TLG.TO · 2023-10-16 12:00:00

Troilus Reports Updated Mineral Resource Estimate of 11.21MOZ AuEq Indicated; 126% Increase from 2020 Estimate, with an Additional 1.80MOZ Inferred

Resource Estimates

TROILUS REPORTS UPDATED MINERAL RESOURCE ESTIMATE OF 11.21MOZ AUEQ

INDICATED; 126% INCREASE FROM 2020 ESTIMATE, WITH AN ADDITIONAL 1.80MOZ

INFERRED

October 16, 2023, Montreal, Quebec – Troilus Gold Corp. (TSX: TLG; OTCQX: CHXMF; FSE: CM5R)

(“Troilus” or the “Company”), is pleased to report an updated Mineral Resource Estimate (“MRE”) for

the Troilus Project (the “Project”), located in northcentral Quebec, Canada, within the Frôtet-Evans

Greenstone Belt.

Highlights of the 2023 MRE include:

▪ Total Indicated Mineral Resources of 11.21 Moz AuEq (508.3 Mt at 0.69 g/t AuEq),

representing an increase of 126% in ounces and a 187% increase in tonnes compared to the

2020 MRE.

▪ Additional Inferred Mineral Resources of 1.80 Moz AuEq (80.5 Mt at 0.69 g/t AuEq)

▪ Over 99% of the mineral resources in the Indicated category are classified as amenable to

“Open Pit” from zones Z87, J, X22, and Southwest, which will form the basis of the Feasibility

Study anticipated for completion in early 2024.

▪ Significant definition at the Southwest Zone and the new discovery of Zone X22 were major

new contributors to the open pit MRE, accounting for approximately 28% of the AuEq ounces

in the Indicated category. The breakdown by zone is as follows:

 Z87: 5.04Moz (197.1Mt at 0.80g/t AuEq), accounting for approximately 45% of open pit

Indicated mineral resources.

 J Zone: 2.98 Moz AuEq (151.9Mt at 0.61g/t AuEq), contributin g 27% to the open pit

Indicated mineral resources.

 Southwest Zone: 1.89Moz AuEq (98.0Mt at 0.60 g/t AuEq), accounting for nearly 17% of

the open pit mineral resources in the Indicated category. A significant increase compared

to the 583,000 oz AuEq (22.6 Mt at 0.80 g/t AuEq) Inferred ounces in the 2020 MRE.

 Zone X22: Discovered in late 2022, and with only 23,256 metres drilled, this zone

contributed 1.19Moz AuEq (59.2Mt at 0.62 g/t AuEq) or 11% of total open pit Indicated

mineral resources.

Justin Reid, CEO and Director of Troilus commented, “The significant growth of this Mineral Resource

Estimate reflects the focused and dedicated efforts of our exploration team over the past three

years, with a remarkable 126% increase in ounces and a 187% surge in tonnes compared to our 2020

estimate. With an 11.21 Moz AuEq Indicated resource, we believe our project is firmly positioned

among North America's largest undeveloped gold-copper deposits. The definition of the Southwest

Zone and the recently discovered X22 Zone has been especially rewarding, with these zones

contributing close to 30% of the increased resource. We are also gratified with the excellent quality

of the resource, with most of our ounces appearing in the Indicated category. Furthermore, almost

the entirety of these contained ounces are classified as ‘open pit’, which will form a strong

foundation for our upcoming Feasibility Study, expected to be completed in early 2024. We continue

to advance and de-risk our asset with a clear strategic roadmap toward a production scenario, with

the goal of ultimately delivering the most value to our shareholders. ”

Figure 1. Mineral Resource Growth in the Indicated Category from 2016-2023

(see Table 1 for complete results, incl. grade/tonnes )

Figure 2. Troilus Project Location Map and Mineral Deposits Locations

Figure 3. 2023 MRE Wireframes and Pitshells + Resource Distribution by Zone

Troilus Project Mineral Resource Estimate

This MRE reflects the results of 505 drill holes (216,502 metres of drilling) completed since the

mineral resource estimate announced in July 2020. Approximately half of the drilling efforts were

focused on the expansion and definition of the Southwest and X22 zones, the two most recently

discovered ore bodies, which are both drilled to an Indicated level of confidence and will be included

in the Feasibility Study’s mining scenario.

