Mr. Graham Keevil reports

IN CONJUNCTION WITH AUGER DRILLING AND HIGH GRADE GOLD DRILL RESULTS OF: 4M@16.2G/T; 6M@5.9G/T INCL. 3M@11.5G/T; 4M@8.7G/T INCL. 1M@ 31.9G/T; 14M@3.0G/T INCL. 4M@7.6G/T; 48M@1.4G/T INCL. 12M@4.1G/T; 32M@1.6G/T INCL. 3M@7.7G/T; 56M@1.3G/T INCL. 12M@5.0G/T; 23M@1.9G/T INCL. 4M@4.3G/T; 32M@1.2G/T INCL. 4M@ 5.8G/T34M@1.0G/T; 22M@1.9G/T; 22M@1.5G/T; 19M@1.7G/T; 17M@1.9G/T; & 16M@2.7G/T TAJIRI CONFIRMS POTENTIAL FOR LARGE GOLD DEPOSIT AT K4 NORTH

Tajiri Resources Corp. has detailed historic diamond, RC (reverse circulation), aircore and RAB (rotary air blast) drill results, that have not yet been made explicit in past announcements, as they pertain to the potential of the K4-K5 prospect. This announcement focuses on drilling at K4 North only, representing approximately 5 per cent of the area of the greater K4-5 prospect, where historic drilling has been most closely spaced but is nonetheless very widely spaced by industry standards, having been conducted on a line spacings of mostly 200 metres, 400 m and 500 m, with limited infill at 100 m line spacings.

The headlined shallow drill intercepts (almost all above 60 m vertical depth) together with recently announced (March 7, 2023) saprolite auger results and extensive bedrock artisanal workings demonstrate the excellent potential for K4 North prospect to host a very substantial gold deposit, amenable to open-pit mining. The potential for the prospect to also host significant higher-grade pods, as evidenced by the numerous over-four-gram-per-tonne (g/t) drill intercepts over widths of three m to 12 m is also considered to be high. It is important to note that historic drilling was conducted distal to the large area of artisanal bedrock workings that span approximately 600 m by 300 m at K4 North and, as such, drilling, despite returning handsome results, has only possibly tested areas of lesser gold mineralization.

Significant gold drill intercepts from K4 North are listed in the table entitled "K4 North table of selected significant intercepts."

True width remains to be ascertained through further work.

Significant artisanal workings at K4 North

The area of bedrock artisanal shafts at K4 North is large and covers an impressive area of approximately 64,000 square metres. These workings are substantial, forming, in their own right, about one-fifth of the known bedrock workings (308,000 square metres) within the larger K4 prospect. As such, workings at K4 North compare favourably in scale to workings known to overly other large (four million ounces to seven Moz) West African gold deposits (as detailed in the company's March 7 press release).

Furthermore, as noted in that press release, areas of artisanal bedrock workings closely correlate with the known extent of economic mineralization at numerous other West African gold deposits and, where no other data are available, bedrock shaft workings can serve as a very good indicator of the potential scale of a deposit. In fact, a general trend is for the area of artisanal bedrock workings to mostly under-represent areas of drilled resources, as evident at Kiaka and Namdini.

Beyond the absolute scale of the workings at K4 North, several other features of the workings appear to indicate an excellent chance for hitherto untested mineralization to underlie the workings:

1. Artisanal mining at K4 North has been near continuous for a period of 13 years from 2010 to present.
2. The K4 North shafts go deep, up to 45 m, indicative of higher grades worth mining at depth for the artisanal miners.
3. Artisanal bedrock workings are embedded in a much larger area of surface lateritic scrapes, which are about an order of magnitude greater than the bedrock workings. At other artisanal workings in West Africa, bedrock workings with a small dispersion halo of surface lateritic workings tend to be associated with lower-grade deposits (for example, Kiaka, Namdini, M5) while higher-grade deposits such as M1 South tend to be associated with extensive areas of surface scrapes much larger than contained bedrock workings. This is interpreted as possibly a result of coarse gold being more abundant within higher-grade deposits and, subsequently upon weathering, forming broader deflation lags amenable to crude wind winnowing methods of gold recovery, than formed by lower-grade deposits.
4. The immediate area surrounding the K4-North artisanal bedrock saprolite shafts was mechanically excavated to depths of between three metres and 10 metres, representing an estimated 750,000 tonnes to one million tonnes (Mt) of material moved. Initially, the immediate area was subject to hand-excavated pits, scrapes and shallow shafts, but later, between 2012 and 2016, the area was mechanically mined by an organized syndicate of artisanal miners, who trucked the material to nearby watercourses where it was processed through sluice boxes. To the company's knowledge, this was the only artisanal operation in Burkina where colluvial material was trucked for remote processing. It may therefore be inferred that the colluvium in the immediate vicinity of the K4 North artisanal shafts was particularly rich in gold to warrant such unique treatment.
5. Due to the excavation of the colluvial pit -- Mining since 2016 has only proceed during the dry season as, during the wet season, the colluvial pit floods. Consequently, many of the previous season's shafts collapse and must be re-excavated. Again, the company infers this as positive for potential mineralization, as the additional work required to renovate workings on an annual basis suggests that the K4 North mineralization is worth the exceptional effort by the artisanal miners.

