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Troilus Drills 13.64 G/t Aueq Over 3m, Incl. 29.81 G/t Over 1m, 2.42 G/t Aueq Over 6m, 2.11 G/t Aueq Over 10m in the Southwest Zone; New Mineral Extension Identified 300m Below Pea Pit Shell

Updated Mineral Resource Estimate and Pre-feasibility Study on Track for Mid-2022

May 4, 2022, Montreal, Quebec – Troilus Gold Corp. (“Troilus” or the “Company”, TSX: TLG; OTCQX: CHXMF) reports additional assay results from the Southwest Zone at its Troilus Project, located in northcentral Quebec, Canada. The Southwest Zone is located ~2.5 kilometres from the formerly mined open pits. It was initially discovered and drilled in late 2019 and has quickly evolved into the most significant growth target on its property. The intercepts reported today are largely located outside of the pit shell modelled in the Preliminary Economic Assessment (see press release dated August 31, 2020). The results are a combination of infill drill holes, focused on increasing drill density and upgrading the resource category from Inferred to Indicated, as well as exploration drill holes, which have confirmed mineral continuity to the southwest, identifying a down-dip extension of mineralization to the west, 300 metres below PEA pit shell. The location of the drill hole collars and traces are presented in figures 1 and 2, while results can be found in Table 1.

All the results reported today will be included in the mineral resource update and Pre-Feasibility Study, expected in mid-2022. As announced on April 21, 2022, Troilus reached the cut-off for drilling to be included in these studies in March in light of its targeted timeline. 

Southwest Zone Intercept Highlights:

Hole SW-616

  • 2.11 g/t AuEq over 10m, including 3.60 g/t AuEq over 2m
  • 4.24 g/t AuEq over 3m
  • Infill drill hole located within the pit, focused on upgrading Inferred blocks to Indicated blocks for the upcoming PFS

Hole SW-527

  • 2.42 g/t AuEq over 6m, including 12.56 g/t AuEq over 1m
  • 1.72 g/t AuEq over 4m, including 30.66 g/t AuEq over 1m
  • All intercepts located outside of the PEA pit shell

Hole SW-558

  • 13.64 g/t AuEq over 3m, including 29.81 g/t AuEq over 1m
  • All intercepts located outside of the PEA pit shell; high-grade gold intersected 300m below the PEA pit shell to the southwest

Hole SW-531

  • 1.28 g/t AuEq over 14m, including 2.75 g/t AuEq over 2m
  • Hole located entirely outside of the PEA pit shell; confirms mineral continuity to the southwest

Hole SW-555

  • 1.65 g/t AuEq over 5m, including 6.12 g/t AuEq over 1m
  • Located outside of the PEA pit shell; confirming mineral continuity to the southwest

Justin Reid, CEO of Troilus Gold, commented, “We’re continuing to see impressive results coming out of the Southwest Zone, which is encouraging given that this zone is expected to be the focus in the early years of production.Over the last 8 months, our primary focus has been to further define and upgrade the resource of the Southwest Zone for the ongoing Pre-Feasibility Study, set to be delivered mid-year. Already we’ve been able to more than double the footprint of the Southwest Zone, with high potential for further growth remaining. Since its discovery in late 2019, the Southwest Zone has become an extremely valuable component of the Troilus deposit - as we begin drilling our 11,000m Gap Zone program, we’re eager to uncover the potential of yet another piece of the Troilus system.”

Plan View Map of the Southwest Zone Showing Current and Previously Reported Drilling

Figure 1: Plan View Map of the Southwest Zone Showing Current and Previously Reported Drilling

Longitudinal Section Facing North-West Showing Intervals Above 0.3 g/t AuEq on Currently Reported Drill Holes

Figure 2: Longitudinal Section Facing North-West Showing Intervals Above 0.3 g/t AuEq on Currently Reported Drill Holes

