Troilus Extends Zone X22 to the Sw, Drills 1.30 G/T AuEq over 59M Incl. 2.38 G/T AuEq over 9M and 1.94 G/T AuEq over 7M; 8.63 G/T AuEq over 4M; as Well as 3.29 G/T AuEq over 6M Within a Broader Intersection of 1.73 G/T AuEq over 21M
TROILUS EXTENDS ZONE X22 TO THE SW, DRILLS 1.30 G/T AUEQ OVER 59M INCL. 2.38 G/T AUEQ OVER
9M AND 1.94 G/T AUEQ OVER 7M; 8.63 G/T AUEQ OVER 4M; AS WELL AS 3.29 G/T AUEQ OVER 6M
WITHIN A BROADER INTERSECTION OF 1.73 G/T AUEQ OVER 21M
MAY 9, 2023, Montreal, Quebec – Troilus Gold Corp. (“Troilus” or the “Company” ) (TSX: TLG; OTCQX:
CHXMF; FSE: CM5R ) reports assay results from Zone X22 (“X22”) at its Troilus Project , located in
northcentral Quebec, Canada.
X22 is a high-grade gold zone discovered in late 2022 that extends from the formerly mined Z87 pit
towards the Gap Zone (see Figure 1). The results herein form part of a completed 7,800 -metre drill
campaign designed to defin e and expand mineralization in t his new target in order to include it in a
Feasibility Study expected later this year.
The latest group of results drilled in the southwestern most sections of X22 demonstrate further mineral
continuity of high-grade structures over large thicknesses, which remain open to expansion on trend and
at depth . All results reported lie entirely outside of the pit shells proposed in the 2020 preliminary
economic assessment.
Zone X22 Drill Intercept Highlights:
1.30 g/t AuEq over 59m incl. 2.38 g/t AuEq over 9m, 1.94 g/t AuEq over 7m, 2.40 g/t AuEq over 8m
and 3.04 g/t AuEq over 3m in hole X22 -23-038, confirming mineral cont inuity 100m down-dip of
previously reported hole X22-23-027 (see March 23, 2023 press release) which intersected 2.72 g/t
AuEq over 34m incl. 10.83 g/t AuEq over 6m (see Figure 2).
8.63 g/t AuEq over 4m incl. 25.11 g/t over 1m, and 0.61 g/t AuEq over 41m, in hole X22-23-032, with
mineralization starting directly at surface (see Figure 3).
Hole X22-23-031 drilled 3.29 g/t AuEq over 6m within a broader intersection of 1.73 g/t AuEq over
21m, confirming a 100 -metre extension of mineralization down -dip from hole X22 -23-032, which
remains open to expansion at depth (see Figure 3).
Hole X22-23-033 intersected high-grade mineralization directly at surface, including 2. 14g/t AuEq
over 11 m incl 6.45 g/t AuEq over 3m and 14.54 g/t AuEq over 1m (see Figure 3), which confirmed
high-grade continuity from section 12,475N (Figure 4).
o This high-grade structure is believed to extend from previously reported 2.72 g/t AuEq over
34 m in hole X22-23-027 and 19.88 g/t over 7m including 130.83 g/t AuEq over 1m in hole
X22-23-030 (see March 23 rd and April 25 th, 2023, press releases, respectively) , drilled 50
metres to the northeast.
Justin Reid, CEO of Troilus Gold, commented, “Our geological team has done excellent work defining and
growing X22. We are rapidly delineating high-grade structures at X22, which is very exciting considering
the close proximity to our other mineral zones and the impact this could have on our future mine plan.
This first phase of drilling at X22 has been exceptionally successful and we will continue to define and
expand this high-grade ore body with 2 drills in the coming month.”
Results from X22 have continued to demonstrate high-grade mineralization near surface over significant
widths along its ~1 kilometre strike length and remain open to expansion. Today’s results highlight the
southernmost section of the X22 mineralized trend and its anomalous high-grade structures which have
further delineated the zone and demonstrated mineral continuity between previously drilled and
reported holes. High-grade material in this area of X22 is characterized by semi-massive to massive sulfide
veins comprised dominantly of chalcopyrite, pyrrhotite and pyrite, with local sphalerite and galena, within
highly sheared and potassically altered (biotite and sericite) tonalite and felsic porphyry dykes.
