Troilus Gold Corp. (TSX: TLG) (OTCQB: CHXMF) reports assay results for an additional five drill holes from the Southwest Zone on its 100%-owned Troilus Gold Project located in north central Quebec, Canada. The Southwest Zone is a rapidly expanding gold zone located approximately 2.5 kilometres southwest of the main mineral corridor (Z87 and J Zone), initially identified and drilled in late 2019 and early 2020 (See Figure 1).

• Gold mineralization has been extended along strike to the northeast by an additional +400 metres into the Gap Zone (See holes ZSW20-218/ ZSW20-219, Figure 2).
  Highlights include:
  • 2.23 g/t AuEq over 4m, incl. 3.50 g/t AuEq over 2m
  • 2.48 g/t AuEq over 2m, incl. 3.77 g/t AuEq over 1m
  • 12.37 g/t AuEq over 1m
  • 1.14 g/t AuEq over 5.7, incl. 3.06 g/t AuEq over 1.7m
  • 5.36 g/t AuEq over 1m
  • 5.00 g/t AuEq over 1m
  • 3.12 g/t AuEq over 1m
• Down dip extensions continue up to 450 metres below the pit shell proposed in the Preliminary Economic Assessment (“PEA”) (See August 31, 2020 press release). Highlights include:
  • 5.03 g/t AuEq over 1m
  • 3.16 g/t AuEq over 1m
  • 2.78 g/t AuEq over 1m
  • 2.66 g/t AuEq over 1m
• All intersections reported herein were located outside of the PEA pit shell
  (See Table 1)

“The Southwest Zone continues to grow and exceed our expectations. With each step-out hole the system extends further to the northeast towards the current limits of Z87 South – an area we now identify as the ‘Gap Zone’,” commented Justin Reid, CEO of Troilus Gold. “This recent drilling has intersected targeted down-dip extensions of historic shallow drilling that was conducted by Inmet Mining Corporation in 1986. This area was abandoned with the subsequent discovery of Z87, which became Inmet’s main production pit. We have two drills turning in the Gap Zone, and we intend to deploy a third. The continuity of mineralization is exciting and the Gap Zone will be a continued major focus of our work through the spring and summer of 2021 to help us better understand the nature and extent of the results we are seeing.”

The Southwest Zone demonstrates an ongoing trend of higher grade gold intercepts within a much broader disseminated mineralized zone, consistent with the main Z87 zone. Parallel zones of mineralization continue to be discovered as drilling is extended at depth. These footwall mineralized intervals are showing how the Southwest Zone is not just extending along strike back towards the mine complex, but also adding width to previous mineral interpretations. Thrusting and folding in the area are likely the control on these parallel systems, and are confirming the structural interpretation of the geology team. Gold is most often found to be mineralized in two distinct styles; disseminated along the interstices of sulphides, and vein hosted along boundaries of quartz carbonate veins. These two distinct styles occur together as one system, and produce the broad zones of mineralization depicted in the sections of Figures 3 and 4.

This Southwest Zone was initially discovered and drilled in late 2019 and early 2020 following new geologic modelling by Troilus’ technical team. A mere 8,500 metres drilled in this zone contributed an estimated Inferred resource of 580,000 oz AuEq (22.6 Mt, at avg. grade of 0.80 g/t AuEq) to the total mineral resource estimate of 4.96 Moz AuEq Indicated (177 Mt with an average grade of 0.87 g/t AuEq) and 3.15 Moz AuEq Inferred (116.7 Mt with an average grade of 0.84 g/t AuEq) (see press release announcing the latest mineral resource estimate dated July 28, 2020). In the coming months, Troilus intends to conduct infill drilling in the Southwest Zone, which will be required in order for all the newly identified zones of mineralization to be included into an updated mineral resource estimate and Pre-Feasibility Study, currently targeted for completion in the second half of 2021.

Figure 1: Longitudinal Section of the Main Mineral Zones & Near-Term Targets at Troilus

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Figure 2: Location of New Drill Hole Results in the Southwest Zone

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Figure 3: Section N10300; View of drill hole TLG-ZSW20-218

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Figure 4: Section N9650; View of drill holes TLG-ZSW20-206 and TLG-ZSW20-207

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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.