Trans Canada Gold Corp. announced that, after a series of operational and permitting delays, the Company has now received all of the new permits required to drill its multi-lateral well situated near Lloydminster, Alberta. The company has entered into 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 6.25% 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 mid-September, and surface preparations are now in progress for drilling to commence. 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 is fully permitted by Croverro and approved by Alberta Energy for drilling by September 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.