Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF) (FSE: CM5R) reports assay results from Zone X22 at its Troilus Project, located in northcentral Quebec, Canada.

X22 is a high-grade gold zone discovered in late 2022 that extends from the formerly mined Z87 pit towards the Gap Zone (see Figure 1). The results herein form part of a completed 7,800-metre drill campaign designed to define and expand mineralization in this new target in order to include it in a Feasibility Study expected later this year.

The latest group of results drilled in the southwestern most sections of X22 demonstrate further mineral continuity of high-grade structures over large thicknesses, which remain open to expansion on trend and at depth. All results reported lie entirely outside of the pit shells proposed in the 2020 preliminary economic assessment.

Zone X22 Drill Intercept Highlights:

• 1.30 g/t AuEq over 59m incl. 2.38 g/t AuEq over 9m, 1.94 g/t AuEq over 7m, 2.40 g/t AuEq over 8m and 3.04 g/t AuEq over 3m in hole X22-23-038, confirming mineral continuity 100m down-dip of previously reported hole X22-23-027 (see March 23, 2023 press release) which intersected 2.72 g/t AuEq over 34m incl. 10.83 g/t AuEq over 6m (see Figure 2).
• 8.63 g/t AuEq over 4m incl. 25.11 g/t over 1m, and 0.61 g/t AuEq over 41m, in hole X22-23-032, with mineralization starting directly at surface (see Figure 3).
• Hole X22-23-031 drilled 3.29 g/t AuEq over 6m within a broader intersection of 1.73 g/t AuEq over 21m, confirming a 100-metre extension of mineralization down-dip from hole X22-23-032, which remains open to expansion at depth (see Figure 3).
• Hole X22-23-033 intersected high-grade mineralization directly at surface, including 2.14g/t AuEq over 11 m incl 6.45 g/t AuEq over 3m and 14.54 g/t AuEq over 1m (see Figure 3), which confirmed high-grade continuity from section 12,475N (Figure 4).
  • This high-grade structure is believed to extend from previously reported 2.72 g/t AuEq over 34 m in hole X22-23-027 and 19.88 g/t over 7m including 130.83 g/t AuEq over 1m in hole X22-23-030 (see March 23^rd and April 25^th, 2023, press releases, respectively), drilled 50 metres to the northeast.

Justin Reid, CEO of Troilus Gold, commented, “Our geological team has done excellent work defining and growing X22. We are rapidly delineating high-grade structures at X22, which is very exciting considering the close proximity to our other mineral zones and the impact this could have on our future mine plan. This first phase of drilling at X22 has been exceptionally successful and we will continue to define and expand this high-grade ore body with 2 drills in the coming month.”

Results from X22 have continued to demonstrate high-grade mineralization near surface over significant widths along its ~1 kilometre strike length and remain open to expansion. Today’s results highlight the southernmost section of the X22 mineralized trend and its anomalous high-grade structures which have further delineated the zone and demonstrated mineral continuity between previously drilled and reported holes. High-grade material in this area of X22 is characterized by semi-massive to massive sulfide veins comprised dominantly of chalcopyrite, pyrrhotite and pyrite, with local sphalerite and galena, within highly sheared and potassically altered (biotite and sericite) tonalite and felsic porphyry dykes.

The Company is awaiting approximately 1,500 metres of assays from the completed 7,800 metre drill program, which will be reported as they become available. Additional drilling will continue with two rigs to further infill and expand this growing body of mineralization.

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

Figure 2 – Section 12,575N (C – C’ Figure 1) Facing North Showing Results for Hole X22-23-038

Figure 3 – Section 12,475N (A – A’ Figure 1) Facing North Showing Results for Hole X22-23-031 and Hole X22-23-032

Figure 4 – Section 12,525N (B – B’ Figure 1) Facing North Showing Results for Hole X22-23-033 and Hole X22-23-032

Table 1 – Zone X22 Drill Results

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 Nicolas Guest, P.Geo., Senior Project Geologist, who is a Qualified Person as defined by NI 43-101. Mr. Guest 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 land position of 435 km² within the prospective 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.