Troilus Drills 10.13 g/t AuEq Over 10m Within Broader Interval of 1.80 g/t AuEq Over 80m, and 1.15 g/t AuEq Over 70m Incl. 3.54 g/t AuEq Over 11m; Drilling Complete for MRE and Feasibility Study

MONTREAL, Sept. 07, 2023 (GLOBE NEWSWIRE) -- Troilus Gold Corp. (“Troilus” or the “Company”, TSX: TLG; OTCQX: CHXMF) is pleased to report assay results from the X22 Zone (“X22”) at its Troilus Project, located in northcentral Quebec, Canada. The results herein are from the Company’s drill campaign at X22, a body of mineralization identified in late 2022 that originates at the Z87 open pit and extends to the southwest into the Gap Zone, which has rapidly defined and expanded a high-grade NE-SW deformation corridor that characterizes the zone.

The reported drill holes have further demonstrated continuity of mineralization between the high-grade trends of this zone (see plan view in Figure 1 and section in Figure 2). The results reported today represent the final set of drill holes from the X22 definition drill program and the data cut-off for inclusion in the upcoming mineral resource estimate (“MRE”). All results reported herein lie entirely outside of the PEA pit shells and will be included in the MRE, on track for completion in the coming weeks.

Zone X22 Intercept Highlights:

• 10.13g/t AuEq over 10m within a broader intersection of 1.80 g/t AuEq over 80m confirming mineral continuity ~300 metres from surface and remains open at depth (hole X22-23-071, see Figure 2)
• 1.15g/t AuEq over 70m, including 11m of 3.54 g/t AuEq and 6m of 2.42 g/t AuEq and 0.96 g/t AuEq over 17m, incl. 3.23 g/t AuEq over 1m (Hole X22-23-049, see Figure 2)
• 0.85 g/t AuEq over 44m including 1.79 g/t AuEq over 8m and 6.65 g/t AuEq over 1m (Hole X22-23-061)
• 0.86 g/t AuEq over 32m including 1.43 g/t AuEq over 8m and 3.36 g/t AuEq over 3m within a broader intersection of 0.89 g/t AuEq over 9m (Hole X22-23-048, see Figure 2)
• 1.02 g/t AuEq over 22m (Hole X22-23-054)
• 2.65 g/t AuEq over 3m within a larger interval of 0.77 g/t AuEq over 27m (Hole X22-23-064)
• 32.5 g/t AuEq over 1m and 12.4 g/t AuEq over 1m (Hole X22-23-075)
  

Justin Reid, CEO of Troilus Gold, commented, “Despite a challenging summer for the region as a result of the forest fires, our team has continued to make significant headway in its exploration and development activities. The now completed X22 drill program has rapidly delineated and expanded this zone and returned extremely positive results with some of the highest grades and most continuous intercepts that Troilus has seen to date, supporting our goal of creating value through near-pit drilling for resource growth and conversion. X22 accounts for a small fraction of the drilling at our project, however, has returned exceptionally high grades, which we believe will present compelling opportunities for mine sequencing and project payback. Our team is now working diligently to incorporate this new data into the geological model for the MRE, which we expect to complete in the coming weeks.”

The X22 expansion and infill drilling program has defined and expanded the mineralization trend, which now has a strike length of ~1km, having drilled 80 drill holes for a total of 23,256 metres since its initial discovery in 2022 (see October 17, 2022, press release). These most recent results from X22 continue to demonstrate the zone’s typical pattern of near-surface mineralization over wide intervals and showcase continuity of mineralization between the previously reported holes. Mineralization at X22 is observed to be structurally unique, distinct from the other zones at Troilus, which are dominantly hosted in volcanic rocks and felsic porphyry dykes around the margins of the dioritic Troilus intrusion. X22 is hosted within a more evolved tonalitic phase of the Troilus intrusion that lies along a prominent D2 structural corridor. Where this corridor is intersected by earlier D1 structures, significant zones of mineralization have been discovered. The occurrence of exceptional high grades at X22 is also of note, as the zone accounts for less than 7% of total drilling executed at Troilus, but from which 60% of assay results have grades greater than 100 g/t AuEq.

All results from the recently completed drilling program at X22 have now been reported. Approximately 240,450 metres have been drilled since the 2020 MRE cut-off, focusing on growth and conversion of mineral resources from the Inferred category to the Measured and Indicated categories. These results will all be incorporated into an updated MRE, expected to be announced in the coming weeks, and included in a Feasibility Study, expected to be complete by the end of 2023 or early 2024. With the X22 drilling now complete, the Company has curtailed exploration activities to focus on mine development and the progression of Federal and Provincial permitting processes. This will mean a decreased level of activity at the Troilus site effective this week and through the winter. Regional exploration plans will be evaluated in the Spring. This slowdown will also allow for some upgrades to camp infrastructure and repairs to the hydroelectric transmission lines that were damaged by the forest fires this summer.

Figure 1: Plan View Map of Zone X22 Showing Current and Previously Reported Drilling

Figure 2: Section 12,625N (A-A’ Figure 1) Showing New Results for Holes X22-23-047, X22-23-048, X22-23-049 and X22-23-071

Table 1: Zone X22 Drill Results