Troilus Gold Corp. (TSX: TLG) (OTCQB: CHXMF) reports additional drill results from recent exploration drilling at its 100%-owned Troilus Gold Project located in north central Quebec, Canada. These latest results represent exploration and step out holes located in the Southwest Zone, a priority growth target which was discovered and drilled in late 2019 and early 2020 (See Figure 1). Results continue to define significant mineral expansion well beyond the pit proposed in the Preliminary Economic Assessment (See press release dated August 31, 2020) (See Figure 2). Highlights include:

ZSW20-209 extended known mineralization an additional 250 metres east of the PEA defined pit shell, over 225m below it and remains open, suggesting potential for continued resource growth (see Figure 3). Intercept highlights include:

• 1.08 g/t AuEq over 16m, incl. 1.87 g/t over 7m and 2.56 g/t over 4m
• 1.13 g/t AuEq over 8m, incl. 4.45 g/t AuEq over 1m and 1.28 g/t over 1m

ZSW20-211 intersected substantial mineralization approximately 75m below the PEA pit shell and extended down dip mineralization to at least 500m from surface (see Figure 3). Intercept highlights include:

• 1.48 g/t AuEq over 6m, incl. 6.9 g/t over 1m
• 1.28 g/t AuEq over 9m, incl. 5.3 over 1m, 3.3 g/t over 1m and 2.4 g/t over 1m
• 1.37 g/t AuEq over 8m, incl. 3 g/t over 1m

ZSW20-208 extended the defined ore zone down dip over 200m below the PEA pit shell having markedly higher grades than previously reported in hole ZSW20-187 (see May 14, 2020 press release), located approximately 150m above it (See Figure 4). The mineralized trend remains open at depth. Intercept highlights include:

• 1.16 g/t AuEq over 18m, incl. 2.36 g/t over 7m and 11.09 g/t over 1m
• 3.44 g/t AuEq over 2m, incl. 5.46 g/t over 1m; and 3.10 g/t AuEq over 1m located in a previously undrilled area within the PEA pit shell

“These continued positive results in the Southwest Zone are demonstrating a potential scale that is exceeding our expectations,” stated Justin Reid, CEO of Troilus Gold. “The results from holes 209 and 211 have defined an expanded mineral system that dwarfs the pit shell proposed in the PEA completed last year with strong extensions of mineralization all located within 500m from surface. It’s very exciting to see the Southwest Zone rapidly evolving from its initial discovery just over 1 year ago. We are eager to continue targeted drilling in this area to better define the potential of what could rapidly become a very large system with multi-million ounce resource potential of a scale we believe could be in-line with the main zone Z87, or potentially larger.”

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). The Company is working towards an updated mineral resource estimate and Pre-Feasibility Study, expected for completion in the second half of 2021.

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

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Figure 2: Southwest Zone PEA Pit Shell and New Drill Results – Looking North East – 

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Figure 3: Section N9925; View of drill hole TLG-ZSW20-209 and TLG-ZSW20-211 –

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Figure 4: Section N9700; View of drill hole TLG-ZSW20-208 – 

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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.