Table 1: Southwest Zone 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)
SW-501 
  63 66 3 Inside 1.52 0.01 0.25 1.53
incl… 63 64 1 Inside 4.08 0.01 0.25 4.10
  82 83 1 Inside 1.43 0.01 0.25 1.45
  104 105 1 Inside 2.82 0.00 2.10 2.85
  208 214 6 Outside 0.89 0.19 2.04 1.15
incl… 213 214 1 Outside 2.88 0.20 2.00 3.16
  228 229 1 Outside 1.74 0.00 0.25 1.74
  320 324 4 Outside 0.78 0.02 1.28 0.82
incl… 323 324 1 Outside 2.03 0.04 3.30 2.11
  349 360 11 Outside 1.88 0.36 142.76 3.85
incl… 350.3 351.4 1.1 Outside 13.65 2.53 1170.00 29.28
  387 389 2 Outside 1.12 0.04 3.00 1.20
SW-503
  11 14 3 Inside 1.02 0.01 0.48 1.03
  51 52 1 Inside 4.56 0.04 1.60 4.63
  72 73 1 Outside 1.06 0.01 0.25 1.07
  74 75 1 Outside 1.13 0.01 0.25 1.14
SW-504
  20 22 2 Inside 0.89 0.02 0.25 0.91
  27 28 1 Inside 0.85 0.12 3.20 1.04
  45 52 7 Inside 1.08 0.02 0.52 1.12
  86 90 4 Inside 1.08 0.12 0.85 1.24
incl… 87 88 1 Inside 1.62 0.17 1.60 1.85
incl… 89 90 1 Inside 2.25 0.02 0.25 2.28
  135 136 1 Outside 0.80 0.35 4.30 1.30
  192 193 1 Outside 1.11 0.16 3.00 1.34
SW-513
  87 88 1 Inside 1.28 0.01 0.60 1.30
  125 126 1 Outside 1.05 0.02 0.25 1.08
  130 131 1 Outside 2.21 0.01 0.25 2.22
  185 186 1 Outside 2.37 0.49 8.80 3.08
  193 194 1 Outside 1.53 0.01 0.25 1.54
SW-516
  22 23 1 Inside 1.22 0.02 0.50 1.25
  78 79 1 Inside 1.04 0.96 15.60 2.43
  95 97 2 Inside 1.25 0.11 2.30 1.41
incl... 95 96 1 Inside 2.24 0.03 1.00 2.29
  159 160 1 Outside 0.91 0.51 14.90 1.72
SW-518
  64 67 3 Inside 2.48 0.23 3.15 2.80
Incl... 64 65 1 Inside 7.08 0.55 8.10 7.86
  92 95 3 Inside 1.23 0.01 0.25 1.24
Incl... 94 95 1 Inside 3.33 0.00 0.25 3.34
  153 156 3 Outside 0.70 0.15 4.40 0.94
Incl... 153 154 1 Outside 1.55 0.23 6.50 1.91
SW-519
  6 15 9 Inside 0.84 0.03 0.30 0.88
Incl... 6 9 3 Inside 1.67 0.05 0.25 1.74
  75 87 12 Inside 0.60 0.05 0.49 0.66
Incl... 75 78 3 Inside 1.54 0.03 0.25 1.58
  247 248 1 Outside 2.24 0.01 0.25 2.25
SW-524
  112 136 24 Outside 0.81 0.01 1.01 0.84
Incl... 122 123 1 Outside 2.24 0.00 3.70 2.28
Incl... 129 130 1 Outside 2.25 0.00 1.30 2.27
Incl... 133 134 1 Outside 8.02 0.00 1.30 8.04
  191 192 1 Outside 1.04 0.00 0.25 1.04
  307 308 1 Outside 0.99 0.02 1.30 1.03
  394 395 1 Outside 1.83 0.02 1.10 1.86
  450 456 6 Outside 0.80 0.08 1.00 0.92
Incl... 455 456 1 Outside 2.97 0.10 1.10 3.11
  520 533 13 Outside 0.46 0.12 0.67 0.62
Incl... 529 530 1 Outside 1.83 0.03 0.25 1.86
  555 556 1 Outside 3.46 0.07 0.70 3.56
  586 593 7 Outside 0.54 0.18 2.29 0.78
Incl... 587 588 1 Outside 1.35 0.35 4.90 1.85
Incl... 592 593 1 Outside 0.94 0.43 4.70 1.53
SW-527
  90 91 1 Outside 1.04 0.01 0.60 1.06
  180 181 1 Outside 0.99 0.09 4.50 1.16
