Troilus Gold drills 4.33 g/t AuEq over 29 metres at Troilus, Quebec

Troilus Gold Corp. [[TLG-TSX; CHXMF-OTCQX; CM5R-FSE]reported positive assay results from the Connector Zone, a target located between the two previously mined Z87 and J4 open pits, at its gold-copper Troilus Project in north-central, Quebec, Canada. These results are part of an ongoing 5,000-metre drill program designed to target and expand on shallow high-grade mineralization intersected in this zone late last year.

The latest results further demonstrate high-grade mineral continuity extending on a north, north-west trend between the two formerly mined pits. Highlights are reported below, with results presented herein.

Connector zone intercept highlights include Hole 87-449 that returned 2.07 g/t AuEq over 11.2 metres, including 4.07 g/t AuEq over 5 metres. This interval is located directly at surface; the hole collared into bedrock within this high-grade mineralized zone; 1.22 g/t AuEq over 10.0 metres, including 1.49 g/t AuEq over 6.2 metres; and 1.31 g/t AuEq over 6 metres.

Hole 87-451 returned 4.33 g/t AuEq over 29 metres, including 6.37 g/t AuEq over 18 metres; 5.5 g/t AuEq over 6 metres; and 1.01 g/t AuEq over 49 metres, including 1.99 g/t AuEq over 10 metres.

Justin Reid, CEO of Troilus Gold, commented, “The latest drill results from this new and exciting target further demonstrate the continuity of mineralized high-grade structures between the two formerly mined open pits. Detailed structural work completed by the geology team has greatly contributed to the understanding and successful targeting of these high-grade trends. These shallow high-grade zones exist within and in close proximity to the PEA pit shells and we believe they could be brought into the mine plan to positively impact the strip ratio and project economics. In the coming months our team will continue to focus on maximizing opportunities for discovery and delineation of high-grade near surface targets for inclusion in our upcoming Feasibility Study, expected in the second half of 2023.”

The “J-87 Connector” drill hole 87-449 intercepted up-dip mineralization directly at surface of a high-grade zone in previously announced drill hole 87-422, which intersected 138 metres of 1.75 g/t AuEq. The hole was also pushed to depth beneath Z87, intersecting and infilling mineralization beneath the Z87 pit in the main mineralized corridor of the pit.

Drill hole 87-451 intersected a significant interval of high-grade mineralization at shallow depth along strike of interpreted structural trends travelling between the two formerly mined pits. The mineralized interval of 4.3 g/t AuEq over 29 metres is one of the most consistently high-grade intervals drilled at Troilus, with 17 of the 29 samples within the zone returning values greater than 3.0 g/t AuEq.

These high-grade intervals exist along interpreted oblique structural trends which travel between the Z87 and J pits. In areas where these oblique trends intersect the primary NE-SW trending controls of mineralization, endowment of high grades can occur. Mineralization in the Connector Zone is oriented the same as the entire Z87 ore body, however the high-grade enrichment over strong widths is interpreted to be the result of both structural intersections and favorable stratigraphic horizons. The use of oriented core and airborne magnetics has helped to understand and support this interpretation.

Troilus Gold is 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 Frotet-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.