Troilus Reports Updated Mineral Resource Estimate of 11.21Moz AuEq Indicated; 126% Increase From 2020 Estimate, With an Additional 1.80Moz Inferred

MONTREAL, Oct. 16, 2023 (GLOBE NEWSWIRE) -- Troilus Gold Corp. (TSX: TLG; OTCQX: CHXMF; FSE: CM5R) (“Troilus” or the “Company”), is pleased to report an updated Mineral Resource Estimate (“MRE”) for the Troilus Project (the “Project”), located in northcentral Quebec, Canada, within the Frôtet-Evans Greenstone Belt.

Highlights of the 2023 MRE include:

• Total Indicated Mineral Resources of 11.21 Moz AuEq (508.3 Mt at 0.69 g/t AuEq), representing an increase of 126% in ounces and a 187% increase in tonnes compared to the 2020 MRE.
• Additional Inferred Mineral Resources of 1.80 Moz AuEq (80.5 Mt at 0.69 g/t AuEq)
• Over 99% of the mineral resources in the Indicated category are classified as amenable to “Open Pit” from zones Z87, J, X22, and Southwest, which will form the basis of the Feasibility Study anticipated for completion in early 2024.
• Significant definition at the Southwest Zone and the new discovery of Zone X22 were major new contributors to the open pit MRE, accounting for approximately 28% of the AuEq ounces in the Indicated category. The breakdown by zone is as follows:
  • Z87: 5.04Moz (197.1Mt at 0.80g/t AuEq), accounting for approximately 45% of open pit Indicated mineral resources.
  • J Zone: 2.98 Moz AuEq (151.9Mt at 0.61g/t AuEq), contributing 27% to the open pit Indicated mineral resources.
  • Southwest Zone: 1.89Moz AuEq (98.0Mt at 0.60 g/t AuEq), accounting for nearly 17% of the open pit mineral resources in the Indicated category. A significant increase compared to the 583,000 oz AuEq (22.6 Mt at 0.80 g/t AuEq) Inferred ounces in the 2020 MRE.
  • Zone X22: Discovered in late 2022, and with only 23,256 metres drilled, this zone contributed 1.19Moz AuEq (59.2Mt at 0.62 g/t AuEq) or 11% of total open pit Indicated mineral resources.

Justin Reid, CEO and Director of Troilus commented, “The significant growth of this Mineral Resource Estimate reflects the focused and dedicated efforts of our exploration team over the past three years, with a remarkable 126% increase in ounces and a 187% surge in tonnes compared to our 2020 estimate. With an 11.21 Moz AuEq Indicated resource, we believe our project is firmly positioned among North America's largest undeveloped gold-copper deposits. The definition of the Southwest Zone and the recently discovered X22 Zone has been especially rewarding, with these zones contributing close to 30% of the increased resource. We are also gratified with the excellent quality of the resource, with most of our ounces appearing in the Indicated category. Furthermore, almost the entirety of these contained ounces are classified as ‘open pit’, which will form a strong foundation for our upcoming Feasibility Study, expected to be completed in early 2024. We continue to advance and de-risk our asset with a clear strategic roadmap toward a production scenario, with the goal of ultimately delivering the most value to our shareholders.”

Figure 1. Mineral Resource Growth in the Indicated Category from 2016-2023
(see Table 1 for complete results, incl. grade/tonnes)
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Figure 2. Troilus Project Location Map and Mineral Deposits Locations
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Figure 3. 2023 MRE Wireframes and Pitshells + Resource Distribution by Zone
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Troilus Project Mineral Resource Estimate

This MRE reflects the results of 505 drill holes (216,502 metres of drilling) completed since the mineral resource estimate announced in July 2020. Approximately half of the drilling efforts were focused on the expansion and definition of the Southwest and X22 zones, the two most recently discovered ore bodies, which are both drilled to an Indicated level of confidence and will be included in the Feasibility Study’s mining scenario.

The updated MRE for the Troilus Project was prepared by Mr. Paul Daigle, Senior Resource Geologist at AGP Mining Consultants Inc. (“AGP”) in accordance with the National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and CIM Definition Standards for Mineral Resources and Mineral Reserves.

Table 1. Total Indicated and Inferred Mineral Resources, All Zones

Z87
The largest of the two formerly mined pits, zone Z87 contributed 5.04Moz AuEq (197.1Mt at 0.80g/t AuEq), or approximately 45% of the open pit Indicated mineral resources.

J Zone
The J Zone is the smaller of the two formerly mined pits, contributing 2.98 Moz AuEq (151.9Mt at 0.61g/t AuEq) or 27% to the open pit Indicated mineral resources.

Southwest Zone

Discovered in late 2019, the Southwest Zone is located ~2.5 kilometres southwest of the formerly mined Z87 pit. 8,500 metres of drill data from this zone was incorporated into the Company’s 2020 mineral resource estimate, which resulted in estimated Inferred mineral resources of 583,000 AuEq ounces (22.6 Mt @ 0.80 g/t AuEq). Since then, approximately 100,000 metres (208 holes) of additional drilling were completed in this zone, resulting in a mineralized footprint with a ~2-kilometre strike length, and a significantly expanded mineral resource of 1.89 Moz AuEq (98.0Mt at 0.60 g/t AuEq) in the Indicated category. The Southwest Zone is a major new contributor to the new updated MRE, accounting for nearly 17% of the total Indicated mineral resource of the project.

Zone X22

Zone X22 is a NE-SW deformation corridor that originates in the western wall of Zone 87 and extends to the southwest into the Gap Zone. The zone was initially discovered in October 2022 as part of an ongoing drill program targeting the extremities of the Z87 2020 pit shell. A total of 23,256 metres (80 drill holes) have been drilled at X22 since its discovery, which expanded the zone’s footprint to over 1 kilometre and contributed over 10% of the total open pit Indicated mineral resources of the project with 1.19Moz AuEq (59.2 Mt at 0.62 g/t AuEq).

The combination of infill drilling at an increased drill density, and the discovery and expansion of two new mineralized zones, has resulted in a 126% increase in Indicated mineral resources compared to the 2020 MRE, and a conversion from Inferred (2020 MRE) to Indicated (2023 MRE) of nearly 100%. The mineral resource estimates for Z87, J Zone and the Southwest Zone contain both open pit and underground resources, while Zone X22 contains solely open pit mineral resources (see Tables 2 and 3).

Figure 4. Open Pit Growth by Zone in the Indicated Category, 2016-2023
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Table 2 – Total Indicated Mineral Resources, by Zone

Table 3. Total Inferred Mineral Resources, by Zone

The MRE sensitivity table (see Table 4) shows the potential for higher-grade Mineral Resources at higher gold equivalent cut-offs.

Table 4. Open-Pit MRE Sensitivity Table