Trans Canada Gold Corp. provided an operational update on a one-well Farmout Agreement with Croverro Energy Ltd. 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 (F armor), will be carried for a 6.25% 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. 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.