  197 201 4 Outside 0.01 1.28 7.80 1.72
incl… 197 198 1 Outside 30.60 0.01 3.50 30.66
  282 288 6 Outside 2.41 0.01 0.25 2.42
incl… 283 284 1 Outside 12.55 0.01 0.25 12.56
  379 380 1 Outside 1.20 0.03 0.90 1.24
  407 427 20 Outside 0.79 0.05 0.91 0.87
incl… 410 411 1 Outside 1.97 0.09 1.80 2.10
incl… 418 419 1 Outside 8.42 0.03 0.90 8.47
  476 477 1 Outside 2.13 0.03 1.10 2.18
  488 489 1 Outside 0.99 0.06 1.50 1.08
  497 512 15 Outside 0.61 0.11 1.84 0.78
incl… 503 504 1 Outside 0.60 0.32 5.20 1.06
incl… 505 506 1 Outside 5.85 0.10 5.00 6.03
  534 535 1 Outside 1.00 0.16 2.50 1.23
SW-531
  174 175 1 Outside 0.71 0.14 11.90 1.01
  189 190 1 Outside 1.49 0.01 0.70 1.51
  198 212 14 Outside 0.94 0.24 3.17 1.28
incl… 209 211 2 Outside 2.68 0.05 0.65 2.75
  347 354 7 Outside 0.52 0.16 3.04 0.76
incl… 353 354 1 Outside 2.69 0.23 7.70 3.06
  477 478 1 Outside 1.74 0.01 0.50 1.76
  513 514 1 Outside 1.51 0.09 6.10 1.69
  563 564 1 Outside 1.23 0.01 0.25 1.24
SW-539
  78 83 5 Outside 0.76 0.04 3.00 0.85
incl… 78 80 2 Outside 1.24 0.00 0.25 1.24
  233 234 1 Outside 1.20 0.07 0.25 1.28
  251 254 3 Outside 1.19 0.06 0.72 1.27
  267 268 1 Outside 2.30 0.00 0.25 2.31
  332 333 1 Outside 1.41 0.01 0.25 1.42
  358 386 28 Outside 0.73 0.03 0.95 0.77
incl… 367 378 11 Outside 1.25 0.04 1.12 1.32
  399 400 1 Outside 1.64 0.04 1.30 1.70
  413 414 1 Outside 1.05 0.02 0.25 1.07
  443 444 1 Outside 0.70 0.28 3.50 1.09
SW-540
  130 131 1 Outside 1.00 0.23 3.70 1.33
  350 351 1 Outside 3.15 0.48 7.40 3.85
  448 450 2 Outside 1.42 0.04 1.60 1.49
  618 619 1 Outside 7.12 0.00 0.60 7.13
SW-543
  201 203 2 Outside 2.29 0.10 3.30 2.46
  234 242 8 Outside 0.63 0.11 0.71 0.78
incl… 234 236 2 Outside 1.48 0.13 0.93 1.66
  256 257 1 Outside 2.96 0.03 0.70 3.00
  275 277 2 Outside 1.15 0.04 1.95 1.21
  284 285 1 Outside 0.94 0.36 2.50 1.43
  310 311 1 Outside 0.81 0.05 0.25 0.88
  317 324 7 Outside 0.68 0.08 0.92 0.79
incl… 323 324 1 Outside 2.87 0.23 2.30 3.19
  390 391 1 Outside 0.94 0.11 0.70 1.09
  413 414 1 Outside 1.70 0.19 7.40 2.02
  423 424 1 Outside 3.43 0.08 6.60 3.61
  428 429 1 Outside 1.03 0.06 1.70 1.13
SW-544
  256 257 1 Outside 1.21 0.01 0.25 1.22
  264 265 1 Outside 0.82 0.18 1.70 1.06
  280 281 1 Outside 2.31 0.14 2.20 2.51
  435 438 3 Outside 1.16 0.02 1.23 1.19
incl… 435 436 1 Outside 2.80 0.01 2.10 2.84
SW-555
  388 393 5 Outside 1.53 0.07 3.02 1.65
Incl... 388 389 1 Outside 5.93 0.09 7.70 6.12
SW-558
  411 412 1 Outside 1.22 0.01 0.25 1.23
  457 458 1 Outside 1.05 0.01 0.25 1.06
  468 471 3 Outside 0.99 0.06 2.13 1.08
  494 497 3 Outside 13.42 0.04 15.63 13.64
incl… 496 497 1 Outside 29.50 0.03 25.90 29.81
SW-564
  48 49 1 Outside 1.85 0.04 1.40 1.91
