Trans Canada GOLD Corp. Provides Drilling Update ON Well Agreement with Croverro Energy Ltd. of Calgary, Alberta to Start Drilling a Multilateral Horizontal Heavy Oil Well Situated Near Lloydminster, Alberta ____________________________________________________________________________________
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TRANS CANADA GOLD CORP.
c/o Suite 1200 - 750 West Pender Street ∙ Vancouver ∙ British Columbia ∙ V6C 2T8
Telephone: (604) 681-3131
NEWS RELEASE
April 13th, 2023 TSX-V Trading Symbol: TTG
OTCQB Symbol: RCTRF
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TRANS CANADA GOLD CORP. PROVIDES DRILLING UPDATE ON WELL AGREEMENT WITH CROVERRO
ENERGY LTD. OF CALGARY, ALBERTA TO START DRILLING A MULTILATERAL HORIZONTAL HEAVY OIL WELL
SITUATED NEAR LLOYDMINSTER, ALBERTA
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VANCOUVER, B.C. – Trans Canada Gold Corp. (TSX-V: TTG, OTCQB -RCTRF) (“Trans Canada” or the
“Company”), is pleased to provide an operational update on a one-well Farmout Agreement with
Croverro Energy Ltd. of Calgary, Alberta, (“Croverro”) to drill a multi-lateral horizontal oil well. The well
is in close proximity to Lloydminster, Alberta. The lands for the well are currently controlled by Croverro.
Under the terms of the negotiated agreement, Trans Canada (Farmee) must pay 25% of Croverro’s share
of the cost to drill, complete and fully equip or abandon the well to earn an 18.75% net working interest.
Croverro (“Farmor”), will be carried for a 6.2 5% interest. The multi-lateral horizontal well is based on
similar wells drilled in the Sparky Oil Formation. The well is planned to have over 3000 m of Sparky
formation open for production. The well is scheduled to be drilled in June, and surface preparations are
in progress for drilling to commence, subject to rig availability.
Trans Canada, after successfully drilling and equipping the first multilateral horizontal well will have the
first right of refusal on an Area of Mutual Interest (AMI) of approximately one mile in each direction from
the test well. Additional wells within the AMI , if the Company elects to participate, will be drilled on a
non-promoted basis with Trans Canada paying 18.75% to earn 18.75%. Additionally, Croverro currently
has a second prospect in the AMI that is in the development stage. Also, Croverro may present additional
drilling opportunities to Trans Canada, as opportunities are developed and lands/minerals are obtained
in the greater Lloydminster region of Alberta and Saskatchewan.
The Well is surveyed and should be fully permitted by Croverro and approved by Alberta Energy for
drilling by June 1, 2023. Drilling completion and equipping costs are expected to be $1.7 million for the
well ($425,000 net to Trans Canada). Croverro Energy Ltd. under the terms of the agreement will be
Operator. Participation in the Farmout Agreement is subject to TSXV approval and completion of the
financing described in further detail below.
Commented Tim Coupland, “We are excited to be drilling a multi-lateral oil well with an experienced
partner. Croverro Energy Ltd . has a n experienced oil and gas technical team and has proven oil
production success with multi-lateral wells currently under their supervision and operation. We believe
drilling at home in Alberta and Saskatchewan, Canada will allow the Company to prosper and remain a
reliable oil & gas energy supplier, as world oil prices continue to remain high due to the lack of energy
security, ongoing supply issues, shipping and pipeline issues in the United States , combined with war
and geo-political conflict between Ukraine and Russia and lack of overall energy security.
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$600,000 N0N-BROKERED PRIVATE PLACEMENT
As previously announced on October 12, 2022 and January 10 th, 2023, the Company also continues to
work towards closing its previously announced non-brokered private placement financing of 12,000,000
units (the “Units”) at a price of CDN $0.05 per Unit to raise gross proceeds of up to CDN $ 600,000 (the
“Offering”). Each Unit will consist of one (1) common share and one (1) common share purchase
warrant, each warrant exercisable at a price of $0.15 per share for a period of three (3) years from the
date of issuance. The Offering is subject to approval from the TSX Venture Exchange and all of the
securities issued pursuant to the O ffering will be subject to a four month hold period from the date of
issue in accordance with applicable securities laws.
