Troilus Provides a Recap of 2023 Accomplishm Ents & an Outlook FOR 2024
TROILUS PROVIDES A RECAP OF 2023 ACCOMPLISHM ENTS & AN OUTLOOK FOR 2024
January 9, 2024, Montreal, Quebec – Troilus Gold Corp. (TSX: TLG; OTCQX: CHXMF; FRA: CM5R)
(“Troilus” or the “Company”), is pleased to provide a review of its key accomplishments in 2023 as
well as an outlook for 2024 in this open letter to shareholders from Chief Executive Officer and
Director, Justin Reid.
To our valued shareholders and stakeholders ,
As we close another year, it is with pride that I look back on the significant accomplishments Troilus
has made in 2023. Despite a turbulent year in the junior mining sector, compounded by the
unforeseen challenges of the devastating forest fires in Quebec, our steadfast focus and commitment
significantly enhanced the Troilus Project, establishing it as one of the largest undeveloped gold-
copper deposits in North America. As a founder and significant shareholder of the Company, I share
the sentiment of aspiring for greater returns and am excited about the potential that 2024 holds.
This year will see major de-risking milestones that promise to solidify Troilus as a frontrunner among
development -stage mining companies, positioning the Company and our valued shareholders for
success.
Key development s of 2023:
Successful Exploration and Expansion: Building on our 2022 drilling success, we continued to
focus on the definition and expansion of Zone X22. Our efforts here were instrumental in
significantly contributing to the growth of our October 2023 Mineral Resource Estimate
(“MRE”).
Significant Mineral Resource Growth: The 2023 MRE showcased a substantial increase
compared to our 2020 estimate – the Indicated category growing 126% in ounces and 127%
in tonnes, with nearly all Inferred Resources from the 2020 MRE transitioning to the
Indicated category.
World-Class Project Scale: The Troilus gold-copper deposit now hosts one of the largest
undeveloped gold resources in North America, with a gold equivalent mineral resource of
11.21 Moz* in the Indicated category and 1.80 Moz AuEq* in the Inferred category.
Large Copper Resource: Copper represents a meaningful proportion of the Troilus deposit
with a total of 729.5 million pounds grading 0.07% in the Indicated category.
Permitting and Community Engagement: We've made steady progress with Federal and
Provincial permitting processes, conducting successful ongoing public consultations with
impacted communities and progressing the completion of our Environmental and Social
Impact Assessment (“ESIA”).
*Indicated: 508.3 Mt at 0.69 g/t AuEq ; Inferred: 80.5 Mt at 0.69 g/t AuEq. Cut off grades are based on $US 1,850/ oz Au; $4.25/lb Cu, and $23.00/ oz Ag; with an exchange rate of
US$1.00: CAD$1.30. Recoveries varied with an average of 90% Gold, 92.5 % Silver and 91.8% copper without considering revenues from other metals. AuEq formulas are calculated
as follows: Z87 Zone : AuEq = Au grade + 1.5628 * Cu grade + 0.0128 * Ag grade; J Zone : AuEq = Au grade + 1.5107 * Cu grade + 0.0119 * Ag grade; X22 Zone : AuEq = Au grade +
1.5628 * Cu grade + 0.0128* Ag grade; SW Zone : AuEq = Au grade + 1.6823 * Cu grade + 0.0124 * Ag grade.
SUCCESSFUL EXPLORATION PROGRAM
2023 reflected the focused and dedicated efforts of the exploration team, particularly with the
success of the drilling program at Zone X22 which has become synonymous with some of the highest,
thickest, and most continuous grades at Troilus.
~22,000 metres were drilled at X22, expanding the zone's mineral footprint from 300m to
approximately 1km, and confirming a consistent pattern of continuous high-grade near-
surface structures along this strike length.
X22 returned among the highest results in Troilus’ history, including 1.80 g/t AuEq over 80m
(X22-23-071), 19.9 g/t AuEq over 7m (X22-23-030), 103.8 g/t AuEq over 1m (X22-23-042)
and 14.7 g/t AuEq over 7m (X22-23-067).
X22 represents a small portion of our total drilling at Troilus, however this zone significantly
contributed to our resource growth, and the proximity of this zone to the main mineral
corridor made evident the potential impact it could have on the economic modeling of our
project in the upcoming Feasibility Study.
UPDATED MINERAL RESOURCE ESTIMATE SHOWED GROWTH & SCALE
In October, we delivered an updated mineral resource estimate of 11.21 Moz AuEq (508.3Mt with an
average grade of 0.69 g/t AuEq*) in the Indicated category and 1.80 Moz AuEq (80.5Mt with an average
grade of 0.69 g/t AuEq*), marking an impressive 447% increase in Indicated AuEq ounces since our
inception. This updated MRE firmly established Troilus among the largest undeveloped gold-copper
deposits in North America. Furthermore, nearly all ounces in the MRE are categorized as 'open pit', and
we saw nearly 100% conversion from Inferred to Indicated resources from the previous MRE, setting an
excellent foundation for our upcoming Feasibility Study, expected this quarter.
