Troilus Gold Corp. (TSX: TLG) (OTCQB: CHXMF) reports new assay results from the Fall/Winter 2020 drill program at its 100%-owned Troilus Gold Project located in north central Quebec, Canada. The following drill holes were received from the Southwest Zone, a priority growth target which was discovered and drilled in late 2019 and early 2020 (See Figure 1). These results have identified previously unidentified extensions of mineralization at depth, and confirmed continuity of mineralization within previously undrilled areas of the pit proposed in the Preliminary Economic Assessment (“PEA”) (See press release dated August 31, 2020).

Highlights include:

“We are very pleased with the latest results from the Southwest Zone, which confirmed some targeted down dip extensions and also identified new zones of mineralization outside of the current mineral resource envelope and within the PEA pit,” said Justin Reid, Chief Executive Officer of Troilus. “Furthermore, we continue to encounter higher-grade domains within broader disseminated mineralized zones consistent with the largest ore body at Troilus, Zone Z87, located 2.5 kilometres to the northeast. As we define the scale and extent of the Southwest Zone, we are observing a continuity of mineralization from previously undrilled zones within the PEA pit, and continued expansion well beyond it, which could not only enhance the economics of the project by reducing the strip ratio but also provide an opportunity to increase the production profile in the Pre-Feasibility Study planned later this year. The Southwest Zone remains entirely open to further expansion and will continue to be a priority drill target in 2021.”

This Southwest Zone is located approximately 2.5 kilometres southwest of the former mine site and main mineral resource area (See Figure 1). It was initially discovered and drilled in late 2019 and early 2020 following some new geologic modelling work by Troilus’ technical team. A minimal 8,500 metres of drilling in this zone has already outlined an estimated Inferred resource of 580,000 oz of gold equivalent ounces (22.6 Mt, at avg. grade of 0.80 g/t AuEq).

Figure 1: Location of New Drill Hole Results in the Southwest Zone

https://www.globenewswire.com/NewsRoom/AttachmentNg/6c2335f2-98b5-47bd-b600-3219e188b5de

Figure 2: Section N9525; View of drill hole TLG-ZSW20-203

https://www.globenewswire.com/NewsRoom/AttachmentNg/a5e06285-7c18-48d6-8ef3-e91e28789737

Figure 3: Section N9350; View of drill hole TLG-ZSW20-200

https://www.globenewswire.com/NewsRoom/AttachmentNg/fea4f46a-6119-4707-8154-4b2d46409c4f

Table 1: New Southwest Zone Drill Results Highlights

*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 in 2020, 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 Bertrand Brassard, M.Sc., P.Geo., Chief Geologist, who is a Qualified Person as defined by NI 43-101. Mr. Brassard is an employee of Troilus and is not independent of the Company under NI 43-101.

About Troilus Gold Corp.

Troilus is a Toronto-based, Quebec focused, advanced stage exploration and early-development company focused on the mineral expansion and potential mine re-start of the former gold and copper Troilus mine. The 107,326 hectare Troilus property is located northeast of Chibougamau, within the Frotêt-Evans Greenstone Belt in Quebec, Canada. From 1996 to 2010, Inmet Mining Corporation operated the Troilus project as an open pit mine, producing more than 2,000,000 ounces of gold and nearly 70,000 tonnes of copper.