Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF) reports initial assay results from its Phase II Gap Zone drill program at its Troilus Project, located in northcentral Quebec, Canada. The Gap Zone spans an ~2-kilometre area between the larger of the two formerly mined pits, Z87, and the Southwest Zone, which was discovered in late 2019. In 2021, Troilus completed a 5-drill hole Phase I drill program in the Gap Zone to test for mineralization and continuation of lithological sequence. The results from Phase I, including 4.2 g/t AuEq over 7 m and 0.95 g/t AuEq over 16 m (see press release from April 21, 2022), provided confirmation that the mineralized units found in Z87 and the Southwest Zone continue into the Gap Zone. The ~11,000 metre Phase II Gap Zone drilling program was initiated earlier this year and is expected to conclude in July. Details of the Gap Zone drill results are presented in Table 1, while drill hole locations are shown in figures 1 and 2.

Gap Zone Drill Results Highlights:

Mineral Extensions Southward beyond Z87 into the Gap Zone

• 1.04 g/t AuEq over 13 metres, including 1.85 g/t AuEq over 5 metres and 4.17 g/t AuEq over 1 metre in hole GZ-006, identified down-dip mineral continuity from Z87 South
• 1.73 g/t AuEq over 6 metres, including 7.54 g/t AuEq over 1 metre in hole GZ-012, identified up-dip mineral continuity of Z87 South
• 1.22 g/t AuEq over 6 metres, including 4.24 g/t AuEq over 1 metre, as well as 6.20 g/t AuEq over 2 metres and 1.06 g/t AuEq over 8 metres in hole GZ-030, identified down-dip mineral continuity of Z87 South

Mineral Extensions Northward Beyond the Southwest Zone into the Gap Zone

• 1.07 g/t AuEq over 5 metres, including 2.58 g/t AuEq over 1 metre, as well as 4.66 g/t AuEq over 1 metre and 5.41 g/t AuEq over 1 metre in hole GZ-010

Justin Reid, CEO of Troilus Gold, commented, “We have always believed in the mineralization potential of the Gap Zone – seeing the potential become reality through our multi-phased drill programs has been extremely encouraging. Our geology team has been successfully keying in on similarities between the Gap Zone and the rest of the Troilus deposit, and the effectiveness of such observations is continually proven through the drill bit. We believe that stratigraphically, the mineralization in the Gap Zone can be traced to the surface, as we have witnessed in the Southwest Zone. As we continue to drill the Gap Zone and the rest of the Troilus deposit, new trends will reveal themselves and will help inform future drill programs.”

The initial results from the Phase II Gap Zone drill program continues to prove the northward continuation of mineralization from the Southwest Zone, and the southward extension from Z87, into the Gap Zone. Feldspar-porphyry dykes, shearing and veining within the diorite intrusion, and the northward extension of the magnetite breccia unit from the Southwest Zone host the bulk of the mineralization found thus far in the Gap Zone.

Figure 1: Plan View Map of the Gap Zone Drill Program, Showing Current and Previously Reported Drill Hole Collar and Traces

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

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Table 1: Initial Gap Zone Phase II 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 Gap Zone Phase II 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 Kyle Frank, P.Geo., Exploration Manager, 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.