Troilus Drills 20M Grading 1.66 G/T AuEq IN New GOLD Zone ‘WEST Rim’ and Identifies Further Near-Surface High-Grade Targets
TROILUS DRILLS 20M GRADING 1.66 G/T AUEQ IN NEW GOLD ZONE ‘WEST RIM’ AND IDENTIFIES
FURTHER NEAR-SURFACE HIGH-GRADE TARGETS
SEPTEMBER 3 , 202 4, Montreal, Quebec – Troilus Gold Corp. (“Troilus” or the “Company”, TSX: TLG ;
OTCQX: CHXMF; FSE: CM5R) is pleased to announce positive drill results forming part of a 1,866-metre
exploratory drill program on its newly discovered “West Rim” VMS (Volcanogenic massive sulfide ore
deposit) target, located within 150 metres of the North Reserve Pit Shell (Zones 87, J & X22) (see Figure
1) at its Troilus Project, located in northcentral Quebec, Canada. The West Rim drill program was designed
to test various geophysical anomalies and collect geological data that will inform the next phase of drilling.
West Rim Highlights:
▪ WR-24-003 returned 1.66 g/t AuEq (1.64 g/t Au, 0.92 g/t Ag, 0.01% Cu) over 20m including 3.10 g/t
AuEq (3.07 g/t Au, 1.62 g/t Ag, 0.01 % Cu) over 8m starting at 87 m downhole (See Figures 1 and 2).
▪ WR-24-004 returned 1.08 g/t AuEq (1.05 g/t Au, 0.90 g/t Ag, 0.01% Cu) over 11m including 7.13 g/t
AuEq (7.03 g/t Au, 4.50 g/t Ag, 0.01 % Cu) over 1m starting at 27 m downhole (See Figure 1).
Justin Reid, CEO of Troilus Gold, commented, “We are very pleased with the results from our initial phase
of drilling at the West Rim target. Our team is actively reviewing the data from this phase to refine our
targeting strategy for the next round of drilling, set to commence in the coming weeks. The characteristics
of the West Rim target are highly promising, and our primary exploration objective here is to identify and
add higher-grade ounces that could be incorporated early in the mine plan. With the scale of this
prospective trend (~4km), which remains largely unexplored, and its proximity (~150m) to the planned
North Reserve Pit as defined in the recent Feasibility Study (see press release, May 14, 2024*), we believe
this target has the potential to enhance the mine model and deliver on our objective.”
*The completed NI 43-101 technical report associated with the Troilus Project Feasibility Study (“FS”) can be found on SEDAR+ at
www.sedarplus.ca under the Company’s issuer profile or on the Company’s website at www.troilusgold.com.
West Rim Zone
The West Rim Zone was discovered as part of a site-wide 25,000m drill program at the Troilus Property
that returned 32m of 0.74 g/t AuEq including 1.37 g/t AuEq over 11m in hole X22-24-080 (see press release
May 30, 2024, and hole location in Figure 1). The results reported represent the first batch of assays from
follow-up drilling, or four of the six holes from Phase 1 drilling, totaling 1,866m.
The West Rim target is an exhalative stratigraphic horizon hosted within felsic to intermediate
metavolcanic rocks along the north-west margin of the Troilus intrusion. This prospective sequence can
be traced for more than 4 km from the hanging wall of the J Zone, continuing through the West Rim
toward the Southwest hanging wall. The eastern boundary of the Troilus intrusion has been extensively
explored, and reserves defined within the Z87 and SW Pits align along this eastern boundary. The western
boundary of the diorite (West Rim) has been left un-explored and remains open to further drilling (see
Figure 1).
WR-24-003 returned 1.66 g/t AuEq over 20m including 3.10 g/t AuEq over 8m and WR-24-004 returned
1.08 g/t AuEq over 11m including 7.13 g/t AuEq over 1m. Both holes were drilled along the margins of
magnetic anomalies and show characteristics of volcanogenic stringer-style mineralization and alteration
(See Figure 2). Phase 2 drilling will focus on the core of magnetic anomalies, as the mineralization is
magnetic due to the presence of semi-massive pyrrhotite. These Phase 2 targets are interpreted as centres
of volcanic activity, capable of producing high-grade gold and base metal deposits.
West Rim Zone Geology
The West Rim horizon is hosted within a sequence of basaltic andesite, andesite and dacite, often at the
transition zone between the last two. The mineralized zone shows a clear metallic zonation, with gold-
rich zones (together with copper and silver) flanked by more Zn-rich zones along strike and up in the
stratigraphy (to the NW). Sulfide mineralization consists of disseminated, stringers veins, and small lenses
of massive pyrrhotite, pyrite with accessory sphalerite and chalcopyrite transposed into the dominant
foliation and metamorphosed to amphibolite grade. The alteration signature is characterized by a sericite-
garnet-silica zone in the hanging wall of the ore zone and a chlorite-biotite-sericite zone in the footwall
(See core photo in Figure 2). This pattern has been observed and logged throughout the horizon and shows
a distinctive lithogeochemical signature. In addition, mineralization and alteration increases toward WR-
24-003, and toward an interpreted feeder structure and exhalative center. Higher grades appear to be
linked to higher magnetism due to an increase in pyrrhotite content. A magnetic anomaly located in the
center of the exhalative zone is our next priority drilling. The polymetallic zoned mineralization,
intermediate to felsic volcanic host rocks, and zoned alteration is consistent with a gold-bearing
Volcanogenic Massive Sulfides system, which increases the prospectivity of the area to find larger and
richer ore zones along strike and at depth.
