Troilus Drills 1.30 G/T AuEq over 28M, 36.08 G/T AuEq over 0.5M and 12.05 G/T AuEq over 2M; Confirms Mineral Continuity IN the Northeast Region of Zone X22
TROILUS DRILLS 1.30 G/T AUEQ OVER 28M, 36.08 G/T AUEQ OVER 0.5M AND 12.05 G/T AUEQ OVER
2M; CONFIRMS MINERAL CONTINUITY IN THE NORTHEAST REGION OF ZONE X22
June 21, 2023, Montreal, Quebec – Troilus Gold Corp. (“Troilus” or the “Company”, TSX: TLG; OTCQX:
CHXMF) reports assay results from Zone X22 (“X22”) at its Troilus Project, located in northcentral Quebec,
Canada. The results herein are part of a 7,800 -metre drill campaign completed in M ay 2023 at X22,
designed to define and expand the mineralization of this NE-SW trending high-grade deformation corridor
for inclusion in a Feasibility Study expected before year-end.
The results reported today were drilled in the northeastern most region of X22, proximal to the edge of
the formerly mined Z87 open pit, confirming further mineral continuity of high-grade structures between
new and previously reported drill holes (see plan view in Figure 1 and Section in Figure 2). All results
reported today lie outside of the PEA pit shells and are intended to be included in the upcoming mineral
resource estimate and Feasibility Study.
X22 Zone Intercept Highlights:
▪ Hole X22-23-027 intersected 36.08 g/t AuEq over 0.5m at surface in addition to 1.19 g/t AuEq over
9m within a broader intersection of 0.81 g/t AuEq over 29m, confirming mineral continuity 100m
up-dip of previously reported drill hole X22 -23-024 (see March 23 , 2023, press release) which
intersected 1.55 g/t AuEq over 5m incl. 13.32 AuEq over 0.5m, 7.02 g/t AuEq over 0.5m and 1.49
g/t AuEq over 34.5m incl. 1.66 g/t AuEq over 19.5 m (see Figure 2).
▪ Hole X22-23-065 drilled 10.74 g/t AuEq over 1m, 12.05 g/t AuEq over 2m, 0.72 g/t AuEq over 7m
and 2.16 g/t A uEq over 1m extending mineralization 50m down-dip of previously reported hole
X22-23-021 (see March 30, 2023, press release) which intersected 8.23 g/t AuEq over 1m and 0.94
g/t AuEq over 34.5m, incl. 1.36 g/t AuEq over 18m and 3.62 g/t AuEq over 3m (see Figure 2).
▪ Hole X22-23-045 drilled 14.02 g/t AuEq over 1m , 7.85 g/t AuEq over 1m and 2.17 g/t AuEq over
13m within a broader intersection of 1.30 g/t AuEq over 28m, confirming a 50-metre extension of
mineralization down-dip from hole X22-23-065, reported today, and 100m downdip from previously
reported hole X22-23-021 which remains open to expansion at depth (see Figure 2).
Justin Reid, CEO of Troilus Gold, commented, “Our geological team has worked diligently to execute the
drill program at X22 which has rapidly delineated this zone and demonstrated a consistent pattern of
higher-grade structures along its strike length. We’ve identified extremely positive results in close
proximity to the formerly mined Z87 pit, which has significantly improved our understanding of this new
deposit and its potential impact on the upcoming Feasibility Study.”
Speaking in relation to the forest fire situation in Northern Quebec, Mr. Reid further commented, “We
sincerely thank all involved in mitigating the impacts of the forest fires in Northern Quebec and keeping
our employees and local communities safe. Although exploration and drilling activities have been
temporarily suspended, we remain on schedule to deliver major milestones before the end of the year,
including an updated Mineral Resource Estimate and Feasibility Study.”
Drilling at X22 has consistently returned results demonstrating a pattern of continuous near surface high-
grade mineralization with significant grade thicknesses along its ~1-kilometre strike length, which remains
open to expansion. The latest results have further defined mineralization in the northeastern portion of
the X22 deformation corridor, adjacent to the Z87 pit. High-grade material in this area is characterized by
potasically altered shear zones and felsic porphyry dykes, primarily along the footwall contact of a tonalitic
body within the Troilus intrusion.
As reported on June 5, 2023, the Company halted its operations at its Troilus site amidst the worsening
forest fire conditions in the Eeyou -Itschee James Bay region of northern Quebec as a safety precaution
and in guidance with the Ministry of Natural Resources and Forests . Once operations resume, t he
Company intends to drill the remaining ~4,000 metres at X22 before the data cut -off for inclusion in the
updated Mineral Resource Estimate. Results from the drill program will be reported as they become
available. There has been no material impact to Troilus, and both the planned Mineral Resource Estimate
update and Feasibility Study remain on track and are anticipated to be completed prior to calendar year-
end.
Figure 1: Plan View Map of the Zone X22 Showing Current and Previously Reported Drilling
Figure 2: Section 13,350N (A-A’ Figure 1) Showing Results for Holes X22-23-037, X22-23-065 and X22-
23-045
Table 1: Zone X22 Drill Results
Hole From
(m) To (m) Interval
(m)
Inside/Outside of
PEA Pit Shell
Au
Grade
(g/t)
Cu
Grade
(%)
Ag
Grade
(g/t)
AuEq
Grade
(g/t)
X22-23-020
134 140 6.0 outside 2.49 0.05 4.83 2.61
incl 137 138 1.0 outside 8.04 0.06 4.80 8.17
187 188 1.0 outside 1.40 0.00 0.25 1.40
211 215 4.0 outside 0.67 0.00 0.25 0.68
incl 211 212 1.0 outside 1.34 0.00 0.25 1.35
220 221 1.0 outside 3.11 0.00 0.25 3.12
252 266 14.0 outside 0.94 0.00 0.29 0.95
incl 262 263 1.0 outside 4.69 0.01 0.50 4.70
315 316 1.0 outside 1.97 0.04 1.70 2.04
342 343 1.0 outside 0.96 0.00 0.25 0.97
X22-23-022
129 138 9.0 outside 1.06 0.01 0.28 1.08
incl 129 130 1.0 outside 3.11 0.01 0.25 3.13
incl 133 134 1.0 outside 3.21 0.00 0.25 3.22
incl 137 138 1.0 outside 1.12 0.00 0.25 1.12
X22-23-025
61 62 1.0 outside 0.96 0.05 0.50 1.02
70 97 27.0 outside 1.12 0.01 0.27 1.13
incl 70 72 2.0 outside 1.19 0.00 0.25 1.20
incl 85 97 12.0 outside 2.01 0.01 0.29 2.04
X22-23-028
75 82 7.0 outside 0.60 0.06 0.77 0.68
incl 77 78.6 1.6 outside 1.22 0.14 1.70 1.41
105 106 1.0 outside 0.95 0.10 2.30 1.10
110 111 1.0 outside 1.00 0.01 0.25 1.01
148 149 1.0 outside 0.99 0.01 0.25 1.01
X22-23-037
38 38.5 0.5 outside 33.90 1.15 70.20 36.08
43 44.6 1.6 outside 1.17 0.09 5.85 1.34
69.2 70.5 1.3 outside 1.10 0.11 8.60 1.33
91 120 29.0 outside 0.78 0.02 0.43 0.81
incl 91 100 9.0 outside 1.14 0.04 0.83 1.19
incl 106 108 2.0 outside 1.54 0.00 0.25 1.55
incl 119 120 1.0 outside 2.84 0.00 0.25 2.85
194 195 1.0 outside 1.04 0.01 0.25 1.05
X22-23-044
126.0 127.0 1.0 outside 0.82 0.10 6.00 1.01
171.6 172.2 0.6 outside 10.60 0.44 9.70 11.25
297.0 324.0 27.0 outside 0.95 0.12 1.50 1.12
incl 297.0 298.0 1.0 outside 4.19 0.22 11.20 4.59
incl 302.0 303.0 1.0 outside 2.61 0.22 1.40 2.90
X22-23-045
250.6 252.4 1.8 outside 2.14 0.06 1.93 2.23
369.0 370.0 1.0 outside 13.90 0.08 2.30 14.02
385.0 413.0 28.0 outside 1.28 0.01 0.58 1.30
incl 399.0 412.0 13.0 outside 2.14 0.01 0.80 2.17
incl 407.0 408.0 1.0 outside 7.84 0.00 0.25 7.85
X22-23-058
26 42 16.0 outside 0.54 0.13 2.14 0.72
incl 28 29 1.0 outside 1.11 1.03 11.30 2.52
incl 32.85 33.5 0.6 outside 1.91 0.05 3.00 2.01
incl 34.5 35.65 1.2 outside 2.39 0.05 1.00 2.46
incl 38 39 1.0 outside 0.59 0.58 12.10 1.44
142 143 1.0 outside 1.60 0.00 0.25 1.61
176 184 8.0 outside 0.99 0.00 0.25 1.00
incl 176 177 1.0 outside 3.00 0.00 0.25 3.01
incl 183 184 1.0 outside 2.99 0.01 0.25 3.00
X22-23-065
122 123 1 1.48 0.31 8.30 1.95
231 232 1 10.70 0.03 0.50 10.74
250 252 2 11.35 0.22 40.40 12.05
316 319 3 1.12 0.03 5.17 1.21
329 336 7 0.70 0.01 0.25 0.72
350 351 1 2.16 0.00 0.25 2.16
*Note drill intervals reported in this news release are down-hole core lengths as true thicknesses cannot be determined with
available information.
Quality Assurance and Control
During the Zone X22 drill program, one meter 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 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% 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. For QA/QC samples, a 50 g fire assay was
done. In addition to gold, ALS laboratory carried out multi-element analysis for ME-ICP61 analysis of 33
elements four acid ICP-AES.
Qualified Person
The technical and scientific information in this press release has been reviewed and approved by Nicolas
Guest, P.Geo., Senior Project Geologist, who is a Qualified Person as defined by NI 43-101. Mr. Guest is
an employee of Troilus and is not independent of the Company under NI 43-101.
About Troilus Gold Corp.
Troilus Gold Corp. is a Canadian-based junior mining company focused on the systematic advancement
and de-risking of the former gold and copper Troilus Mine towards production. From 1996 to 2010, the
Troilus Mine produced +2 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 land position of 435 km² within the
prospective Frôtet-Evans Greenstone Belt. Since acquiring the project in 2017, ongoing exploration
success has demonstrated the tremendous scale potential of the gold system on the property with
significant mineral resource growth. The Company is advancing engineering studies following the
completion of a robust PEA in 2020, which demonstrated the potential for the Troilus project to become
a top-ranked gold and copper producing asset in Canada. Led by an experienced team with a track-record
of successful mine development, Troilus is positioned to become a cornerstone project in North America.
For more information:
Caroline Arsenault
VP Corporate Communications
+1 (647) 407-7123
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.
The PEA is preliminary in nature, includes inferred mineral resources that are considered too speculative geologically
to have the economic considerations applied to them that would enable them to be categorized as mineral reserves,
and there is no certai nty that the PEA will be realized. Mineral resources that are not mineral reserves do not have
demonstrated economic viability. The PEA is subject to a number of risks and uncertainties. See below and the
Company’s latest technical report available on SEDA R for more information with respect to the key assumptions,
parameters, methods and risks of determination associated with the foregoing.
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
ongoing drill program and results on the Company, the possible economics of the project and 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 results of the Company’s ongoing 2023 drill program and their possible impact on the potential size of
the mineral resource estimate; 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
expertise 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 that 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 implied by such forward -looking statements, including but not limited to: there
being no assurance that the exploration program will result in expanded mineral resources; risks and uncertainties
inherent to mineral resource estima tes; 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; the receipt of necessary approvals; general
business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour
disputes and shortages; environmental and other risks of the mining industry, including with out limitation, risks and
uncertainties discussed in the most recent Technical Report 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 w ill 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 fo rward-looking statements, except in
accordance with applicable securities laws.