Additional detail related to our 2023 MRE can be found HERE.
PERMITTING ADVANCEMENTS & PRIORITIY ON SUSTAINABLE DEVELOPMENT
In 2023, we reinforced our commitment to responsible project development by implementing a
Sustainable Development Policy, which establishes a structured framework that aligns our operation
with the highest environmental, social, and ethical standards. This new policy aims to foster prosperity
among our employees and their families, support local communities, and encourage collaboration with
local service providers. Beyond compliance, our efforts always aim to positively impact all our
stakeholders.
The environmental permitting process steadily continued at both Federal and Provincial levels in 2023.
Public consultations were successfully conducted by the Impact Assessment Agency of Canada and the
Cree Nation Government in the local communities of Chibougamau, Mistissini, and Chapais, with
insights and feedback from these meetings forming an important part of the ESIA. This report, underway
by Stantec, is anticipated for completion by the end of 2024.
LOOKING AHEAD TO 2024
With a series of significant milestones on our horizon, 2024 is shaping up to be another transformative
year for Troilus as we continue to steadily de-risk and advance our project towards production. Here’s
what you can expect from us this year:
• Completion of a Feasibility Study expected in Q1 2024, including an inaugural Mineral Reserve
estimate.
• Approximately 25,000 metres of drilling, including:
o Expansion and definition drilling at select targets along the main mineral corridor.
o Condemnation drilling to ensure the planned mine infrastructure locations are free of
economically significant mineralization.
o Continuation of exploration activities, including targeted drilling, at prospective regional
targets.
• Completion of the Environmental and Social Impact Assessment by calendar year-end
• Continuous monitoring of the dynamic ESG landscape to identify new opportunities that will
ensure the sustainable development of our project.
As we forge ahead, we express our sincere gratitude to our shareholders and all stakeholders for
their ongoing support.
Sincerely,
Justin Reid
Chief Executive Officer and Director
Troilus Gold Corp.
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.
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’ claims
cover 435 km² in the top-rated mining jurisdiction of Quebec, Canada, within the Frotêt-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.
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:
Justin Reid
Chief Executive Officer
+1 (647) 276-0050 x 1305
Caroline Arsenault
VP Corporate Communications
+1 (647) 407-7123
Cautionary statements
This press release contains “forward-looking information” within the meaning of applicable Canadian
securities legislation. Forward-looking information includes, but is not limited to, statements regarding,
the outlook for 2024 and the likelihood that projected milestones will be achieved on the timeline
predicted or at all. Generally, forward-looking statements can be identified by the use of forward-looking
terminology such as “plans”, “expects” or “ does not expect”, “is e xpected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “intends”, “continue”, “anticipates” or “does not a nticipate”, or “beli eves”, or
variations of su ch words and phrases or statements that certain actions, events or res ults “may”,
“could”, “would”, “will”, “might” or “ will be taken”, “occur” or “be achiev ed”. Forward-looking
statements are made base d upon certa in assumptions and other i mportant facts that, if untrue, could
cause the actual results, pe rformances or achievements of Troil us to be materi ally different from f uture
results, performances or achie vements expressed or impl ied by such stat ements. Such statements and
information are based on numerous assumptions regarding present and future business strategies and
the environment in which Troilu s will operate in the future. Certain important factors t hat could cause
actual re sults, performances or achie vements to differ materially f rom tho se in the forward- looking
statements include, amongst other s, currency fluctuations, t he global economic clim ate, dilution, share
price volatility and competition. Fo rward-looking statements are subject to k nown and unknown risks,
uncertainties and ot her i mportant factors that may cause the actual res ults, level o f activity,
performance or achievem ents of Troilus to be materially di fferent from th ose expressed or impli ed by
such forward-looking statements, including but not limited to: the economy in general; the impact of the
recovery post COVID 19 p andemic and its impact on gold and other m etals; there being no as surance
that the exploration program or programs of t he Company wi ll result in expande d miner al resources;
risks and uncertainties inherent to mineral resource estimates; the high degree of uncertai nties inherent
to pr eliminary ec onomic assessments and other mining and economic studies which are based to a
significant extent on various assumptions; variations in gold prices and other precious metals, exchange
rate fluctuations; variations i n cost of s upplies and labour; receip t of necessary approvals; gene ral
business, ec onomic, competitive, political and so cial uncertainties; future gold and othe r metal prices;
accidents, labour disputes and shortages; environmental and other risks of the mining industry, including
without lim itation, risks and uncertainti es discussed in the Technical Report and in other continuous
disclosure documents of the Company avai lable under the Company’s profile a t www.sedar.com.
Although Troilus has attempted to i dentify im portant factors that could cause actual results to differ
materially from those contained in forward- looking statements, there may be other fact ors 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 futu re ev ents 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.