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Troilus Gold Corp
Symbol	TLG
Shares Issued	132,246,508
Close 2021-05-11	C$ 1.12
Market Cap	C$ 148,116,089
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Troilus drills 13 m of 2.12 g/t AuEq at Troilus

2021-05-12 07:17 ET - News Release

Mr. Justin Reid reports

TROILUS EXPANDS WESTERN FOOTPRINT OF J ZONE; INTERSECTS 2.12 G/T AUEQ OVER 13 METRES AND 1.10 G/T AUEQ OVER 68 METERS WITHIN 200 METRES OF SURFACE

Troilus Gold Corp. has released positive drill results from the J zone as part of the continuing exploration and infill program on its 100-per-cent-owned Troilus gold project, the largest gold and copper development project within the Frotet-Evans greenstone belt in Quebec, Canada. The identification of a substantial new western extension of the J zone, traced over a minimum of 200 metres in strike, previously modelled as waste within the pit shell proposed in the preliminary economic assessment (PEA) (see Aug. 31, 2020, press release), has the potential to add substantial value to the company's development model.

Highlights from the J zone drill results include:

ZJ21-226 was drilled 50 metres beyond any previous historic holes, identifying a new parallel zone of gold mineralization within 200 m from surface:
- 1.10 grams per tonne gold equivalent over 68 m, including 1.65 g/t AuEq over 10 m;
- 2.23 g/t AuEq over three m.
ZJ21-225 was drilled 50 m beyond all historic holes and defined strong mineral continuity to the northwest, an undrilled area of the PEA pit previously considered waste. Furthermore, excellent grades and widths were intersected over 300 metres beyond the PEA pit shell, extending downdip mineralization over 650 metres below surface:
- 1.01 g/t AuEq over 34 m, including 1.40 g/t AuEq over 15 m and 1.60 g/t AuEq over five m, located 100 m from surface and within the PEA pit shell;
- 2.12 g/t AuEq over 13 m, including 7.13 g/t AuEq over one m and 4.39 g/t AuEq over three m, located outside of the PEA pit shell.

These results have defined new extensions of mineralization within and outside of the pit shell proposed in the PEA, one of which identified a new gold zone with continuous mineralization over 68 metres within 200 m from surface (see drill hole TLG-ZJ21-226). Gold mineralization at the J zone target currently covers an area of approximately 1.5 kilometres by one km and remains open in all directions.

"The latest results from the J zone drilling continue to validate our belief in the scale potential of the gold system on our property," commented Justin Reid, chief executive officer of Troilus Gold. "The Troilus mine operated for 14 years starting in 1996, during a very weak gold environment, which, among other factors, resulted in minimal expansion drilling outside of the main mineralized zones to replace the mine's reserves. In the few years since acquiring Troilus, systematic drilling driven by a new geological model and an improved understanding of the structural controls of the mineralization has significantly expanded the footprint of mineralization across the entire deposit, including the most recent results in the J zone where we identified new broad gold zones that are near surface and directly adjacent to the former operation. We expect these results to have a meaningful impact on the economics of the project."

These are the first results from the J zone since it was extensively drilled during the successful 2019 mineral expansion program that showcased open-pit potential at Troilus. In 2020, drilling focused primarily on the new and expanding Southwest zone (see 2021 press releases dated Jan. 12, Feb. 9, Feb 24, March 16 and April 8); however, two drills were mobilized to the J zone earlier this year with the aim to continue improving drill resolution while defining the extent of the mineral boundaries.

These intercepts are demonstrating new hangingwall mineral extensions that appear to be widening as they are drilled deeper, as has been observed in the lower levels of J zone and the Southwest zone. Furthermore, the new zone appears to be higher grade than the previously defined mineralization at J zone.

Additional drilling has been planned in this new area of interest and currently two drill rigs are focused on expansion and delineation in advance of a mineral resource update and prefeasibility study planned for completion in the second half of 2021. Troilus has completed 32,000 metres of drilling since January, 2021, and intends to drill approximately 10,000 metres per month throughout the summer.


Hole

TLG-ZJ21-221

incl. and

TLG-ZJ21-222

incl. and and

TLG-ZJ21-223

incl. and TLG-ZJ21-224

incl. TLG-ZJ21-225

incl. and and

incl. and

incl.

incl. and

TLG-ZJ21-226

incl. and and

incl.

