Troilus Expands High Grade Testard Zone with Outcrop Samples up to 80 G/T GOLD and 1,060 G/T Silver and Channel Samples up to 19.5 G/T GOLD; Beyan Zone Expanded with 12 G/T GOLD Outcrop Sample Located 600 Metres North of Main Discovery
TROILUS EXPANDS HIGH GRADE TESTARD ZONE WITH OUTCROP SAMPLES UP TO 80 G/T GOLD AND
1,060 G/T SILVER AND CHANNEL SAMPLES UP TO 19.5 G/T GOLD; BEYAN ZONE EXPANDED WITH 12
G/T GOLD OUTCROP SAMPLE LOCATED 600 METRES NORTH OF MAIN DISCOVERY
December 9, 2020, Toronto, Ontario – Troilus Gold Corp. (TSX: TLG) (OTCQB: CHXMF) (“Troilus” or the
“Company”) reports the remaining results from its 2020 regional exploration program on its 100%-owned,
107,300 hectare Troilus Gold property, located within the Frôtet-Evans Greenstone Belt in north central
Quebec. Results herein represent additional exploration work undertaken following positive initial results
from the newly discovered Beyan Gold Zone (“Beyan”) and Testard Zone (“Testard”) (see press releases
dated September 30, 2020 and October 19, 2020), which have expanded the mineral footprint of both
zones.
New High Grade Outcrop and Channel Samples Confirm Testard Gold Zone Potential
The Testard Zone is located approximately 10 kilometres south of the main mineral resource area (see
Figures 1 and 2). Following initial positive results in October, including outcrops assaying up to 203 g/t
gold representing the highest insitu gold grades recovered within the Frôtet-Evans Greenstone Belt, the
Troilus team expanded exploration efforts in this area with additional surface sampling and channel
samples (see initial Testard press release dated October 19, 2020). Troilus engaged Geologica Groupe
Conseil to conduct additional independent surface sampling, which returned high grade results of up to
82 g/t gold and 1,060 g/t silver, confirming initial results and demonstrating the high potential of Testard.
Highlights from the expanded Testard Gold Zone:
Additional surface sampling confirms the high grade gold and silver content of the Testard Zone
with outcrop samples returning 82 g/t, 40 g/t and 20 g/t gold and 1,060 g/t, 260 g/t and 263 g/t
silver.
Channel sample highlights include:
o 19.5 g/t Au over 0.5m (Channel 20-095)
o 12.2 g/t Au over 1.3m (Channel 20-089)
o 5.3 g/t Au over 2.1m (Channel 20-087)
High potential to find additional sub-parallel mineralized quartz veins at Testard
Alex Discovery Extends Beyan Gold Zone by 600m
New outcrop and channel samples have expanded the footprint of the recently announced Beyan Gold
discovery (“Beyan”) (see press release dated September 30, 2020), with results from the new “Alex
Showing” (“Alex”) returning up to 12 g/t gold, 600 metres North of the main Beyan discovery (See Figure
3 and 4). The Beyan Zone returned up to 9.7 g/t gold and 32.5 g/t silver from outcrop samples and is
located 8 km southwest of the Southwest Zone, the newest addition to the latest mineral resource
estimate (effective July 20, 2020). The Southwest Zone was discovered and drilled in 2019 and 2020;
approximately 8,500 metres of drilling in this new zone resulted a mineral resource estimate 580,000 gold
equivalent ounces (22.6Mt grading 0.80 g/t AuEq) in the Inferred category.
Highlights from the Beyan Gold Zone extension:
Significantly expand ed the potential footprint of the Beyan Discovery with outcrop sample
returning up to 12 g/t gold, located 600m North of main discovery
Alex Showing suggests strong potential for additional parallel and sub parallel high grade zones
Soil sampling shows a distinct trend from the Southwest Zone to the new Beyan discoveries
Gold anomalies in the Beyan area can now be observed over an expanded area of 6 km x 1.2 km
“These continued positive results from our regional exploration efforts this year, along with the r ecent
discoveries in close proximity to our land package , are starting to confirm the tremendous potential of
the Frôtet Evans Greenstone belt, which is quickly becoming one of the most prospective exploration belts
in Canada,” said Justin Reid, CEO of Troilus. “We have exceeded our expectations with the 2020 regional
exploration program, which was focused on identify ing new and highly prospective targets within ou r
newly acquired land package. We continue to focus on advancing the development of the main mineral
zones at Z87, J Zones and now the Southwest Zone, however, we believe these regional exploration results
validate the long term mineral growth potential of the Troilus Project. We have four drills turning at site,
with a multi -pronged objective to expand the resource at the Southwest Zone, upgrade the Z87 and J
Zones, as well as g eotechnical drilling, which will support the Pre-Feasibility Study that is currently
underway.”
The regional exploration program launched in Summer 2020 focused on identifying high priority targets
within the new land package that Troilus acquired and staked earlier in the year (see press releases dated
April 28, 2020 and July 21, 2020). Following outcrop stripping, bedrock mapping and boulder tracing upon
initiation of the program, Troilus identified several mineralized outcrops which led to multiple new
discoveries (see Figure 1).