The updated MRE for the Troilus Project was prepared by Mr. Paul Daigle, Senior Resource Geologist

at AGP Mining Consultants Inc. (“AGP”) in accordance with the National Instrument 43-101 Standards

of Disclosure for Mineral Projects ("NI 43-101") and CIM Definition Standards for Mineral Resources

and Mineral Reserves.

Table 1. Total Indicated and Inferred Mineral Resources, All Zones

Category Tonnes

(Mt)

(g/t)

(%)

(g/t)

AuEq

(g/t)

Gold

(Moz)

Copper

(Mlb)

Silver

(Moz)

AuEq

(Moz)

Indicated 508.3 0.57 0.07 1.09 0.69 9.32 729.50 17.79 11.21

Inferred 80.5 0.58 0.07 1.47 0.69 1.49 115.41 3.81 1.80

Z87

The largest of the two formerly mined pits, zone Z87 contributed 5.04Moz AuEq (197.1Mt at 0.80g/t

AuEq), or approximately 45% of the open pit Indicated mineral resources.

J Zone

The J Zone is the smaller of the two formerly mined pits, contributing 2.98 Moz AuEq (151.9Mt at

0.61g/t AuEq) or 27% to the open pit Indicated mineral resources.

Southwest Zone

Discovered in late 2019, the Southwest Zone is located ~2.5 kilometres southwest of the formerly

mined Z87 pit. 8,500 metres of drill data from this zone was incorporated into the Company’s 2020

mineral resource estimate, which resulted in estimated Inferred mineral resources of 583,000 AuEq

ounces (22.6 Mt @ 0.80 g/t AuEq). Since then, approximately 100,000 metres (208 holes) of

additional drilling were completed in this zone, resulting in a mineralized footprint with a ~2-

kilometre strike length, and a significantly expanded mineral resource of 1.89 Moz AuEq (98.0Mt at

0.60 g/t AuEq) in the Indicated category. The Southwest Zone is a major new contributor to the new

updated MRE, accounting for nearly 17% of the total Indicated mineral resource of the project.

Zone X22

Zone X22 is a NE-SW deformation corridor that originates in the western wall of Zone 87 and extends

to the southwest into the Gap Zone. The zone was initially discovered in October 2022 as part of an

ongoing drill program targeting the extremities of the Z87 2020 pit shell. A total of 23,256 metres (80

drill holes) have been drilled at X22 since its discovery, which expanded the zone’s footprint to over

1 kilometre and contribute d over 10% of the total open pit Indicated mineral resources of the project

with 1.19Moz AuEq (59.2 Mt at 0.62 g/t AuEq).

The combination of infill drilling at an increased drill density, and the discovery and expansion of two

new mineralized zones, has resulted in a 126% increase in Indicated mineral resources compared to

the 2020 MRE, and a conversion from Inferred (2020 MRE) to Indicated (2023 MRE) of nearly 100%.

The mineral resource estimates for Z87, J Zone and the Southwest Zone contain both open pit and

underground resources, while Zone X22 contains solely open pit mineral resources (see Tables 2 and

3).

Figure 4. Open Pit Growth by Zone in the Indicated Category, 2016-2023

Table 2 – Total Indicated Mineral Resources, by Zone

Zones Tonnes

(Mt)

(g/t)

(%)

(g/t)

AuEq

(g/t)

Gold

(Moz)

Copper

(Mlb)

Silver

(Moz)

AuEq

(Moz)

OPEN PIT

TOTAL OP 506.2 0.57 0.07 1.09 0.68 9.23 725.66 17.67 11.11

Z87 197.1 0.67 0.07 1.21 0.80 4.21 320.69 7.67 5.04

J Zone 151.9 0.50 0.06 0.96 0.61 2.45 215.71 4.71 2.98

X22 59.2 0.51 0.06 1.24 0.62 0.98 79.34 2.35 1.19

Southwest 98.0 0.50 0.05 0.94 0.60 1.59 109.91 2.94 1.89

UNDERGROUND

TOTAL UG 2.1 1.35 0.09 1.90 1.51 0.09 3.84 0.13 0.10

Z87 0.5 1.59 0.15 0.54 1.83 0.02 1.55 0.01 0.03

J Zone 0.2 1.21 0.07 1.46 1.33 0.01 0.29 0.01 0.01

Southwest 1.4 1.28 0.07 2.44 1.42 0.06 2.00 0.11 0.06

TOTAL INDICATED (OP + UG)

