtainties and other factors, including ri sks inherent in mineral exploration

and development, which may cause the actual results, performance, or achievements of the Company to be materially

different from any projected future results, performance, or achievements expressed or implied by such forward-looking

statements. Investors are referred to our description of the risk factors affectin g the Company, as contained 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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