TriStar Gold Metallurgical Results and Corporate Update

Scottsdale, July 23, 2020 - TriStar Gold Inc. (TSXV: TSG) (OTCQB: TSGZF) (the Company or TriStar) is pleased to announce the receipt of results from six composite metallurgical samples as part of the prefeasibility study at Castelo de Sonhos. All six bottle roll tests returned over 96% gold recovery with an average gold recovery from the samples of 98%. Additionally, exploration work is due to restart at Castelo de Sonhos in August with drilling expected to start soon after in September.

"The metallurgical results from this campaign all exceed the conceptual recovery of 95% used in our PEA. We are very happy the results that will feed into our prefeasibility study continue to meet or exceed the expectations set by the PEA," says Nick Appleyard, TriStar's President and CEO. "Our team in Brazil is now keen to get back into the field and start working aggressively on the exploration programs that we have been working on these past couple of months. We have identified multiple drill targets for both shallow paleoplacer-hosted mineralization and deeper remobilized mineralization that are now being refined into a plan for drilling and additional surface reconnaissance studies."

Metallurgical Test Results

The metallurgical test-work was performed by McClelland Laboratories in Sparks, Nevada on six composite samples created from drill holes in Esperança South region of Castelo de Sonhos with head grades ranging from 0.3 g/t gold up to 1.1 g/t gold.

Results from the six composites are:

Table 1 - 2020 Summary of metallurgical results from Whole Ore Bottle Roll Tests using 80%-105µm feed size from Castelo De Sonhos Composites

This gives TriStar a very good database of test work covering Esperança South that will be used in the ongoing prefeasibility study. Final metallurgical recovery for the project will be determined during the pit design process, where a grade-recovery relationship will most likely be used to determine optimal project conditions for operating. Additional work is ongoing to establish standard operating procedures for crushing and grinding, overall gold recovery and tailings disposal.

Figure 1 - Graph of gold recovery versus head grade for the three metallurgical testing campaigns at Castelo de Sonhos at both 80% passing 105µm and 150µm feed size

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4509/60345_3a6e2a0104d7cb82_002full.jpg

Exploration Activities

The exploration work outside of the prefeasibility area is scheduled to begin in August, with TriStar geologists reviewing and optimizing the artificial intelligence-generated targets. Field exploration activities to gather additional data such as soil sampling and mapping will also take place. It is anticipated that drilling will start on the exploration targets in September this year with both a reverse circulation and a core rig scheduled to mobilize to site. In general, the RC rig will test the shallow targets with straightforward access and the core rig will be used for the deeper targets and areas with difficult access.

QA/QC

The McClelland Analytical Services Laboratory based in Sparks Nevada is an ISO 17025 accredited facility that provides quantitative chemical analyses in support of metallurgical, exploration and environmental testing using classical methods and modern analytical instrumentation.

Qualified Person

R. Mohan Srivastava (P.Geo.), Vice President of TriStar, is the Qualified Person who has reviewed the technical information contained in this news release, including data verification, and has approved its disclosure.

About TriStar:

TriStar Gold is an exploration and development company focused on precious metals properties in the Americas that have the potential to become significant producing mines. The Company's current flagship property is Castelo de Sonhos in Pará State, Brazil. The Company's shares are listed on the TSX Venture Exchange under the symbol TSG and on the OTCQB under the symbol TSGZF. Further information is available at www.tristargold.com.

ON BEHALF OF THE BOARD OF DIRECTORS OF THE COMPANY:

Nick Appleyard
President and CEO

For further information, please contact:

TriStar Gold Inc.
Nick Appleyard
President and CEO
480-794-1244
info@tristargold.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Forward-Looking Statements

Certain statements contained in this press release may constitute forward-looking statements under Canadian securities legislation which are not historical facts and are made pursuant to the "safe harbour" provisions under the United States Private Securities Litigation Reform Act of 1995. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects" or "it is expected", or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward looking statements in this press release include statements about the Company's plans to complete a pre-feasibility study on the CDS project, the results of further in-fill drilling on the CDS property, the ability of the Company to complete the current in-fill drilling program, the results of further exploration target identification and the anticipated effects of the COVID-19 virus. Such forward-looking statements are based upon the Company's reasonable expectations and business plan at the date hereof, which are subject to change depending on economic, political and competitive circumstances and contingencies. Readers are cautioned that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause a change in such assumptions and the actual outcomes and estimates to be materially different from those estimated or anticipated future results, achievements or position expressed or implied by those forward-looking statements. Risks, uncertainties and other factors that could cause the Company's plans to change include changes in demand for and price of gold and other commodities (such as fuel and electricity) and currencies; changes or disruptions in the securities markets; legislative, political or economic developments in Brazil; effects of the COVID-19 virus on all aspects of the Company's business, the need to obtain permits and comply with laws and regulations and other regulatory requirements; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived potential of the Company's projects; risks of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties in connection with exploration, mining or development activities; the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves and resources; and the risks involved in the exploration, development and mining business. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

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