Troilus Drills 1.46 G/T AuEq over 30M, Incl. 2.62 G/T AuEq over 11M, and 1.36 G/T AuEq over 18M IN Zone X22
TROILUS DRILLS 1.46 G/T AUEQ OVER 30M, INCL. 2.62 G/T AUEQ OVER 11M, AND 1.36 G/T AUEQ
OVER 18M IN ZONE X22
March 30, 2023, Montreal, Quebec – Troilus Gold Corp. (“Troilus” or the “Company”, TSX: TLG; OTCQX:
CHXMF; FSE: CM5R) is pleased to report assay results from Zone X22 (“X22”) at its Troilus Project, located
in northcentral Quebec, Canada . The results herein are part of an ongoing 7,800 metre drill campaign
designed to define and expand mineralization of Zone X22, initially identified in late 2022 ( see October
17, 2022, press release) . Since its discovery, the strike length of this zone has expanded to 1 kilometre,
originating at the western border of the f ormerly mined Z87 pit and extending southwest into the Gap
Zone (see Figure 1). The X22 delineation program is nearing completion , however over 4,000 metres of
assays are pending and will be reported as they become available.
The latest results have confirmed mineral continuity between previously drilled and reported holes in this
zone, which continue to return higher than average grades over large thicknesses . All results reported
herein lie entirely outside of the PEA pit shells and will be included in the upcoming Feasibility Study.
Zone X22 Drill Intercept Highlights:
Hole X22-23-021
• Intersected 1.36 g/t AuEq over 18m and 3.62 g/t AuEq over 3 metres within a broader intersection
of 0.94 g/t AuEq over 32m , extending down-dip mineralization by 50 metres beyond previously
reported hole X22-23-024, which intersected 1.49 g/t AuEq over 34.5m (see Figure 2).
Hole X22-23-023
• Confirmed 100 metres of up-dip mineralization with at-surface intersections of 2.07 g/t AuEq over 4
metres, including 6.10 g/t AuEq over 1 metre (31- 35m downhole), demonstrating mineral continuity
from previously reported hole 87-22-446 which intersected 1.79 g/t AuEq over 8 metres, incl. 7.57
g/t over 1 metre and 4.31 g/t over 1 metre (See Figure 3).
• Intersected 2.62 g/t AuEq over 11 metres within a broader intersection of 1.46 g/t AuEq over 30m,
from 151 to 181 metres downhole, confirming an additional mineral extension by 100 metres up-dip
beyond previously reported hole 87 -22-446, which intersected 1.52 g/t AuEq over 12m, incl. 10.51
g/t AuEq over 1m (see Figure 3).
Justin Reid, CEO of Troilus Gold, commented, “Drilling at X22 only began in late 2022, and results to date
have consistently attested to this shallow zone’s strong potential to positively impact the grade profile of
Troilus in early years of the mine life. Today’s results have bridged existing gaps between previously drilled
intercepts and provide an increased level of confidence in the continuity of mineralization at higher grades
across X22. We look forward to releasing the remaining results of incoming assays in the coming weeks
and believe they will build on today’s positive results.”
Drill hole X22-23-021 extended mineralization down-dip by 50 metres from hole 87-22-446 reported on
March 23rd, 2023, with intercepts of 0.94 g/t AuEq over 32m, including 1.36 g/t AuEq over 18m. Hole 87-
22-446 previously intercepted 1.66 g/t AuEq over 19.5m within a broader intersection of 34.5m at 1.49
g/t AuEq (87-22-446). This zone of mineralization remains open at depth and the company intends to
conduct a 100 metre step out hole to the south-east to test mineral continuity up-dip (see figure 2).
Drill hole X22-23-023 intercepted 2.07 g/t AuEq over 4m, including 6.10 g/t AuEq over 1m at surface, as
well as 2.62 g/t AuEq over 11m within an intersection of 1.46 g/t AuEq over 30m at a depth of
approximately 150 metres from surface, which confirmed mineralization 100 metres up-dip beyond hole
87-22-446, which returned strong intercepts 1.52 g/t AuEq over 12m, including 10.51 g/t AuEq over 1m
(see February 16, 2023, press release). Hole X22-23-023 also confirms mineral continuity bridging the 200-
metre gap to previously reported hole 87-22-410, which intercepted 2.04 g/t AuEq over 17m, including
4.95 g/t AuEq over 5m (see Figure 3, and press release dated October 17, 2022).
The results reported today demonstrate significant grade thicknesses, which are consistent with the
higher-than-average grade results obtained since drilling began at X22 in late 2022. Drilling has aimed to
define and expand the NE-SW mineralized deformation corridor from the west limit of the formerly mined
Z87 pit to the southwest and has successfully extended its initial 300 metre strike length to one kilometre.
Further drilling will now infill the previously drilled step out holes to further define the body of
mineralization at X22.
The initial 6,000 metre X22 delineation program was expanded by an additional 1 ,300 metres following
the positive results announced on March 23 , 2023, including 10.83 g/t AuEq over 6m within a broader
interval of 2.72g/t AuEq over 34m. This additional drilling is focused on defining high-grade trends in the
southern-most extent of the X22 Zone and will also aim to delineat e at-surface mineralization near the
Z87 pit. Current drill spacing will be evaluated as assays are received, which may warrant further drilling
to better define X22 ’s high-grade near-surface mineralization for inclusion in the upcoming F easibility
Study.
Figure 1 – Plan View of Zone X22 Showing Current and Previously Reported Drill Holes
Figure 2 – Section 13,350N (B - B’ Figure 1) Facing North Showing Results for Hole X22-23-021
Figure 3 – Section 13,275N (A - A’ Figure 1) Facing North Showing Results for Hole X22-23-023
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)
X22-23-011
51 54 3 outside 0.93 0.09 0.88 1.06
incl 218 224 6 outside 0.74 0.09 0.81 0.86
incl 229 235 6 outside 0.97 0.09 0.79 1.10
X22-23-019
incl 113 115 2 outside 1.11 0.08 2.20 1.24
196 197 1 outside 8.46 0.00 0.25 8.47
322 323 1 outside 1.27 0.00 0.25 1.27
X22-23-021
213 215 2 outside 0.96 0.12 10.45 1.21
230 231 1 outside 7.79 0.26 10.00 8.22
266 267 1 outside 1.98 0.01 0.25 1.99
284 316 32 outside 0.91 0.01 0.45 0.94
incl 298 316 18 outside 1.35 0.01 0.43 1.36
incl 313 316 3 outside 3.61 0.01 0.48 3.62
X22-23-023
31 35 4 outside 2.01 0.01 4.40 2.07
incl 32 33 1 outside 5.93 0.02 14.40 6.10
66 74 8 outside 0.85 0.04 1.46 0.92
incl 69 74 5 outside 1.17 0.05 2.13 1.26
95 96 1 outside 2.35 0.00 0.25 2.36
140 141 1 outside 2.89 0.00 0.25 2.89
151 181 30 outside 1.43 0.02 0.78 1.46
incl 170 181 11 outside 2.54 0.05 0.93 2.62
incl 177 179 2 outside 7.75 0.19 3.00 8.01
*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 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 M ineral 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 subj ect 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; realization of mineral resource estimates; the timing and amo unt 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 r egarding 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 estimates; 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 without 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 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.