Figure 1. Plan Map of the Troilus Deposit Showing West Rim Target, Current and Previously Reported
Drill Holes
Figure 2. Zonation in alteration centered on the mineralized zone (WR-24-003: 1.66 g/t AuEq over
20m, incl. 3.10 g/t AuEq over 8m)
Table 1. Phase 1 West Rim Drill Results
Hole From
(m) To (m) Interval
(m)
Inside/Outside of
FS Pit Shell
Au
Grade
(g/t)
Cu
Grade
(%)
Ag
Grade
(g/t)
AuEq
Grade
(g/t)
WR-24-003
87 107 20 outside 1.64 0.01 0.92 1.66
incl 99 107 8 outside 3.07 0.01 1.62 3.10
WR-24-004
27 38 11 outside 1.05 0.01 0.9 1.08
incl 28 29 1 outside 7.03 0.03 4.50 7.13
44 45 1 outside 2.10 0.01 2.80 2.16
WR-24-006
216 221 5 outside 0.55 0.01 0.74 0.57
incl 217 218 1 outside 1.34 0.01 0.8 1.35
325 326 1 outside 1.85 0.09 4.6 2.05
WR-24-007
41 55 14 outside 0.55 0.01 0.74 0.57
incl 47 48 1 outside 1.34 0.01 0.8 1.35
54 55 1 outside 1.08 0.01 1.4 1.1
* AuEq = Au + 1.5628 x Cu + 0.0128 x Ag
Quality Assurance and Control
During the 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., Exploration Manager, 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.
AuEq Disclosure
The formulas used to calculate equivalent values for resources are as follows, for 87 Pit AuEq = Au +
1.5628*Cu +0.0128 *Ag, for J Pit AuEq = Au + 1.5107*Cu +0.0119 *Ag, for SW Pit AuEq = Au + 1.6823*Cu
+0.0124 *Ag, for X22 Pit AuEq = Au + 1.5628*Cu +0.0128 *Ag. AuEq was calculated using metal prices of
$1,850/oz Au; $4.25/lb Cu and $23.00/oz Ag.
About Troilus Gold Corp.
Troilus Gold Corp. is a Canadian development-stage mining company focused on the systematic
advancement of the former gold and copper Troilus Mine towards production. Troilus is located in the
tier-one mining jurisdiction of Quebec, Canada, where i t holds a large land position of 435 km² in the
Frôtet-Evans Greenstone Belt. A Feasibility Study completed in May 2024 supports a large-scale 22-year,
50ktpd open-pit mining operation, positioning it as 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
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 drill results on the Company, the results of the FS and the timing of the supporting
technical report to be filed , including, without limitation various project economics, financial and
operational parameters such as the timing and amount of future production from the Project, expectations
with respect to the IRR, NPV, payback and costs of the Project, anticipated mining and processing methods
of the Project; proposed infrastructures, anticipated mine life of the Project , expected recoveries and
grades, timing of future studies including the environmental assessments (including the timing of an
environmental impact study) and development plans, opportunity to expand the scale of the project, the
project becoming a cornerstone mining project in Noth America; the development potential and timetable
of the project; the estimation of mineral resources and reserves ; realization of mineral resource and
reserve estimates; the timing and amount of estimated future exploration; 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 discover y costs, technical expertise and support from local
communities, the timing and amount of estimated future exploration; and the anticipated results of the
Company’s 2024 drill program and their possible impact on the potential size of the mineral resource
estimate. 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 strate gies 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 or programs of the
Company will result in expanded mineral resources; risks and uncertainties inherent to mineral resource
and reserve estimates; the high degree of uncertainties inherent to feasibility studies and other mining
and economic studies which are based to a significant extent on various assumptions; variations in gold
prices and other metals, exchange rate fluctuations; variations in cost of supplies and labour; receipt of
necessary approvals; availability of financing for project development; uncertainties and risks with respect
to developing mining projects; general business, economic, competitive, political and social uncertainties;
future gold and other metal prices; accidents, labour disputes and shortages; environmental and other
risks of the mining industry, including without limitation, risks and uncerta inties discussed in the
Company’s latest Annual Information Form, its technical reports and other continuous disclosure
documents of the Company available under the Company’s profile at www.sedarplus.ca. 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 int ended. There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially from those antic ipated 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.