Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF) reports additional results from its ongoing exploration and infill drill program on its 100%-owned Troilus Gold Project which hosts one of the largest undeveloped gold and copper deposits in Quebec, Canada. New results from the J Zone have expanded the footprint of the new western extension initially identified earlier this month (see press release dated May 12, 2021) from 200 metres to 700 metres in strike length while also confirming down dip mineralization of the main ore body by up to 100 metres with above average grades and thicknesses.

Highlights from the J Zone drill results include:

• ZJ21-231 expanded the new west trend of mineralization from 200m to 700m in strike with shallow intervals including:
  • 1.43 g/t AuEq over 19.3m, incl. 1.72 g/t AuEq over 3m and 2.29 g/t AuEq over 4.5m within 100m from surface

• ZJ21-232 confirmed mineral continuity of the new west trend to surface, within 100m of ground level. Main ore body of the J Zone extended down dip by 100m (See Figure 2):
  • 1.51 g/t AuEq over 19m, incl. 2.28 g/t AuEq over 8m
  • 1.47 g/t AuEq over 5m

• ZJ21-230:
  • 1.48 g/t AuEq over 11m
  • 1.45 g/t AuEq over 10m   

• ZJ21-235 intersected a higher grade zones at depth located outside of the Preliminary Economic Assessment (“PEA”) pit shell:
  • 1.21 g/t AuEq over 23m, incl. 2.83 g/t AuEq over 1m and 2.51 g/t AuEq over 7m
  • 1.63 g/t AuEq over 2m
  • 1.72 g/t AuEq over 3m

•  ZJ21-236 intersected a higher grade zones at depth located outside of the PEA pit shell:
  • 2.68 g/t AuEq over 5m
  • 2.05 g/t AuEq over 10m, incl. 2.27 g/t AuEq over 3m, 10.24g/t AuEq over 1m and 2.91g/t AuEq over 2m

•  ZJ21-238 intersected high-grade zones at depth, outside of the PEA pit shell:
  • 4.44 g/t AuEq over 5m
  • 17.12g/t AuEq over 1m
  • 1.75 g/t AuEq over 5m

“The systematic infill drill program we are completing in the J Zone, including ongoing step-outs and step-downs, is truly impressing us with excellent mineral continuity and an expanding ore body,” commented Justin Reid, CEO of Troilus Gold. “The new parallel zone we recently identified has significantly grown with these latest results, now demonstrating mineral continuity over a 700m strike length parallel to the main ore body. We expect this new zone to have a meaningful impact on the economic modelling of the mine project given that it is located within the PEA pit shell in areas that were previously considered waste due to lack of data.”

The J Zone exploration target includes the smaller of the two formerly mined open pits at Troilus. In 2019, the Company had tremendous drilling success in this zone by applying a new geological model derived from two years of drill analysis, which highlighted the importance of structural controls on gold and copper. This exploration program contributed a significant open-pit resource to the Preliminary Economic Assessment completed in August 2020. Troilus reinitiated drilling in the J Zone earlier this year to continue improving drill resolution while defining the extent of the mineral boundaries in advance of a mineral resource update and Pre-Feasibility Study planned for completion in the second half of 2021.

Troilus has completed approximately 55,400 metres of drilling since January 2021 and intends to continue drilling at a rate of approximately 10,000 metres per month throughout the Summer.

Figure 1: Plan View Map of J Zone with Location of New Drill Results

https://www.globenewswire.com/NewsRoom/AttachmentNg/fba9b35d-dfb0-4322-8acc-a75b9c93ea39

Figure 2:  Section N14575; View of drill hole TLG-ZJ21-232 

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Table 1: New J Zone 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 J Zone drill program in 2021, 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 Yves Caron, M.Sc., P.Geo., Project Manager, who is a Qualified Person as defined by NI 43-101.  Mr. Caron 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 is holds a strategic land position of 1,420 km² in the 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.