Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF) reports assay results from Zone X22 at its Troilus Project, located in northcentral Quebec, Canada. The results herein are part of a 7,800-metre drill campaign completed in May 2023 at X22, designed to define and expand the mineralization of this NE-SW trending high-grade deformation corridor for inclusion in a Feasibility Study expected before year-end.

The results reported today were drilled in the northeastern most region of X22, proximal to the edge of the formerly mined Z87 open pit, confirming further mineral continuity of high-grade structures between new and previously reported drill holes (see plan view in Figure 1 and Section in Figure 2). All results reported today lie outside of the PEA pit shells and are intended to be included in the upcoming mineral resource estimate and Feasibility Study.

X22 Zone Intercept Highlights:

• Hole X22-23-027 intersected 36.08 g/t AuEq over 0.5m at surface in addition to 1.19 g/t AuEq over 9m within a broader intersection of 0.81 g/t AuEq over 29m, confirming mineral continuity 100m up-dip of previously reported drill hole X22-23-024 (see March 23, 2023, press release) which intersected 1.55 g/t AuEq over 5m incl. 13.32 AuEq over 0.5m, 7.02 g/t AuEq over 0.5m and 1.49 g/t AuEq over 34.5m incl. 1.66 g/t AuEq over 19.5 m (see Figure 2).
• Hole X22-23-065 drilled 10.74 g/t AuEq over 1m, 12.05 g/t AuEq over 2m, 0.72 g/t AuEq over 7m and 2.16 g/t AuEq over 1m extending mineralization 50m down-dip of previously reported hole X22-23-021 (see March 30, 2023, press release) which intersected 8.23 g/t AuEq over 1m and 0.94 g/t AuEq over 34.5m, incl. 1.36 g/t AuEq over 18m and 3.62 g/t AuEq over 3m (see Figure 2).
• Hole X22-23-045 drilled 14.02 g/t AuEq over 1m, 7.85 g/t AuEq over 1m and 2.17 g/t AuEq over 13m within a broader intersection of 1.30 g/t AuEq over 28m, confirming a 50-metre extension of mineralization down-dip from hole X22-23-065, reported today, and 100m downdip from previously reported hole X22-23-021 which remains open to expansion at depth (see Figure 2).

Justin Reid, CEO of Troilus Gold, commented, “Our geological team has worked diligently to execute the drill program at X22 which has rapidly delineated this zone and demonstrated a consistent pattern of higher-grade structures along its strike length. We’ve identified extremely positive results in close proximity to the formerly mined Z87 pit, which has significantly improved our understanding of this new deposit and its potential impact on the upcoming Feasibility Study.”

Speaking in relation to the forest fire situation in Northern Quebec, Mr. Reid further commented, “We sincerely thank all involved in mitigating the impacts of the forest fires in Northern Quebec and keeping our employees and local communities safe. Although exploration and drilling activities have been temporarily suspended, we remain on schedule to deliver major milestones before the end of the year, including an updated Mineral Resource Estimate and Feasibility Study.”

Drilling at X22 has consistently returned results demonstrating a pattern of continuous near surface high-grade mineralization with significant grade thicknesses along its ~1-kilometre strike length, which remains open to expansion. The latest results have further defined mineralization in the northeastern portion of the X22 deformation corridor, adjacent to the Z87 pit. High-grade material in this area is characterized by potasically altered shear zones and felsic porphyry dykes, primarily along the footwall contact of a tonalitic body within the Troilus intrusion.

As reported on June 5, 2023, the Company halted its operations at its Troilus site amidst the worsening forest fire conditions in the Eeyou-Itschee James Bay region of northern Quebec as a safety precaution and in guidance with the Ministry of Natural Resources and Forests. Once operations resume, the Company intends to drill the remaining ~4,000 metres at X22 before the data cut-off for inclusion in the updated Mineral Resource Estimate. Results from the drill program will be reported as they become available. There has been no material impact to Troilus, and both the planned Mineral Resource Estimate update and Feasibility Study remain on track and are anticipated to be completed prior to calendar year-end.

Figure 1: Plan View Map of the Zone X22 Showing Current and Previously Reported Drilling

Figure 2: Section 13,350N (A-A’ Figure 1) Showing Results for Holes X22-23-037, X22-23-065 and X22-23-045

Table 1: Zone X22 Drill 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 X22 drill program, one meter 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 Nicolas Guest, P.Geo., Senior Project Geologist, 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 is located in the top-rated mining jurisdiction of Quebec, Canada, where it holds a land position of 435 km² within the prospective 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.