TLG-ZJ21-227

incl.

incl. and

* Note drill intervals thicknesses cannot

NEW SOUTHWEST ZONE DRILL RESULTS HIGHLIGHTS From To Interval Au grade Cu grade Ag grade AuEq grade (m) (m) (m) (g/t) (%) (g/t) (g/t) 220 226 6 0.81 0.20 2.33 1.09 237 238 1 2.31 0.10 1.10 2.46 278 280 2 1.68 0.20 2.95 1.97 316 317 1 1.43 0.05 1.00 1.50 325 360 35 0.66 0.05 1.06 0.74 333 337 4 1.35 0.06 1.31 1.44 349 358 9 0.97 0.07 1.96 1.09 366 367 1 0.98 0.01 0.25 1.00 374 375 1 1.19 0.06 1.00 1.28 378 379 1 0.84 0.11 1.60 1.00 407 408 1 1.51 0.41 7.20 2.12 117 118 1 1.55 0.05 0.25 1.62 151 156 5 0.54 0.19 1.37 0.81 213 214 1 1.21 0.16 23.40 1.66 272 306 34 0.52 0.06 0.83 0.61 274 279 5 1.27 0.16 2.04 1.49 295 296 1 1.37 0.04 0.60 1.43 304 305 1 1.54 0.02 0.25 1.57 333 338 5 0.69 0.01 0.35 0.72 343 348 5 1.61 0.09 1.60 1.74 356 359 3 0.77 0.03 0.37 0.81 391 392 1 1.67 0.02 1.40 1.71 188 210 22 0.53 0.16 1.12 0.75 199 210 11 0.78 0.21 1.38 1.07 200 204 4 1.19 0.38 2.80 1.72 150 151 1 0.91 0.78 3.90 1.96 192 193 1 1.36 0.24 3.80 1.71 202 215 13 0.42 0.14 0.92 0.62 214 215 1 2.43 0.77 6.30 3.50 58 59 1 0.91 0.24 4.60 1.27 62 96 34 0.62 0.27 3.96 1.01 70 75 5 1.03 0.39 6.12 1.60 78 93 15 0.86 0.37 5.62 1.40 78 83 5 0.95 0.44 7.70 1.59 125 126 1 0.86 0.26 3.20 1.23 156 160 4 0.94 0.17 1.66 1.18 165 167 2 0.78 0.25 2.85 1.14 270 271 1 0.81 0.33 2.90 1.26 369 370 1 2.18 0.20 2.10 2.46 449 456 7 0.72 0.20 1.84 1.00 449 450 1 1.83 0.06 0.80 1.91 454 455 1 0.98 0.65 4.90 1.88 466 467 1 1.33 0.12 2.00 1.51 479 482 3 1.16 0.31 3.90 1.60 546 547 1 1.67 0.15 2.10 1.88 554 556 2 1.67 0.11 1.63 1.82 564 571 7 0.86 0.03 0.98 0.92 567 569 2 2.09 0.03 1.25 2.14 591 592 1 1.42 0.07 1.90 1.53 619 621 2 1.09 0.03 0.60 1.14 674 687 13 1.83 0.19 3.69 2.12 675 676 1 6.54 0.41 5.30 7.13 679 682 3 3.76 0.41 8.67 4.39 709 710 1 1.18 0.34 3.80 1.66 93 161 68 0.71 0.27 3.80 1.10 103 112 9 0.90 0.47 7.43 1.59 118 128 10 1.08 0.39 5.09 1.65 151 159 8 1.08 0.42 5.54 1.69 181 188 7 0.73 0.32 4.26 1.19 181 184 3 1.26 0.67 9.01 2.23 203 209 6 0.69 0.37 3.74 1.22 122 129 7 0.47 0.11 1.99 0.63 127 128 1 1.55 0.34 6.40 2.06 150 159 9 0.41 0.16 2.55 0.64 153 154 1 0.87 0.27 4.10 1.26 157 158 1 0.92 0.46 6.30 1.58 reported in this news release are downhole core lengths as true be determined with available information.

Quality assurance and quality control

During the Southwest zone drill program in 2020, one-metre assay samples were taken from NQ core and sawed in half. One-half was sent for assaying at ALS Laboratory, a certified commercial laboratory, and the other half was retained for results, cross-checks and future reference. A strict QA/QC program was applied to all samples, which included the insertion of one certified mineralized standard and one blank sample in each batch of 25 samples. Every sample was processed with standard crushing to 85 per cent passing 75 microns on 500-gram splits. Samples were assayed by one-AT (30 g) fire assay with an AA finish and if results were higher than 3.5 g/t Au, assays were redone with a gravimetric finish. For QA/QC samples, a 50 g fire assay was done. In addition to gold, ALS laboratory carried out multielement analysis for ME-ICP61 analysis of 33-element four-acid ICP-AES (inductively coupled plamsa atomic emission spectroscopy).

Qualified person

The technical and scientific information in this press release has been reviewed and approved by Yves Caron, MSc, PGeo, project manager, who is a qualified person as defined by National Instrument 43-101. Mr. Caron is an employee of Troilus and is not independent of the company under NI 43-101.

About Troilus Gold Corp.

Troilus Gold is a Canada-based junior mining company focused on the systematic advancement and derisking of the former gold and copper Troilus mine toward production. From 1996 to 2010, the Troilus mine produced over two million ounces of gold and nearly 70,000 tonnes of copper. Troilus is located in the top-rated mining jurisdiction of Quebec, Canada, where it holds a strategic land position of 1,420 square kilometres in the Frotet-Evans greenstone belt. Since acquiring the project in 2017, continuing exploration success has demonstrated the tremendous scale potential of the gold system on the property with significant mineral resource growth.

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