The Company is awaiting approximately 1,500 metres of assays from the completed 7,800 metre drill
program, which will be reported as they become available. Additional drilling will continue with two rigs
to further infill and expand this growing body of mineralization.
Figure 1 – Plan View of Zone X22 Showing Current and Previously Reported Drill Holes
Figure 2 – Section 12,575N (C - C’ Figure 1) Facing North Showing Results for Hole X22-23-038
Figure 3 – Section 12,475N (A - A’ Figure 1) Facing North Showing Results for Hole X22-23-031 and
Hole X22-23-032
Figure 4 – Section 12,525N (B - B’ Figure 1) Facing North Showing Results for Hole X22-23-033 and Hole
X22-23-032
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)
X22-23-029
51 56 5.0 outside 1.41 0.17 2.90 1.65
incl 51 52 1.0 outside 5.74 0.67 12.50 6.72
incl 55 56 1.0 outside 0.89 0.07 0.80 0.99
65 66 1.0 outside 1.98 0.21 2.30 2.26
91 92 1.0 outside 1.00 0.04 0.60 1.06
120 121 1.0 outside 0.92 0.06 0.25 1.00
125 126 1.0 outside 1.46 0.05 0.25 1.52
152 157 5.0 outside 1.09 0.04 0.88 1.15
incl 155 156 1.0 outside 3.34 0.09 1.40 3.46
X22-23-031
83 84 1.0 outside 1.30 0.02 0.25 1.32
133 154 21.0 outside 1.18 0.20 27.46 1.73
incl 142 148 6.0 outside 2.04 0.37 72.03 3.29
X22-23-032
22 63 41.0 outside 0.46 0.09 3.16 0.61
incl 25 26 1.0 outside 1.01 0.21 18.60 1.46
incl 28 33 5.0 outside 0.72 0.15 6.58 0.98
incl 37 43 6.0 outside 0.68 0.17 3.15 0.92
incl 62 63 1.0 outside 3.47 0.21 14.00 3.89
69 70 1.0 outside 0.85 0.23 12.70 1.28
72 76 4.0 outside 8.22 0.24 10.45 8.63
incl 72 73 1.0 outside 2.89 0.21 6.60 3.23
incl 73 74 1.0 outside 24.10 0.59 25.80 25.11
incl 74 76 2.0 outside 2.94 0.08 4.70 3.09
X22-23-033
23 29 6.0 outside 0.85 0.09 1.60 0.97
incl 28 29 1.0 outside 2.78 0.14 2.80 2.99
33 53 20.0 outside 0.67 0.06 1.51 0.77
incl 38 46 8.0 outside 1.06 0.09 1.81 1.19
incl 52 53 1.0 outside 1.39 0.12 1.70 1.56
57 61 4.0 outside 0.52 0.14 1.45 0.72
incl 58 59 1.0 outside 1.37 0.10 2.00 1.52
71 82 11.0 outside 1.85 0.20 4.79 2.14
incl 77 80 3.0 outside 5.86 0.38 10.63 6.45
incl 77 78 1.0 outside 13.55 0.62 19.10 14.54
incl 79 80 1.0 outside 3.34 0.34 9.50 3.87
X22-23-035
49 52 3.0 outside 0.51 0.04 0.50 0.56
70 76 6.0 outside 0.83 0.03 0.70 0.88
incl 70 71 1.0 outside 3.01 0.05 0.80 3.08
X22-23-036
27 27.5 0.5 outside 2.84 0.13 1.90 3.02
39 41 2.0 outside 0.92 0.01 0.25 0.95
57 58.2 1.2 outside 14.25 0.08 2.80 14.38
74.3 74.8 0.5 outside 1.61 0.25 2.80 1.96
83 84 1.0 outside 1.34 0.03 0.25 1.39
X22-23-038
28 29 1.0 outside 1.98 0.07 0.25 2.07
132 134 2.0 outside 1.25 0.00 0.25 1.26
218 277 59.0 outside 0.79 0.34 7.93 1.30
incl 224 233 9.0 outside 1.55 0.56 11.50 2.38
incl 239 246 7.0 outside 1.29 0.43 10.76 1.94
incl 252 260 8.0 outside 1.53 0.58 13.61 2.40
incl 263 264 1.0 outside 1.46 0.29 5.20 1.88
incl 272 275 3.0 outside 1.16 1.25 28.97 3.04
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 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; 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