Drilling Results & Exploration Update

Click on, or paste the following link into your web browser, to view the associated PDF document.

http://www.rns-pdf.londonstockexchange.com/rns/8830S_1-2020-7-13.pdf

14 July 2020

Trans-Siberian Gold plc

("TSG", the "Company" or the "Group")

Drilling Results & Exploration Update

Further High-Grade Results on Vein 25 North at Asacha Gold Mine

Trans-Siberian Gold plc (TSG.LN), a low cost, high grade gold producer in Kamchatka, Far East Russia, is pleased to provide an exploration update on Vein 25 North ("V25N"). V25N was discovered in September 2019 following a successful drilling campaign. V25N now extends 600 metres north from Vein 25 South ("V25S") within the East Zone of the Company's operating Asacha Gold Mine. High-grade gold and silver values were intersected from close to surface to a depth of over 300 metres. The auriferous zone remains open to the north and at depth.

Highlights

· Extensive drilling defines V25N over at least 600 metres laterally and 300 metres vertically

· V25N remains open at depth and to the North and it extends just north of V25S underground works

· 25,000 metres drilled since October 2019 over the Asacha licence producing excellent results

o 19,100 metres drilled on V25N

o Low discovery cost of V25N Mineral Resources of approximately $11.86/oz gold

· Highly encouraging selected results from recent surface drilling[1]:

o 101.5 g/t Au and 1070 g/t Ag over 2.1 m Hole ID C2083 (one of the deepest holes)

o 89.2 g/t Au and 214 g/t Ag over 0.8 m Hole ID C2080 (farthest north hole)

o 31.4 g/t Au and 98 g/t Ag over 1.7 m Hole ID C2071

o 27.4 g/t Au and 51 g/t Ag over 0.7 m Hole ID C2079

o 21.6 g/t Au and 20 g/t Ag over 1.3 m Hole ID C2087 

o 20.0 g/t Au and 28 g/t Ag over 1.6 m Hole ID C2089 

o 17.3 g/t Au and 136 g/t Ag over 3.1 m Hole ID C2076

o 14.8 g/t Au and 39g/t Ag over 1.3 m Hole ID C2085

o 13.5 g/t Au and 8 g/t Ag over 0.9 m Hole ID C2084 

o 12.8 g/t Au and 27 g/t Ag over 1.2 m Hole ID C2065

o 12.4 g/t Auand 154 g/t Ag over 1.5 m Hole ID C2059

· Next phase of drilling at V25N planned; further 11,600 metres to be drilled in 2020

Alexander Dorogov, CEO of Trans-Siberian Gold commented:

"We are pleased to report a further set of exciting drilling results from Vein 25 North in the East Zone of Asacha. This high-grade orebody has made a significant contribution to our mineral resource inventory and we hope to extend its scale through further drilling in H2 2020. Additionally we'll be drilling proximal step-out targets. Our exploration work has delivered notable results and we look forward to providing further updates on our progress."

During the first half of 2020, the Group's drilling programme has been focused on V25N, which was discovered in September 2019 and has since produced very positive drilling results. This auriferous zone is now at least 600 metres long, 300 metres deep and extends to within 50 metres of the existing adit that was developed to reach Vein 25 South.

On 16 June 2020, TSG announced a new JORC compliant Mineral Resource Estimate as of 30 April 2020 for the Asacha Gold Mine. The new resource for V25N was 5.4 tonnes (173,000 oz.) of gold in the Indicated category and 0.6 tonnes (19,000 oz.) of gold in the Inferred category. Average gold grades for the mineral resources in each category were 18 g/t Au and 13 g/t Au respectively. The Company has calculated the discovery cost of Mineral Resources defined at V25N as being approximately $11.86/oz gold.

Since 30 April 2020, the Group has drilled 16 new holes totalling 4,100 metres on V25N. Since October 2019, a total of 19,100 meters has been drilled on V25N. Building on the successful drilling to date, a further 11,600 metres is planned to be drilled at V25N during the remainder of 2020.

Table 1: 19 April 2020 to 9 July 2020 drilling results on Vein 25N

A vertical longitudinal section showing metal factors (true horizontal width X gold grade) and selected drilling results obtained to date from the 2019-2020 drilling campaign are shown in Figure 1.

Figure 1. Vein 25 longitudinal with drill assay results and metal factors.

Commentary

The vein intersections encountered at V25N show mineralogy and textures typical of a high-level, low sulphidation, epithermal gold system. The high-grade vein intersections usually exhibit chalcedonic and/or colloform textures and hydrothermal breccias, with voids, strong clay alteration, trace to 2% manganese oxides and sometime fragments of ginguro (black mix of electrum, sulphides and sulfosalts).

The vein is sub-vertical dipping 80 to 85 degrees to the East. It pinches and swells, sometimes quite rapidly, but is reasonably well defined over at least 600 metres laterally (North-South) and 300 metres vertically. The high-grade auriferous zone is assessed to remain open at depth and to the North.

Drilling will continue at the Asacha Gold Mine with two rigs until the end of the year. Aditionally, there is a series of other high potential targets on the licence area that will be explored by trenching during the next few months in advance of drilling in the winter (see Figure 2). 

Figure 2. Asacha Property geology and drilling targets

Figure 3. Vein 25 detailed surface plan.

ENDS

About TSG

TSG is focused on low cost, high grade mining operations and stable gold production from its 100% owned Asacha Gold Mine in Far East Russia. The Company also holds the licence for the development and exploration of the Rodnikova deposit, one of the largest gold fields in South Kamchatka.

Additional information, including figures and tables from this press release, is available from the Company's website: www.trans-siberiangold.com

QA/QC Program

A revised and upgraded QA/QC program has been implemented since H2 2019. It consists mainly of the insertion of one standard, one blank and one pulp duplicate in every batch sent for analysis to the laboratory at the Asacha Gold Mine. It is complemented by sending a batch of coarse duplicates to the laboratory every 600 assays and a batch of pulp duplicates to an independent external laboratory after about 600 assays. Overall, this represents some 20% of QA/QC samples.

Qualified Person Review

Information in this announcement that relates to exploration results is based on information compiled by Mr. Jacquelin Gauthier, P.Geo., consulting geologist to Trans-Siberian Gold plc. Mr Gauthier has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which has been undertaken to qualify as a "Qualified Person" pursuant to Canada National Instrument 43-101 and a "Competent Person" in accordance with the AIM Rules Guidance Note for Mining and Oil & Gas Companies. Mr Gauthier consents to the inclusion in the announcement of the matters based on the information in the form and context in which it appears .

Glossary of Technical Terms

Market Abuse Regulations

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

Disclaimer

This announcement contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets, fluctuations in interest and/or exchange rates and metal prices; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements.