Troilus Drills 13.64 G/T AuEq over 3M, Incl. 29.81 G/T over 1M, 2.42 G/T AuEq over 6M, 2.11 G/T AuEq over 10M IN the Southwest Zone; New Mineral Extension Identified 300M Below PEA Pit Shell Updated Mineral Resource Estimate and Pre-Feasibility Study ON Track FOR MID-2022
TROILUS DRILLS 13.64 G/T AUEQ OVER 3M, INCL. 29.81 G/T OVER 1M, 2.42 G/T AUEQ OVER 6M, 2.11
G/T AUEQ OVER 10M IN THE SOUTHWEST ZONE; NEW MINERAL EXTENSION IDENTIFIED 300M BELOW
PEA PIT SHELL
UPDATED MINERAL RESOURCE ESTIMATE AND PRE-FEASIBILITY STUDY ON TRACK FOR MID-2022
May 4, 2022, Montreal, Quebec – Troilus Gold Corp. (“Troilus” or the “Company”, TSX: TLG; OTCQX:
CHXMF) reports additional assay results from the Southwest Zone at its Troilus Project, located in
northcentral Quebec, Canada. The Southwest Zone is located ~2.5 kilometres from the formerly mined
open pits. It was initially discovered and drilled in late 2019 and has quickly evolved into the most
significant growth target on its property. The intercepts reported today are largely located outside of the
pit shell modelled in the Preliminary Economic Assessment (see press release dated August 31, 2020). The
results are a combination of infill drill holes, focused on increasing drill density and upgrading the resource
category from Inferred to Indicated, as well as exploration drill holes, which have confirmed mineral
continuity to the southwest, identifying a down-dip extension of mineralization to the west, 300 metres
below PEA pit shell. The location of the drill hole collars and traces are presented in figures 1 and 2, while
results can be found in Table 1.
All the results reported today will be included in the mineral resource update and Pre -Feasibility Study,
expected in mid-2022. As announ ced on April 21, 2022, Troilus reached the cut-off for drilling to be
included in these studies in March in light of its targeted timeline.
Southwest Zone Intercept Highlights:
Hole SW-616
• 2.11 g/t AuEq over 10m, including 3.60 g/t AuEq over 2m
• 4.24 g/t AuEq over 3m
• Infill drill hole located within the pit, focused on upgrading Inferred blocks to Indicated blocks
for the upcoming PFS
Hole SW-527
• 2.42 g/t AuEq over 6m, including 12.56 g/t AuEq over 1m
• 1.72 g/t AuEq over 4m, including 30.66 g/t AuEq over 1m
• All intercepts located outside of the PEA pit shell
Hole SW-558
• 13.64 g/t AuEq over 3m, including 29.81 g/t AuEq over 1m
• All intercepts located outside of the PEA pit shell; high-grade gold intersected 300m below the
PEA pit shell to the southwest
Hole SW-531
• 1.28 g/t AuEq over 14m, including 2.75 g/t AuEq over 2m
• Hole located entirely outside of the PEA pit shell; confirms mineral continuity to the southwest
Hole SW-555
• 1.65 g/t AuEq over 5m, including 6.12 g/t AuEq over 1m
• Located outside of the PEA pit shell; confirming mineral continuity to the southwest
Justin Reid, CEO of Troilus Gold, commented, “We’re continuing to see impressive results coming out of
the Southwest Zone, which is encouraging given that this zone is expected to be the focus in the early
years of production. Over the last 8 months , our primary focus has been to further define and upgrade
the resource of the Southwest Zone for the ongoing Pre -Feasibility Study, set to be delivered mid -year.
Already we’ve been able to more than double the footprint of the Southwest Zone, with high potential
for further growth remaining. Since its discovery in late 2019, the Southwest Zone has become an
extremely valuable component of the Troilus deposit - as we begin drilling our 11,000m Gap Zone
program, we’re eager to uncover the potential of yet another piece of the Troilus system.”
Figure 1: Plan View Map of the Southwest Zone Showing Current and Previously Reported Drilling
Figure 2: Longitudinal Section Facing North-West Showing Intervals Above 0.3 g/t AuEq on Currently
Reported Drill Holes
Table 1: Southwest Zone 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)
SW-501
63 66 3 Inside 1.52 0.01 0.25 1.53
incl… 63 64 1 Inside 4.08 0.01 0.25 4.10
82 83 1 Inside 1.43 0.01 0.25 1.45
104 105 1 Inside 2.82 0.00 2.10 2.85
208 214 6 Outside 0.89 0.19 2.04 1.15
incl… 213 214 1 Outside 2.88 0.20 2.00 3.16
228 229 1 Outside 1.74 0.00 0.25 1.74
320 324 4 Outside 0.78 0.02 1.28 0.82
incl… 323 324 1 Outside 2.03 0.04 3.30 2.11
349 360 11 Outside 1.88 0.36 142.76 3.85
incl… 350.3 351.4 1.1 Outside 13.65 2.53 1170.00 29.28
387 389 2 Outside 1.12 0.04 3.00 1.20
SW-503
11 14 3 Inside 1.02 0.01 0.48 1.03
51 52 1 Inside 4.56 0.04 1.60 4.63
72 73 1 Outside 1.06 0.01 0.25 1.07
74 75 1 Outside 1.13 0.01 0.25 1.14
SW-504
20 22 2 Inside 0.89 0.02 0.25 0.91
27 28 1 Inside 0.85 0.12 3.20 1.04
45 52 7 Inside 1.08 0.02 0.52 1.12
86 90 4 Inside 1.08 0.12 0.85 1.24
incl… 87 88 1 Inside 1.62 0.17 1.60 1.85
incl… 89 90 1 Inside 2.25 0.02 0.25 2.28
135 136 1 Outside 0.80 0.35 4.30 1.30
192 193 1 Outside 1.11 0.16 3.00 1.34
SW-513
87 88 1 Inside 1.28 0.01 0.60 1.30
125 126 1 Outside 1.05 0.02 0.25 1.08
130 131 1 Outside 2.21 0.01 0.25 2.22
185 186 1 Outside 2.37 0.49 8.80 3.08
193 194 1 Outside 1.53 0.01 0.25 1.54
SW-516
22 23 1 Inside 1.22 0.02 0.50 1.25
78 79 1 Inside 1.04 0.96 15.60 2.43
95 97 2 Inside 1.25 0.11 2.30 1.41
incl... 95 96 1 Inside 2.24 0.03 1.00 2.29
159 160 1 Outside 0.91 0.51 14.90 1.72
SW-518
64 67 3 Inside 2.48 0.23 3.15 2.80
Incl... 64 65 1 Inside 7.08 0.55 8.10 7.86
92 95 3 Inside 1.23 0.01 0.25 1.24
Incl... 94 95 1 Inside 3.33 0.00 0.25 3.34
153 156 3 Outside 0.70 0.15 4.40 0.94
Incl... 153 154 1 Outside 1.55 0.23 6.50 1.91
SW-519
6 15 9 Inside 0.84 0.03 0.30 0.88
Incl... 6 9 3 Inside 1.67 0.05 0.25 1.74
75 87 12 Inside 0.60 0.05 0.49 0.66
Incl... 75 78 3 Inside 1.54 0.03 0.25 1.58
247 248 1 Outside 2.24 0.01 0.25 2.25
SW-524
112 136 24 Outside 0.81 0.01 1.01 0.84
Incl... 122 123 1 Outside 2.24 0.00 3.70 2.28
Incl... 129 130 1 Outside 2.25 0.00 1.30 2.27
Incl... 133 134 1 Outside 8.02 0.00 1.30 8.04
191 192 1 Outside 1.04 0.00 0.25 1.04
307 308 1 Outside 0.99 0.02 1.30 1.03
394 395 1 Outside 1.83 0.02 1.10 1.86
450 456 6 Outside 0.80 0.08 1.00 0.92
Incl... 455 456 1 Outside 2.97 0.10 1.10 3.11
520 533 13 Outside 0.46 0.12 0.67 0.62
Incl... 529 530 1 Outside 1.83 0.03 0.25 1.86
555 556 1 Outside 3.46 0.07 0.70 3.56
586 593 7 Outside 0.54 0.18 2.29 0.78
Incl... 587 588 1 Outside 1.35 0.35 4.90 1.85
Incl... 592 593 1 Outside 0.94 0.43 4.70 1.53
SW-527
90 91 1 Outside 1.04 0.01 0.60 1.06
180 181 1 Outside 0.99 0.09 4.50 1.16
197 201 4 Outside 0.01 1.28 7.80 1.72
incl… 197 198 1 Outside 30.60 0.01 3.50 30.66
282 288 6 Outside 2.41 0.01 0.25 2.42
incl… 283 284 1 Outside 12.55 0.01 0.25 12.56
379 380 1 Outside 1.20 0.03 0.90 1.24
407 427 20 Outside 0.79 0.05 0.91 0.87
incl… 410 411 1 Outside 1.97 0.09 1.80 2.10
incl… 418 419 1 Outside 8.42 0.03 0.90 8.47
476 477 1 Outside 2.13 0.03 1.10 2.18
488 489 1 Outside 0.99 0.06 1.50 1.08
497 512 15 Outside 0.61 0.11 1.84 0.78
incl… 503 504 1 Outside 0.60 0.32 5.20 1.06
incl… 505 506 1 Outside 5.85 0.10 5.00 6.03
534 535 1 Outside 1.00 0.16 2.50 1.23
SW-531
174 175 1 Outside 0.71 0.14 11.90 1.01
189 190 1 Outside 1.49 0.01 0.70 1.51
198 212 14 Outside 0.94 0.24 3.17 1.28
incl… 209 211 2 Outside 2.68 0.05 0.65 2.75
347 354 7 Outside 0.52 0.16 3.04 0.76
incl… 353 354 1 Outside 2.69 0.23 7.70 3.06
477 478 1 Outside 1.74 0.01 0.50 1.76
513 514 1 Outside 1.51 0.09 6.10 1.69
563 564 1 Outside 1.23 0.01 0.25 1.24
SW-539
78 83 5 Outside 0.76 0.04 3.00 0.85
incl… 78 80 2 Outside 1.24 0.00 0.25 1.24
233 234 1 Outside 1.20 0.07 0.25 1.28
251 254 3 Outside 1.19 0.06 0.72 1.27
267 268 1 Outside 2.30 0.00 0.25 2.31
332 333 1 Outside 1.41 0.01 0.25 1.42
358 386 28 Outside 0.73 0.03 0.95 0.77
incl… 367 378 11 Outside 1.25 0.04 1.12 1.32
399 400 1 Outside 1.64 0.04 1.30 1.70
413 414 1 Outside 1.05 0.02 0.25 1.07
443 444 1 Outside 0.70 0.28 3.50 1.09
SW-540
130 131 1 Outside 1.00 0.23 3.70 1.33
350 351 1 Outside 3.15 0.48 7.40 3.85
448 450 2 Outside 1.42 0.04 1.60 1.49
618 619 1 Outside 7.12 0.00 0.60 7.13
SW-543
201 203 2 Outside 2.29 0.10 3.30 2.46
234 242 8 Outside 0.63 0.11 0.71 0.78
incl… 234 236 2 Outside 1.48 0.13 0.93 1.66
256 257 1 Outside 2.96 0.03 0.70 3.00
275 277 2 Outside 1.15 0.04 1.95 1.21
284 285 1 Outside 0.94 0.36 2.50 1.43
310 311 1 Outside 0.81 0.05 0.25 0.88
317 324 7 Outside 0.68 0.08 0.92 0.79
incl… 323 324 1 Outside 2.87 0.23 2.30 3.19
390 391 1 Outside 0.94 0.11 0.70 1.09
413 414 1 Outside 1.70 0.19 7.40 2.02
423 424 1 Outside 3.43 0.08 6.60 3.61
428 429 1 Outside 1.03 0.06 1.70 1.13
SW-544
256 257 1 Outside 1.21 0.01 0.25 1.22
264 265 1 Outside 0.82 0.18 1.70 1.06
280 281 1 Outside 2.31 0.14 2.20 2.51
435 438 3 Outside 1.16 0.02 1.23 1.19
incl… 435 436 1 Outside 2.80 0.01 2.10 2.84
SW-555
388 393 5 Outside 1.53 0.07 3.02 1.65
Incl... 388 389 1 Outside 5.93 0.09 7.70 6.12
SW-558
411 412 1 Outside 1.22 0.01 0.25 1.23
457 458 1 Outside 1.05 0.01 0.25 1.06
468 471 3 Outside 0.99 0.06 2.13 1.08
494 497 3 Outside 13.42 0.04 15.63 13.64
incl… 496 497 1 Outside 29.50 0.03 25.90 29.81
SW-564
48 49 1 Outside 1.85 0.04 1.40 1.91
78 79 1 Outside 1.86 0.08 0.60 1.96
197 202 5 Outside 1.57 0.21 6.09 1.91
incl 200 201 1 Outside 6.33 0.45 14.60 7.05
419 434 15 Outside 0.71 0.02 0.38 0.74
incl… 425 427 2 Outside 2.25 0.05 0.60 2.31
incl… 432 433 1 Outside 3.11 0.01 0.25 3.12
493 494 1 Outside 2.60 0.10 0.90 2.73
497 498 1 Outside 1.83 0.06 1.10 1.92
SW-583
285 286 1 Outside 0.99 0.39 7.40 1.56
304 308 4 Outside 1.22 0.23 3.75 1.54
incl… 305 306 1 Outside 3.79 0.36 6.70 4.33
529 530 1 Outside 0.92 0.21 2.00 1.20
549 581 32 Outside 0.58 0.03 0.30 0.62
incl… 554 555 1 Outside 1.21 0.12 0.60 1.36
incl… 556 557 1 Outside 1.12 0.03 0.25 1.16
incl… 559 562 3 Outside 1.21 0.02 0.25 1.23
incl… 568 569 1 Outside 1.17 0.02 0.25 1.19
incl… 571 572 1 Outside 1.28 0.01 0.25 1.30
688 689 1 Outside 0.77 0.18 7.30 1.08
870 874 4 Outside 0.68 0.02 35.20 1.07
937 938 1 Outside 1.66 0.02 0.60 1.69
SW-579
24 31 7 Outside 1.40 0.01 0.41 1.42
incl… 24 26 2 Outside 2.09 0.01 0.38 2.11
incl… 28 30 2 Outside 2.02 0.00 0.25 2.03
SW-616
2.73 9 6.27 Inside 1.26 0.01 0.30 1.28
incl… 5 6 1 Inside 2.88 0.01 0.25 2.89
60 61 1 Inside 1.07 0.02 0.25 1.10
78 94 16 Inside 0.69 0.05 0.94 0.76
incl… 78 79 1 Inside 2.93 0.06 1.20 3.01
incl… 87 88 1 Inside 3.71 0.06 3.20 3.82
427 437 10 Inside 1.35 0.03 68.68 2.11
incl… 427 428.8 1.8 Inside 2.95 0.02 58.64 3.60
434 437 3 Inside 2.36 0.02 176.00 4.24
SW-621
16 17 1 Inside 0.30 0.43 5.20 0.90
26 53 27 Inside 0.58 0.03 0.51 0.62
incl… 33 34 1 Inside 1.07 0.04 0.60 1.13
incl… 42 44 2 Inside 0.95 0.01 0.25 0.97
incl… 50 53 3 Inside 2.36 0.03 0.97 2.41
*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 Southwest Zone drill program, 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 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 Kyle
Frank, P.Geo., Manager of Exploration, who is a Qualified Person as defined by NI 43-101. Mr. Frank 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 is holds a strategic land position of 1,420 km²
in the 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 certainty 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 SEDAR 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; reali zation of mineral resource estimates; the timing and amount of estimated future exploration; the
anticipated results of the Company’s ongoing 2022 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 st atements 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