Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF) reports positive results from the Z87 zone at its Troilus Project in northcentral, Quebec, Canada. The results are part of a recently completed 11,000-metre drill program designed to expand mineralization to the north and south of Z87 pit, the largest of the two formerly mined open pits, which continues to show the most continuous and highest-grade resources at Troilus.

The results reported herein confirm a high-grade zone of mineralization connecting the gap between the formerly mined Z87 and J open pits and exhibit potential for significant growth of indicated and inferred resources well above the average grade of the Troilus deposit. (see Figures 1 and 2). Highlights are reported below, with results presented in Table 1.

Z87 Intercept Highlights:

Hole 87-422

• 1.75 g/t AuEq over 138m, including 3.58 g/t AuEq over 38m and 5.19 g/t AuEq over 21m
  • Interval starts 130m from surface; 157m downhole
  • Mineralized interval starts inside the modelled J Zone PEA Pit, where drilling to
  • these depths between the two pits was not previously tested.

Hole 87-419

• 1.35 g/t AuEq over 98m, including 2.89 g/t AuEq over 33m and 55.46 g/t AuEq over 1m
  • Drilled on section stepped back ~200m behind previously reported hole 87-421 (See press release August 17, 2022).

Hole 87-420

• 1.10 g/t AuEq over 91m including 1.95 g/t AuEq over 24m and 14.77 g/t AuEq over 1m
  • Drilled on section stepped back ~100m behind previously reported hole 87-421 (See press release, August 17, 2022).

Hole 87-423

• 1.21 g/t AuEq over 55m, including 2.19 g/t AuEq over 9m and 13.58 g/t AuEq over 1m
  • Hole stepped out 100m to the north from holes 87-419, 87-420, 87-421.

Justin Reid, CEO of Troilus Gold, commented, “We are thrilled about the phenomenal results announced today. Our team’s commitment to finding high grade mineralization, that could be immediately impactful to the economics of this project, has led to the discovery of two extremely high-grade areas, this new Connector Zone and our recently announced X22 zone (see October 17, 2022 press release). The team will be continuing to test these extensions and we have high confidence in our ability to expand on today’s results.”

High-Grade Expansion of Main Z87 Ore Zone at Depth and Bridging to J Zone

The “Connector Zone” drill hole 87-422 intercepted J Zone mineralization at less than 200m vertical depth on an interpreted structural trend between J Zone and Z87. Drill hole 87-422 also intercepted Z87 mineralization at depth, which was previously modelled as Inferred Mineral Resources, and promotes the expansion of resources outside the current modelled mineralized wireframes. Drill holes 87-419 and 87-420 extended high-grade mineralization on the main Z87 ore zone at depth to the north, and down dip from previously reported drill hole 87-421 (see August 17, 2022 press release), providing added confidence in the modelled inferred resources. This zone remains open for additional expansion to the north and at depth.

Figure 1. Plan View of Z87 and J Zone Showing Current and Previously Reported Drill Holes

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Figure 2: Longitudinal Section Facing North-West Showing Intercepts above 1.0 g/t AuEq on Currently Reported Drill Holes

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Table 1: Zone 87 Assay Results

*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 Zone 87 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 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. 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.