TROILUS INTERSECTS 1.65g/t AuEq OVER 33 METRES LESS THAN 75 METRES FROM SURFACE; DRILL RESULTS CONTINUE TO ENCOUNTER SHALLOW GOLD MINERALIZATION AT SOUTHWEST ZONE DISCOVERY April 14, 20 20, Toronto, Ontario – Troilus Gold Corp. (TSX: TLG; OTCQB: CHXMF) (“Troilus” or the
TROILUS INTERSECTS 1.65g/t AuEq OVER 33 METRES LESS THAN 75 METRES FROM SURFACE; DRILL
RESULTS CONTINUE TO ENCOUNTER SHALLOW GOLD MINERALIZATION AT SOUTHWEST ZONE
DISCOVERY
April 14, 20 20, Toronto, Ontario – Troilus Gold Corp. (TSX: TLG; OTCQB: CHXMF) (“Troilus” or the
“Company”) reports initial results from a 6,000 metre drill program from the Southwest Zone ( the
“Southwest Zone” or “SWZ”) at its 100%-owned Troilus property (the “Troilus Project”) located northeast
of Chibougamau, Quebec. All drill holes reported herein successfully intersected gold and demonstrated
geology similar to the main mineralized zone on the property, Z87, located less than 3.5 kilometres away
(see Figure 1).
Intercept highlights from the Southwest Zone drilling include*:
1.65 g/t AuEq over 33 metres less than 75 metres from surface, including 2.32 g/t AuEq over 8
metres and 3.83 g/t AuEq over 7 metres and 7.66 g/t AuEq over 1 metre in hole TLG-ZSW20-184
(see Figure 3)
1.84 g/t AuEq over 4 metres , 1.14 g/t AuEq over 8 metres and 11.82 g/t AuEq over 0.6 metres
within a broader intercept of 1.00 g/t AuEq over 13 metres in hole TLG-ZSW20-183
1.34 g/t AuEq over 9 metres , 2.08 g/t AuEq over 6.25 metres and 1.02 g/t AuEq over 5 metres
in hole TLG-ZSW20-188
*See Table 1 for all drill intercepts, see Figure 2 for drill hole locations
Justin Reid, Chief Executive Officer of Troilus commented: “Results from the small drill campaign in the
Southwest Zone completed in December 2019 identified a sizeable new zone of mineralization 3.5 km
southwest of the existing Z87 pit where almost 2 million ounces of gold was produced . The discovery of
2.87 g/t AuEq over 17 metres within a broader section of 2.26 g/t AuEq over 24 metres in hole TLG-ZSW19-
177 (see press release dated January 28, 2020) prompted us to push forward with further exploration.
We are very encouraged by these new results, which continue s to expand the scale of the Troilus
mineralizing system. It is our view that the Southwest Zone may have the potential to add to Troilus’
already compelling estimated mineral resource which include s 4.71 million ounces of Indicated gold
equivalent (159.1 Mt with an average grade of 0.92 g/t AuEq) and 1.76 million ounces of Inferred gold
equivalent (52.7 Mt with an average grade of 1.04 g/t AuEq) as announced in November of last year (see
press release dated November 12, 2019). Our Technical team is now analyzing the Southwest Zone drill
results with the intention of incorporating the findings into the overall resource estimate in the coming
months.”
Initial drilling conducted late last year at the Southwest Zone defined an area of 500m x 250m located just
3.5 kilometres southwest of the Z87 pit and readily accessible from the existing mine road (see Figure 1).
All seven drill holes successfully intersected gold including high-grade intersections and demonstrated
geology similar to that of Z87. Based on the positive results from the 2019 drill program in the Southwest
Zone as reported January 28, 2020, Troilus has completed another 6,000 metre s of drilling through
February with the objective of testing a larger area and confirm that homogenous mineralization can be
observed is throughout.