The Company has agreed to pay a finders’ fee to arm’s length parties for services rendered in respect of
the Offering. The finder’s fee will consist of a cash fee equal to 6% of the gross proceeds of the Offering
and finder’s warrants equal in number to 6% of the units sold under the Offering. Ea ch finder’s warrant
will entitle the holder to acquire one common share of the Company at a price of $0.15 per share for a
period of three (3) years from the date of issuance.
The Company intends to use the proceeds of the Offering for any new costs associated with due diligence
with respect to the acquisition of new oil exploration assets, drilling costs for the first well under the
agreement with Croverro and general working capital.
In addition to other prospectus exemptions commonly relied on in private placements, the Offering will
be available to existing shareholders of the Company who, as of the close of business on October 12th,
2022, held common shares of the Company (and who continue to hold such common shares as of the
closing date), pursuant to the prospectus exemption set out in BC Instrument 45-534 - Exemption From
Prospectus Requirement for Certain Trades to Existing Security Holders and in similar instruments in other
jurisdictions in Canada (the “ Existing Shareholder Exemption”). The Exi sting Shareholder Exemption
limits a shareholder to a maximum investment of CAD$15,000 in a 12 -month period unless the
shareholder has obtained advice regarding the suitability of the investment and, if the shareholder is
resident in a jurisdiction of Canada, that advice has been obtained from a person that is registered as an
investment dealer in the jurisdiction. If the Company receives subscriptions from investors relying on the
Existing Shareholder Exemption exceeding the maximum Offering, the Company may adjust the
subscriptions received on a pro-rata basis.
The Company will also make the Offering available to certain subscribers pursuant to BC Instrument 45-
536 - Exemption from Prospectus Requirement for Certain Distributions Through an Investment De aler
(the “Investment Dealer Exemption ”). In accordance with the requirements of the Investment Dealer
Exemption, the Company confirms that there is no material fact or material change about the Company
that has not been generally disclosed.
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TRANS CANADA GOLD PROJECT– THE DINORWIC GOLD PROPERTY
The Trans-Canada Gold Property consists of 741 non- surveyed contiguous mineral cell claims totaling
14,880 hectares located within the Kenora Mining Division of Ontario. The property is located within
the Wabigoon Greenstone Belt, which also contains the Goliath Gold deposit and the Goldlund Gold
Deposit. The Property contains a number of large shear zones containing quartz carbonate veins, pyrite
and arsenopyrite, underlain by mafic volcanics with felsic volcanics in the south. There is a large regional
scale iron carbonate alteration within the property, which is considered to be similar to that of the Red
Lake Mining Camp. The regional scale Carbonate alteration within the property associated with shear
zones within iron -tholeiite are prime targets for gold exploration. The property has excellent access,
with the Trans-Canada highway bisecting multiple high priority targets in a north-south direction, as well
as close proximity to the large community of Dryden, Ontario. The property has access to first class
infrastructure, with close proximity to a number of rail corridors and power lines. A number of gold
exploration targets have been identified within the property based on their association with regional
alteration, known gold showings, shear zones, complex patterns and offsets in the regional magnetic
map as well as spatial association with regional structures that has the potential to be well endowed
with gold mineralization.
Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as defined by National Instrument 43 -101, has
reviewed and approved of the technical information disclosed in the news release.
ABOUT TRANS CANADA GOLD CORP. – GOLD MINERAL EXPLORATION/ OIL AND GAS PRODUCTION
The Company is a discovery focused Canadian Gold and Mineral Exploration and Oil & Gas Resource
Development Company that is currently focused on developing its’ District Scale Gold exploration
projects in Ontario, increasing its production capabilities, and obtaining potential future oil production
revenues. The Company identifies, acquires and finances the acquisition of gold exploration properties
and the ongoing development of mining and oil and gas assets primarily situated in Canada, a time -
honored safe mineral exploration jurisdiction. The Company is permitting and developing a number of
District Scale gold mineral exploration property opportunities, and identifying low risk ex ploration
opportunities through selective acquisitions and development of mining exploration assets situated in
these favorable resource jurisdictions. The Company has qualified Senior exploration management and
Geological Mining teams of professionals, se asoned in exploration production, field exploration and
drilling. The Company has the necessary manpower in place to develop its natural resource properties
and manage its production properties. The Company is committed to minimizing risk through selective
property acquisitions, and responsible exploration and development of mining, and petroleum and
natural gas resource assets.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tim Coupland, President and CEO
Trans Canada Gold Corp.
Tel: (604) 681-3131
www.transcanadagold.com
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Neither the TSX Venture Exchange nor its Regulation Services Provider, (as the term is defined in the
Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.