Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF) reports additional results from its ongoing exploration and infill drill program on its 100%-owned Troilus Gold Project which hosts one of the largest undeveloped gold and copper deposits in Quebec, Canada. New results have further expanded the western extension in the J Zone by another 150 metres to the northeast. The strike length of this new mineralized zone has grown from 200 metres to 850 metres since it was initially identified in May 2021 (See press releases dated May 12 and June 8, 2021). Additionally, several step-out holes extended down dip mineralization ~60 metres beyond what was previously known, and up to ~90 metres below the pit shell proposed in the Preliminary Economic Assessment maintaining consistent and above average grades and thicknesses.

Highlights from the J Zone drill results include:

• ZJ21-241 extended the newly identified western extension of the J Zone with high-grade intercepts within 150 metres from surface, and confirmed strongly mineralized down-dip extensions (see Figure 2 cross section):
  • 1.57 g/t AuEq over 31m, incl. 4.72 g/t AuEq over 7m and 22.51 g/t AuEq over 1m
  • 2.24 g/t AuEq over 8m, incl. 5.06 g/t AuEq over 3m
  • 4.51 g/t AuEq over 1m
  • 3.59 g/t AuEq over 1m

• 3.29 g/t AuEq over 4m within a broader intersection of 1.19 g/t AuEq over 19m, located outside of the PEA pit shell in hole ZJ21-240

• ZJ21-239
  • 7.46 g/t AuEq over 1m and 2.71 g/t AuEq over 2m, within a broader intersection of 1.17 g/t AuEq over 16m
  • 3.65 g/t AuEq over 2m, 2.37 g/t AuEq over 1m and 1.19 g/t AuEq over 3m, within a broader intersection of 0.88 g/t AuEq over 22m, located outside of the PEA pit shell

• ZJ21-243
  • 3.18 g/t AuEq over 3m within a broader intersection of 1.60 g/t AuEq over 13m

• ZJ21-246
  • 4.36 g/t AuEq over 1m
  • 3.91 g/t AuEq over 1m
  • 2.51 g/t AuEq over 1m
  • 0.97 g/t AuEq over 7m, incl. 1.48 g/t AuEq over 3m

• ZJ21-249
  • 3.33 g/t AuEq over 2m within a broader intersection of 1.24 g/t AuEq over 9m

“We are very pleased with these additional great results from the J Zone, which continue to emphasize that there’s plenty of room for our deposit to grow. Step-out and step down holes continue to extend and expand the deposit and we’re quite excited to see how these continued positive results will impact the upcoming new resource estimate and pre-feasibility study,” commented Justin Reid, President and CEO of Troilus Gold.

The J Zone exploration target includes the smaller of the two formerly mined open pits at Troilus. In 2019, the Company had tremendous drilling success in this zone by applying a new geological model derived from two years of drill analysis, which highlighted the importance of structural controls on gold and copper. This exploration program contributed a significant open-pit resource to the Preliminary Economic Assessment completed in August 2020. Over 68,000 metres have been drilled since the 2020 mineral resource estimate cut off, and the Company intends to continue drilling at a rate of approximately 10,000 metres per month throughout the Summer with the intention to include as much of this new data into the upcoming mineral resource estimate and pre-feasibility study as possible.

Figure 1: Plan View Map of J Zone with Location of New Drill Results

https://www.globenewswire.com/NewsRoom/AttachmentNg/658f8fc7-ef53-4d49-8409-3eb63f399192

Figure 2: Section N14975; View of drill hole TLG-ZJ21-241

https://www.globenewswire.com/NewsRoom/AttachmentNg/62b7dc85-fdcb-400a-b04a-86d5f3cebd40

Table 1: New J Zone 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 J Zone drill program in 2021, 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 Yves Caron, M.Sc., P.Geo., Project Manager, who is a Qualified Person as defined by NI 43-101. Mr. Caron 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.