New Regional Exploration Activities Following Recent New Discoveries
Soil Survey (B-horizon)
Following the success of the Summer field work, Troilus contracted SL Exploration to cover the entire
Beyan Block with soil sampling (B-horizon) (See Figure 1). Over 1,450 samples were collected every 100m
on 150 line spacing. Preliminary results indicate major gold anomalies with a signature that can be seen
over 6 km by 1.2 km wide, which correspond perfectly with the Beyan Gold trend. A total of 120 samples
ran over 10ppb including 15 samples that graded over 50ppb up to 0.5 g/t Au. These grades are among
the highest values ever observed in B-horizon in the vicinity of the Troilus property. The Beyan Gold Zone
is located in the center of the soil surveyed area, which may indicate the possibility to expand the Beyan
Gold Zone on strike in both directions. All pending assay results are expected before the end of the year.
Airborne Magnetics
The 23,000 line-kilometre helicopter-assisted magnetic survey, with 50 metre spacing between lines and
at 30 metres from the ground surface, was designed to cover all of Troilus’ new mining titles, including
areas where limited information was available (See Figure 1). The Company expects this data to help
delineate stratigraphic boundaries and structural trends in preparation for more advanced exploration
work. In the main Beyan Gold Zone, the current available data does validate the geological trends
associated with the main gold zone and indicates the presence of a major oblique structures crossing the
Beyan Gold Zone similar to those observed in the high grade gold zone of the Testard showing (see press
release dated October 19, 2020).
IP Survey
An induced polarization (“IP“) survey has also been conducted on selected areas of the Troilus property,
including the main portion of the Beyan Gold Zone and The Testard Zone over ground where several gold
showings and in-soil gold anomalies were identified. Géophysique TMC has conducted a preliminary
interpretation of the IP survey, which demonstrate that the high-definition IP chargeability anomalies
strongly correlate with the recently identified Beyan and Testard zones. These IP anomalies, combined
with detailed mapping, a detailed airborne magnetic survey and the soil survey will enable Troilus’
exploration team to outline prospecting and drill targets for the year ahead.
20,000 Drilling Program Update
The 20,000 drilling program announced on September 23, 2020, is well underway. There are currently
four drills turning at site of which two are dedicated to resource expansion, one dedicated to infill drilling
to upgrade resource classification in existing mineral zones, and one dedicated to geotechnical drilling.
Initial assay results are expected before the end of the year and Troilus expects to continue exploration
efforts, including drilling, throughout 2021.
Figure 1 – Plan View of Troilus Property Showing Recent Discoveries and Areas Covered by Surveys
Figure 2 – Location of New Outcrop and Channel Samples in the Testard Zone
Figure 3 – Aerial Photo Showing Alex Showing and Beyan Gold Zone in proximity to Southwest Zone
Figure 4 – Alex Showing (12 g/t from outcrop), Located 600 metres from Beyan Discovery
Table 1 – Alex Showing (chip) and Beyan Zone Surface Sample Results (channel)
Sample Au g/t Ag g/t Zn % Length (m)
Chip Y939389 12.2 20.5 0.0 -
Chip Y940927 0.4 0.0 -
Chip Y938300 0.3 0.7 0.0 -
Chip Y938303 0.3 0.0 -
Channel 20-001 0.5 20.0 0.8 0.8
Channel 20-002 1.1 9.0 0.4 1.0
Channel 20-003 0.2 78.0 0.7 0.5
Channel 20-009 2.1 1.0 0.0 0.5
Channel 20-009 1.8 0.0 0.5
Channel 20-017 0.5 4.0 0.1 1.0
Channel 20-034 0.4 0.0 6.6
Including 1.0 0.2 0.1 2.0
Table 2 – Testard Gold Zone Surface Sample Results (Grab from Geologica and channel)
Sample Au g/t Ag g/t Length (m)
Chip V437857 82 1060 -
Chip V437858 40 260 -
Chip V437859 20 263 -
Channel 20-085 0.2 - 2.9
Including 0.9 - 0.8
Channel 20-086 0.5 - 3.1
Including 2.5 - 0.5
Channel 20-087 2.7 - 3.5
Including 5.3 - 2.1
Channel 20-088 0.9 - 4.5
Including 2.1 - 1.8
Channel 20-089 3.5 - 4.6
Including 12.2 - 1.3
Channel 20-090 0.5 - 3.5
Including 2.4 - 0.8
Channel 20-091 0.6 - 1.5
Including 0.6 - 1.5
Channel 20-092 0.9 - 0.7
Including 0.9 - 0.7
Channel 20-093 0.2 - 3.0
Including 1.1 - 0.5
Channel 20-094 0.6 - 2.4
Including 1.6 - 1.1
Channel 20-095 1.3 - 1.1
Including 2.6 - 0.6
Channel 20-095 5.4 - 2.0
Including 19.5 - 0.5
Channel 20-131 5.4 2.0 5.4
Including 19.5 0.5 19.5
Quality Assurance and Control
All outcrop 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