In form, the K4 North bedrock workings do not follow a linear shear-hosted disposition, but a sinuous contorted form that strongly suggests mineralization is localized within fold noses and is of substantial scale. Fold axes are interpreted to be north-northwest striking and the largest central fold closure evident in the workings approximately 120 m wide with a strike length of 330 m.

As such, the form of workings is strongly supportive of the company's poly folded interpretation of mineralization within the wider K4-K5 system.

Details of historic drilling

At K4 North, drilling has been conducted as follows:

1. Northwest-oriented lines of aircore drilling to fresh rock. Lines of this orientation were spaced 500 m apart and drill holes were collared along lines between 80 m and 150 m apart -- as such, this drilling exhibits large gaps between and along lines. Aircore drill holes were assayed as four m composites with selected intervals reassayed at one metre.
2. RAB drilling on north-south lines spaced 100 m to 400 m apart. Along lines, RAB drilling was conducted on an irregular spacing with each successive collar along a line located above the bottom of the preceding hole, and thus, in theory, giving horizontal coverage for any vertically dipping mineralization. RAB holes on alternate lines were either all drilled to the south or all drilled to the north. RAB drill holes were terminated at blade refusal, for the most part being the oxide/fresh rock interface.
3. Selective RC and diamond drilling to follow up better RAB and air-core intersections. All holes were drilled on a north-south azimuth with two to five holes testing a zone and spaced at 20 m to 40 m between collars. Most RC holes were drilled to depths of 60 m to 100 m, while the deepest diamond hole was drilled to a depth of 190 m at a minus-60 inclination.
4. All assays were by fire assay with either a 30-gram or 50 g charge.

Interpretation

Given the wide-spaced drilling conducted to date, it is not possible to give a definitive interpretation of the form of mineralization represented by drill intercepts, and interpretation remains highly speculative. However, as a workaround, a range of possible interpretations may be given with mineralization intersected by drilling along with areas of bedrock artisanal workings utilizing varying orientations and degrees of inferred continuity to arrive at a target size range.

The company illustrates six possible interpretations and notes that the surface area of drilled and bedrock working mineralization ranges from approximately 79,000 square metres to 195,800 square metres, the lowest area being a conservative interpretation which infers little continuity between drill intersections and the largest area inferring near continuous zones of mineralization. Assuming a down-dip continuity of 200 m, average depth to fresh rock of 60 m (average supported by drilling) and SGs (specific gravities) of 1.7 and 2.65 for oxide and fresh rock, respectively, gives back-of-the-envelope target tonnages of between 37 Mt and 93 Mt for K4 North.

The company, however, does caution that such a target tonnage remains highly speculative, with depth continuity of mineralization being the largest unknown.

Next exploration steps

The company considers the following steps warranted to progress exploration at K4 North:

1. Further close-spaced auger drilling at K4 North on a 25 m by 100 m grid, with lines oriented northeast-southwest, with selected areas around known drill intercepts at 12.5 m by 12.5 m and 25 m by 25 m grids to define surface continuity and orientation of mineralization between drill holes and workings.
2. Excavation of several trenches and small 10 m by 10 m to 20 m by 20 m panel pits directly over areas of bedrock workings for structural mapping and detailed sampling.
3. Oriented diamond drilling of approximately 3,000 m to 4,000 m to transect both drilled mineralization and bedrock artisanal workings, to gather structural information regarding the 3-D orientation of mineralization.

Chairman's comments

"We are pleased to note that K4 North represents a first-rate gold target with initial drilling having returned excellent results over substantial widths that are open and clearly part of a much larger system. The system is at an early stage of understanding and, as such, the company looks forward now to rapidly progressing exploration towards ultimately defining what could be a very substantial gold deposit."

Qualified person

The qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects for this news release is Dominic O'Sullivan, a geologist, member of the AusIMM and executive chairman of Tajiri, who has reviewed and approved its contents.

About Tajiri Resources Corp.

Tajiri Resources is a junior gold exploration and development company with exploration assets located in two of the world's least explored and highly prolific greenstone belts of Burkina Faso, West Africa, and Guyana, South America. Lead by a team of industry professionals with a combined 100-plus years of experience, the company continues to generate shareholder value through exploration.