Troilus Discovers New GOLD Zone Located 8KM Southwest of Main Resource, Samples Return up to 9.7 G/T GOLD and 32.5 G/T Silver
TROILUS DISCOVERS NEW GOLD ZONE LOCATED 8KM SOUTHWEST OF MAIN RESOURCE, SAMPLES
RETURN UP TO 9.7 g/t GOLD AND 32.5 g/t SILVER
September 30, 2020, Toronto, Ontario – Troilus Gold Corp. (TSX: TLG) (OTCQB: CHXMF) (“Troilus” or the
“Company”) is pleased to announce initial results from its summer 2020 regional exploration program on
its 100%-owned Troilus Project, located within the Frôtet-Evans Greenstone Belt of northern Quebec. The
program focused on identifying high priority targets with in the extensive new land package Troilus
acquired and staked earlier in the year (the “Troilus-Frôtet Property”) (see press releases dated April 28,
2020 and July 21, 2020). Initial results have outlined a new zone of mineralization, the Beyan Gold Zone
(“Beyan”), located 8 km southwest of the recently discovered Southwest Zone and can be traced over a
minimum strike length of 225 metres. Beyan is accessible from the Route de la Mine North Block; the main
access road on the property connecting the site to the Route du Nord highway.
Highlights from the New Beyan Gold Zone:
Grab samples returned up to 9.7 g/t gold and 32.5 g/t silver from outcrop
A total of 14 gold -bearing samples were collected from outcrop covering a strike length of over
225m
Other sample highlights include: 2.81 g/t gold, 2.69 g/t gold, 2.24 g/t gold, 2.12 g/t gold, 1.95 g/t
gold (see full results in Table 1)
Some geological characteristics linking Beyan to the main mineralized zones
Photos above show exploration activity this summer along the Route de la Mine North Bloc k where the
new Beyan Gold Zone was identified.
“Our team has been hard at work this summer in the field and we are very excited to report on these
initial results from the Beyan Gold Zone. Located just off the main access road and 8 km from the
Southwest Zone discovered earlier this year, we believe Beyan could re present a continuation of the
Troilus Gold System further along trend,” said Justin Reid, CEO of Troilus. “The Troilus-Frôtet Property that
we acquired earlier this year, represents a major blue sky opportunity for the Company. No exploration
of any significance had been conducted on this property in recent decades and the historical focus has
always been base metal. By applying our updated geological model developed around the main ore bodies
over the last couple of years and applying modern exploration technology, we have been able to identify
new near-surface gold occurrences, as evidenced by these initial results from Beyan. We await further
results from locations across the Troilus -Frotêt Property collected during the summer and believe that
these showings could just be the beginning of what the district could host.”
In June 2020, Troilus began a preliminary surface exploration program applying a new regional structural
and geological model developed over the last two years to the recently expanded Troilus-Frôtet Property
which extends mainly to the south of the main ore bodies at Z87, J Zones and the Southwest Zone. During
the summer months, Troilus undertook a massive airborne survey that covered 23,000 km. Management
believes the data collected from this survey will serve as an important tool assisting the Troilus technical
team to zero in on high priority targets within this large land package for further follow up.
Initial bedrock mapping and boulder tracing on the Route de la Mine North Block , located south of the
newly discovered Southwest Zone (SWZ) , led to the discovery of a new gold zone , namely Beyan Gold
Zone (See Map Figure 1). To date, 25 rock samples have returned anomalous gold (greater than 0.1 g/t
Au) with the best results returning 9.7 g/t Au and 32.5 g/t Ag (See Table 1). A total of 14 samples have
been collected from outcrop and can be traced on strike over 225 metres. This new gold zone is part of a
larger field gold-bearing block area identified by the Troilus Geological team, characterized by several
boulders that cont aining gold and silver valu es up to 2 g/t Au and 4.9 g/t Ag . Some of these blocks are
large (1-2 metres in length), sub-rounded and sub-angular indicating a possible nearby source northeast
of the new discovery. These blocks were collected over a distance of 2.5 km.
Amphibolite is the main lithology hosting these gold and silver gold showings. This unit is highly deformed
and strongly altered (silica, biotite, carbonate and ankerite). The amphibolite is commonly crosscut by
smoky quartz veins and occasionally contains arsenopyrite. Intermediate to felsic units also contain gold.
Moreover, a two met re thick banded iron formation (BIF) is in contact with the main mineralized zone.
This horizon is unusual in this part of the greenstone belt and will be examined in more detail to determine
its role during the process of the mineralization.
Results for approximately 50 samples are still pending from a total 150 samples that were collected in the
vicinity of the Beyan showing. The Troilus Geological team shipped over 600 channel samples to the lab
and results for these are also pending.
Troilus remains underexplored and highly prospective. Extensive field exploration work undertaken this
summer across the +107,000 hectare Troilus property is currently being compiled to identify new
prospective targets. Further assays of samples collected in the field are pending and will be updated in
due course.