  78 79 1 Outside 1.86 0.08 0.60 1.96
  197 202 5 Outside 1.57 0.21 6.09 1.91
incl 200 201 1 Outside 6.33 0.45 14.60 7.05
  419 434 15 Outside 0.71 0.02 0.38 0.74
incl… 425 427 2 Outside 2.25 0.05 0.60 2.31
incl… 432 433 1 Outside 3.11 0.01 0.25 3.12
  493 494 1 Outside 2.60 0.10 0.90 2.73
  497 498 1 Outside 1.83 0.06 1.10 1.92
SW-583
  285 286 1 Outside 0.99 0.39 7.40 1.56
  304 308 4 Outside 1.22 0.23 3.75 1.54
incl… 305 306 1 Outside 3.79 0.36 6.70 4.33
  529 530 1 Outside 0.92 0.21 2.00 1.20
  549 581 32 Outside 0.58 0.03 0.30 0.62
incl… 554 555 1 Outside 1.21 0.12 0.60 1.36
incl… 556 557 1 Outside 1.12 0.03 0.25 1.16
incl… 559 562 3 Outside 1.21 0.02 0.25 1.23
incl… 568 569 1 Outside 1.17 0.02 0.25 1.19
incl… 571 572 1 Outside 1.28 0.01 0.25 1.30
  688 689 1 Outside 0.77 0.18 7.30 1.08
  870 874 4 Outside 0.68 0.02 35.20 1.07
  937 938 1 Outside 1.66 0.02 0.60 1.69
SW-579
  24 31 7 Outside 1.40 0.01 0.41 1.42
incl… 24 26 2 Outside 2.09 0.01 0.38 2.11
incl… 28 30 2 Outside 2.02 0.00 0.25 2.03
SW-616
  2.73 9 6.27 Inside 1.26 0.01 0.30 1.28
incl… 5 6 1 Inside 2.88 0.01 0.25 2.89
  60 61 1 Inside 1.07 0.02 0.25 1.10
  78 94 16 Inside 0.69 0.05 0.94 0.76
incl… 78 79 1 Inside 2.93 0.06 1.20 3.01
incl… 87 88 1 Inside 3.71 0.06 3.20 3.82
  427 437 10 Inside 1.35 0.03 68.68 2.11
incl… 427 428.8 1.8 Inside 2.95 0.02 58.64 3.60
  434 437 3 Inside 2.36 0.02 176.00 4.24
SW-621
  16 17 1 Inside 0.30 0.43 5.20 0.90
  26 53 27 Inside 0.58 0.03 0.51 0.62
incl… 33 34 1 Inside 1.07 0.04 0.60 1.13
incl… 42 44 2 Inside 0.95 0.01 0.25 0.97
incl… 50 53 3 Inside 2.36 0.03 0.97 2.41

*Note drill intervals reported in this news release are down-hole core lengths as true thicknesses cannot be determined with available information.

Quality Assurance and Control

During the Southwest Zone drill program, one metre 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 Kyle Frank, P.Geo., Manager of Exploration, who is a Qualified Person as defined by NI 43-101.  Mr. Frank 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 is holds a strategic land position of 1,420 km² in the 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
info@troilusgold.com 

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 amount of estimated future exploration; the anticipated results of the Company’s ongoing 2022 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 regarding 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 important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors 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 future events 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.

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