Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF) (FSE: CM5R) reports assay results from Zone X22 at its Troilus Project, located in northcentral Quebec, Canada. The results reported herein are part of an ongoing drill campaign designed to define and expand on a newly discovered NE-SW mineralized deformation corridor, originating in Zone 87 and extending southwest into the Gap Zone. Since its discovery in late 2022 (see October 17, 2022, press release), the strike length of X22 has grown to over 800 metres, and is open to the southwest along strike, and at depth.

The results reported today showcase the shallow depth, grade, and continuity of X22. All results reported herein lie entirely outside of the PEA pit shells and will be included in the upcoming Definitive Feasibility Study.

Zone X22 Intercept Highlights:

• 18m at 1.34 g/t AuEq, including 2m at 7.16 g/t AuEq
• 9m at 2.42 g/t AuEq from 172 to 181m downhole
• 14m at 0.81 g/t AuEq from 39 to 53m downhole, including 8m at 1.10 g/t AuEq
• 12m at 1.52 g/t AuEq, including 1m at 10.51 g/t AuEq
• 19m at 0.82 g/t AuEq, including 3m at 2.47 g/t AuEq
• 8m at 1.79 g/t AuEq from 177 to 185m downhole, including 1m at 7.57 g/t AuEq and 1m at 4.31 g/t AuEq
• 19m at 0.61 g/t AuEq from 131 to 150m downhole, including 7m at 1.12 g/t AuEq

Justin Reid, CEO of Troilus Gold, commented, “X22 is an exciting new shallow target which we expect will positively impact the grade profile of Troilus in the early years of the mine life. Given the zone was only recently discovered, it has not yet been included in any previous resource calculations and will be included in our upcoming Feasibility study. The continuity, grade and shallow depth of this zone are all key features that we believe will have a significant impact on the economic modelling of the project. In the coming months, our team will continue to define zone X22 through strategic and targeted drilling, in order to deliver the most impactful Feasibility Study to our stakeholders. Our robust structural and geochemical model of the Troilus deposit, layered with our current geological understanding of the Frotêt-Evans greenstone belt, is imperative to uncovering new discoveries at the Troilus deposit and beyond. Our balance sheet remains very strong and we see clear runway to achieving our stated goals.”

Geoscience Studies Conducted at Zone X22

X22 mineralization is located along a prominent break within an interpreted D2 structural corridor oblique to the dominant Troilus trend. This corridor was originally identified by geophysical interpretation and has since been confirmed by the use of oriented drill core.

X22 is the first zone at Troilus to be hosted exclusively within the Troilus intrusion, around which the other mineralized zones are located. Dominantly dioritic in composition, the intrusion appears more evolved (tonalitic) within the X22 corridor, with mineralization observed proximal to the contacts between these different phases of the intrusion. Similar to other zones at Troilus, X22 mineralization is also associated with deformed felsic porphyry dykes. However, it appears that the composition of these dykes in X22 are more variable than what is typically observed. Lithogeochemical and geochronological programs have been undertaken to better understand X22-style of mineralization.

This new data, coupled with ongoing oriented core and existing geophysical data, will be critical to the discovery of future deposits within the relatively underexplored Troilus intrusion, as well as help develop a more complete genetic model for the Troilus deposit as a whole.

Figure 1 – Plan View of Zone X22 Showing Current and Previously Reported Drill Holes

 Figure 2 – Section 13050N Facing North-East Showing Results for X22-22-002

Table 1 – Zone X22 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 Zone X22 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., Manager of Exploration, 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 it 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.