Figure 1 – Troilus Property, Regional Geology and Location of the New Beyan Gold Zone
Table 1 – New Beyan Gold Zone Initial Surface Sample Results
Sample Type Au g/t Ag g/t Cu % Zn %
Y937034 Outcrop 9.7 1.1 0.02 0.01
Y940321 Outcrop 2.8 1.2 0.01 0.02
Y937040 Outcrop 2.7 0.6 0.02 0.01
Y940702 Blocks 2.2 4.9 0.04 0.01
Y941731 Outcrop 2.1 0.6 0.01 0.01
Y940122 Outcrop 2.0 5.6 0.00 0.01
Y940311 Outcrop 1.7 32.5 0.09 5.77
Y941617 Outcrop 1.2 13.0 0.02 0.08
Y941619 Blocks 1.0 0.5 0.00 0.00
Y938846 Block 0.9 0.5 0.02 0.02
Y940322 Blocks 0.8 0.7 0.02 0.01
Y937002 Block 0.8 2.1 0.03 0.00
Y940128 Outcrop 0.7 0.7 0.01 0.01
Y940310 Outcrop 0.6 23.7 0.04 1.06
Y941732 Outcrop 0.4 <0.5 0.01 0.01
Y939237 Outcrop 0.3 <0.5 0.01 0.02
Y940318 Outcrop 0.3 <0.5 0.01 0.01
Y938123 Blocks 0.2 <0.5 0.02 0.01
Y938118 Block 0.2 4.9 0.13 0.10
Y939260 Outcrop 0.2 <0.5 0.01 0.01
Y940695 Blocks 0.2 <0.5 0.01 0.01
Y940134 Outcrop 0.1 <0.5 0.01 0.01
Y940701 Blocks 0.1 <0.5 0.02 0.01
Y940707 Blocks 0.1 0.5 0.01 0.01
Y940304 Block 0.1 <0.5 0.01 0.01
Quality Assurance and Control
All grab and ship samples were collected by hand and were located by hand-held GPS, bagged and sealed,
and sent for assaying at ALS Laboratory, a certified commercial laboratory. Every sample was processed
with standard crushing to 85% passing 75 microns on 500 g 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. In addition to gold, ALS carried out multi-element analysis for ME-ICP61 analysis of 33
elements four acid ICP-AES.
Qualified Person
All technical and scientific information, in this press release has been reviewed and approved by Bertrand
Brassard, M.Sc., P.Geo., Chief Geologist, who is a Qualified Person as defined by NI 43-101. Mr. Brassard
is an employee of Troilus and is not independent of the Company under NI 43-101.
About Troilus Gold Corp.
Troilus is a Toronto-based, Quebec focused, advanced stage exploration and early-development
company focused on the mineral expansion and potential mine re-start of the former gold and
copper Troilus mine. The 107,326 hectare Troilus property is located within the Frotêt-Evans
Greenstone Belt in Quebec, Canada. From 1996 to 2010, Inmet Mining Corporation operated the
Troilus project as an open pit mine, producing more than 2,000,000 ounces of gold and nearly
70,000 tonnes of copper.
For more information:
Justin Reid
Chief Executive Officer
+1 (647) 276-0050 x 1305
Paul Pint
President
+1 (416) 602-1050
Cautionary Note Regarding Forward-Looking Statements and Information
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability; the
estimate of Mineral Resources in the updated Mineral Resource statement may be materially affected by
environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There
is no certainty that the Indicated Mineral Resources will be converted to the Probable Mineral Reserve
category, and there is no certainty that the updated Mineral Resource statement will be realized.
This press release contains “forward- looking statements” within the meaning of applicable Canadian
securities legislation. Forward-looking statements include, but are not limited to, statements regarding
the impact of the planned drill program and results on the Company, the possible economics of the project,
the Company’s understanding of the project; the development potential and timetable of the project; the
estimation of mineral resources; realization of mineral resource estimates; the timing and amount of
estimated future exploration; the anticipated resul ts of the Company’s 2020 drill program and their
possible impact on the potential size of the mineral resource estimate; the impact of the novel coronavirus
(COVID-19) and the considerable uncertainties about the geographic, social and economic impact on the
Company of its continuing global spread costs of future activities; capital and operating expenditures;
success of exploration activities; the anticipated ability of investors to continue benefiting from the
Company’s low discovery costs, technical e xpertise and support from local communities .. Generally,
forward-looking statements can be identified by the use of forward- looking terminology such as “plans”,
“expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”,
“continue”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases
or statements that certain actions, events or results “may”, “could”, “would”, “will”, “might” or “will be
taken”, “occur” or “be achieved”. Forward-looking statements are made based upon certain assumptions
and other important facts that, if untrue, could cause the actual results, performances or achievements of
Troilus to be materially different from future results, performances or achievements expressed or implied
by such statements. Such statements and information are based on numerous assumptions regarding
present and future business strategies and the environment in which Troilus will operate in the future.
Certain important factors t hat could cause actual results, performances or achievements to differ
materially from those in the forward -looking statements include, amongst others, currency fluctuations,
the global economic climate, dilution, share price volatility and competition. Forward-looking statements
are subject to known and unknown risks, uncertainties and other important factors that may cause the
actual results, level of activity, performance or achievements of Troilus to be materially different from
those expressed or impli ed by such forward- looking statements, including but not limited to: the impact
the COVID 19 pandemic may have on the Company’s activities (including without limitation on its
employees and suppliers) and the economy in general; the impact of the recovery post COVID 19 pandemic
and its impact on gold and other metals; there being no assurance that the exploration program or
programs of the Company will result in expanded mineral resources; risks and uncertainties inherent to
mineral resource estimates; the high degree of uncertainties inherent to preliminary economic
assessments and other mining and economic studies which are based to a significant extent on various
assumptions; variations in gold prices and other precious metals, exchange rate fluctuations; variations in
cost of supplies and labour; receipt of necessary approvals; general business, economic, competitive,
political and social uncertainties; future gold and other metal prices; accidents, labour disputes and
shortages; environmental and othe r risks of the mining industry , including without limitation, risks and
uncertainties discussed in the Technical Report to be filed and in other continuous disclosure documents
of the Company available under the Company’s profile at www.sedar.com. Although Troilus has attempted
to identify important factors that could cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward- looking statements. Troilus does not undertake to
update any forward-looking statements, except in accordance with applicable securities laws.