TOTAL 508.3 0.57 0.07 1.09 0.69 9.32 729.50 17.79 11.21

Table 3. Total Inferred Mineral Resources, by Zone

Zones Tonnes

(Mt)

(g/t)

(%)

(g/t)

AuEq

(g/t)

Gold

(Moz)

Copper

(Mlb)

Silver

(Moz)

AuEq

(Moz)

OPEN PIT

TOTAL OP 76.5 0.53 0.06 1.12 0.65 1.31 108.66 2.75 1.59

Z87 37.1 0.59 0.06 1.11 0.70 0.71 50.17 1.33 0.84

J Zone 24.2 0.46 0.07 0.94 0.57 0.35 35.37 0.73 0.44

X22 13.6 0.53 0.07 1.48 0.67 0.23 21.76 0.65 0.29

Southwest 1.6 0.37 0.04 0.96 0.45 0.02 1.36 0.05 0.02

UNDERGROUND

TOTAL UG 4.0 1.36 0.08 8.21 1.58 0.18 6.75 1.06 0.20

Z87 1.1 1.99 0.12 0.46 2.19 0.07 2.96 0.02 0.08

J Zone 1.0 1.25 0.05 0.99 1.34 0.04 1.13 0.03 0.04

Southwest 1.9 1.05 0.06 16.62 1.37 0.06 2.66 1.01 0.08

TOTAL INFERRED (OP + UG)

TOTAL 80.5 0.58 0.07 1.47 0.69 1.49 115.41 3.81 1.80

The MRE sensitivity table (see Table 4) shows the potential for higher-grade Mineral Resources at

higher gold equivalent cut-offs.

Table 4. Open-Pit MRE Sensitivity Table

Cut-off

Grade

(g/t AuEq)

Tonnes

(Mt)

AuEq

(g/t)

(%) Ag (g/t) Gold

(Moz)

Copper

(Mlb)

Silver

(Moz)

AuEq

(Moz)

Indicated

0.50 264.9 0.95 0.80 0.08 1.33 6.85 477.86 11.30 8.08

0.45 311.8 0.88 0.74 0.08 1.27 7.41 532.64 12.701 8.79

0.40 364.0 0.81 0.68 0.07 1.21 8.01 593.64 14.26 9.55

0.35 432.7 0.74 0.62 0.07 1.15 8.63 659.96 15.96 10.34

0.30 506.2 0.68 0.57 0.07 1.09 9.23 725.66 17.67 11.11

0.25 584.5 0.63 0.52 0.06 1.03 9.76 784.98 19.28 11.80

Inferred

0.50 37.8 0.91 0.77 0.08 1.38 0.94 67.03 1.68 1.11

0.45 45.2 0.84 0.71 0.08 1.31 1.03 75.76 1.91 1.22

0.40 54.0 0.77 0.65 0.07 1.25 1.12 85.85 2.167 1.34

0.35 64.3 0.71 0.59 0.07 1.19 1.22 96.97 2.45 1.47

0.30 76.5 0.65 0.53 0.06 1.12 1.31 108.66 2.75 1.59

0.25 90.9 0.59 0.48 0.06 1.05 1.41 120.41 3.06 1.72

Figure 5 depicts a linear relationship between ore tonnes and grade at variable cutoff grades,

outlining a robust resource that has low sensitivity to changing cut-off grades caused by changing

market or economic conditions.

Figure 5. Grade and Tonnage vs. Cut-off (Indicated Mineral Resources)

Figure 6. 2023 Mineral Resource Estimate Pit Constrained Block model

Figure 7. 2020 vs. 2023 Mineral Resource Estimate Cross Sections

Notes Related to the Mineral Resource Estimate

▪ The independent and qualified person for the mineral resource estimate, as defined by NI 43 101, is Paul Daigle, géo.,

Senior Resource Geologist at AGP. The effective date of the estimate is October 2, 2023.

▪ Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

▪ Summation errors may occur due to rounding .

▪ Open pit mineral resources are reported within an optimized constraining shells.

▪ Open pit cut-off grade is 0.3 g/t AuEq where the metal equivalents were calculated as follows:

 Z87 Zone : AuEq = Au grade + 1.5628 * Cu grade + 0.0128 * Ag grade

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