TRX Gold Corporation announced positive assay results from its exploration program which has provided another extension of known mineralization on the Buckreef Gold Main Zone (“Main Zone”) trend of approximately 200 m to the southwest and deeper under the historical South Pit. The results are positive and significant for the Company as they continue to demonstrate: (i) continuity of gold mineralization along strike to the southwest of the Main Zone deposit; and (ii) continued gold mineralization under the (historical) South Pit. The deposit, therefore, remains ‘open at depth and on strike,' and in addition to the 300 m extension of the northeast, represents an additional 10% increase to the Main Zone deposit strike length, to now over 2.0 kms. These results, combined with historical and shallow artisanal mine workings, located nearly an additional kilometer along trend to the southwest, are in the opinion of the Company's geologists, strong evidence that economic gold mineralization could extend well beyond the known mineral resources (of 2.0 million ounces in the Measured and Indicated category and 0.6 million ounces in the Inferred category).

The Company's exploration program will continue to focus on discovering new trends, gold deposits and mineral resources at Buckreef Gold throughout 2023. The Company has drilled a total of 24 drill holes representing 4,255 meters in the southwest area and has a property wide program of 9,000 m of diamond drilling, 13,000 m of grade control drilling and 10,000 m of RC ‘sterilization' drilling for fiscal 2023. Hole BMDD250 intersected 34.80 m grading @ 1.26 g/t Au from 87.2 m, including 10.0 m grading @ 3.08 g/t from 89.9 m; and Hole BMDD275 intersected 16.5 m grading @ 2.01 g/t Au from 53.7 m, including 7.0 m grading @ 3.28 g/t from 56.0 m. The Buckreef Gold Mine Main Zone is orientated northeast – southwest between interpreted bounding shear zones at the margin of the east – west ‘Inner Arc' greenstone belt.

The principal foliation and shear fabric within the Main Zone is observed in core and the developing open pit to be NE-SW. Assuming dextral movement on the bounding shears and second order E-W shear zones, the Main Zone penetrative tectonic fabric is interpreted as being on Riedel shears. Therefore, it can be reasonably assumed that additional gold deposits could exist on the mine property with a similar orientation to the Main Zone (e.g. Bingwa) and the bounding structures (e.g. Tembo).

The Company's current hypothesis for the controls on gold mineralization is that Buckreef is an (Archean) shear zone hosted hydrothermal deposit.