Table 1: Summary of Southwest Zone Drill Results
Hole ID From To Length Au (g/t) Cu (%) Ag
(g/t)
AuEq
(g/t) Summary
TLG-ZSW20-183
19.00 68.00 49.00 0.51 0.04 0.41 0.57 49m @ 0.57 g/t AuEq from 19m
incl. 4m @ 1.84 g/t AuEq from 20m
and 8m @ 1.14 g/t AuEq from 50m
20.00 24.00 4.00 1.74 0.05 0.54 1.84
50.00 58.00 8.00 0.96 0.10 0.82 1.14
74.00 81.00 7.00 0.45 0.10 0.85 0.64 7m @ 0.64 g/t AuEq from 74m
109.00 113.00 4.00 0.40 0.01 0.25 0.42 4m @ 0.42 g/t AuEq from 109m
149.00 162.00 13.00 0.91 0.04 0.71 1.00 13m @ 1.00 g/t AuEq from 149m
incl. 0.6m @ 11.82 g/t AuEq from
149m 149.00 149.60 0.60 11.65 0.07 3.60 11.82
TLG-ZSW20-184
34.45 38.00 3.55 0.60 0.07 1.22 0.75 3.55m @ 0.75 g/t AuEq from
34.45m
56.85 64.00 7.15 0.89 0.11 1.69 1.10 7.15m @ 1.10 g/t AuEq from
56.85m
75.35 108.00 32.65 1.09 0.31 1.50 1.65 32.65m @ 1.65 g/t AuEq from
75.35m
incl. 8m @ 2.32 g/t AuEq from 77m
and 7m @ 3.83 g/t AuEq from
101m
77.00 85.00 8.00 1.66 0.37 1.78 2.32
101.00 108.00 7.00 2.37 0.81 3.73 3.83
166.30 179.00 12.70 0.30 0.02 0.41 0.34 12.7m @ 0.34 g/t AuEq from
166.3m
207.00 213.00 6.00 0.25 0.09 0.84 0.41 6m @ 0.41 g/t AuEq from 207m
220.00 221.00 1.00 7.57 0.05 0.60 7.66 1m @ 7.66 g/t AuEq from 220m
275.00 295.00 20.00 0.32 0.06 1.11 0.44 20m @ 0.44 g/t AuEq from 275m
TLG-ZSW20-188
121.00 135.00 14.00 0.31 0.06 0.49 0.41 14m @ 0.41 g/t AuEq from 121m
185.00 225.00 40.00 0.59 0.15 2.04 0.87 40m @ 0.87 g/t AuEq from 185m
incl. 9.1m @ 1.34 g/t AuEq from
193m
and 6.25m @ 2.08 g/t AuEq from
213m
193.00 202.10 9.10 0.83 0.26 4.08 1.34
213.00 219.25 6.25 1.63 0.24 2.30 2.08
292.00 298.00 6.00 0.35 0.14 2.11 0.62 6m @ 0.62 g/t AuEq from 292m
335.00 340.00 5.00 0.96 0.03 0.48 1.02 5m @ 1.02 g/t AuEq from 335m
*Note drill intervals reported in this news release are down-hole core lengths as true thicknesses cannot
be determined with available information.
GEOLOGICAL DESCRIPTION OF THE SOUTHWEST ZONE
The Company’s technical team has applied the new geologic model derived from two years of successful
drilling and analysis at Z87 and the J-Zone to the broader Troilus property resulting in the discovery of the
Southwest Zone. Diorite, brecciated diorite and felsic dikes occurring within the main Troilus zones are
shown to extend further S-SW, to the Southwest Zone. The February program encompassed seventeen
(17) diamond drill holes, adding to the results from the seven holes drilled in late 2019, all of which
successfully intersected gold at shallow depths including high-grade intersections and demonstrated
geology similar to that of Z87 (see press release dated January 28, 2020). These results confirm a more
than 1 km mineralized trend.
The Southwest Zone is defined by two key mineralized zones: the ‘Main Zone’ and the ‘West Zone’ (Figure
2). The Main and West Zone are predominantly differentiated by gold content. The SWZ extends for
approximately a kilometer along strike and varies from 10-70 metre in width. The SWZ remains open along
trend and at depth.
Both the West and the Main Zones have been interpreted to represent opposite limbs of a major regional
syncline that has likely been subjected to a primary, regionally emplaced phase of gold bearing
mineralization (first major gold event). The Main Zone distinguishes itself from the West Zone having
clearly been highly altered by a secondary/ later gold and copper bearing event, which is characterized by
dark silica (quartz) flooding, brecciated (fractured) fragments, and intense fracture-filling chalcopyrite
(main source of copper) and pyrite, pervasive magnetite, as well as free gold (Figure 4).
Higher grade intervals appear associated with the highly altered Main Zone resulting from local, focused
structural controls and fluid traps acting as a conduit for alteration/mineral deposition. The importance
of structural controls on gold and copper has been a key focus for the Company during the last two years
and has driven the significant mineral resource expansion and new discoveries across the property. TLG
hopes to continue to outline this new zone and apply the same exploration approach along the belt.
These results from the February 2020 program, coupled with those from the Fall 2019 program, continue
to support management’s belief that the Troilus property is part of a huge, regional scale system and
remains materially underexplored.
Further results from the Southwest Zone drilling are expected to be released in the coming weeks.
ONGOING OPERATIONS DURING THE COVID-19 PANDEMIC
As reported by Troilus in a press release dated March 17, 2020, the Company has closed its offices in
Toronto, Chibougamau and Mistissini and ceased operations at site and staff continue to work from home.
The technical team is focused on analyzing the drill results from the Southwest Zone drill program that
was completed at the end of February, with results to be incorporated into the current mineral resources
estimate which was last updated No vember 12, 2019. Concurrently, the engineering team continues to
compile data, tests and design work to be incorporated into a Preliminary Economic Assessment (“PEA”).
Having closed a private placement for gross proceeds of $12,832,683 on February 28, 2020, Troilus has a
strong balance sheet and sufficient cash reserves to continue operations and deliver results through 2020.
Figure 1: Geological and Structural Interpretation of Mineralized Zones. Current Drill results are from the
newly discovered Southwest Zone which is 3.5 kilometres south of Z87 and accessible from the main road.
Figure 2: Southwest drill hole locations
Figure 3: Section view of drill hole TLG-ZSW20-184
Figure 4: Geological Map of the Troilus trend
Quality Assurance and Control
During the Southwest Zone drill program in 2020, one metre assay samples were taken from NQ core and
sawed in half. One-half was sent for assaying at ALS Canada Ltd. (“ALS”), 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 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 Bertrand
Brassard, M.Sc., P.Geo., Senior Project 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 16,000-hectare Troilus property is located northeast of Chibougamau, 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:
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
and the Company’s understanding of the project; the development potential and timetable of the project;