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Friday, 05/31/2024 10:40:10 AM

Friday, May 31, 2024 10:40:10 AM

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TROILUS GOLD Discovers New At-Surface Gold Zone 'West Rim' With Intercept of 1.37 g/t AuEq Over 11m Within 200m of Reserve Pit and Confirms Continuity of Zone X22 Mineralization to Depth of 550m
MAY 30, 2024, Montreal, Quebec – Troilus Gold Corp. (“Troilus” or the “Company”, TSX: TLG; OTCQX: CHXMF; FSE: CM5R) is pleased to announce the discovery of a new gold zone named the ‘West Rim Zone’ (“West Rim”) located within 200 metres west of the North Reserve Pit Shell (Zones 87, J & X22) (see Figure 1) in addition to assay results from Zone X22 (“X22”) at its Troilus Project, located in northcentral Quebec, Canada. The results herein are part of an ongoing 25,000m drilling campaign designed to expand and define select drill targets along the main mineral corridor and regionally.

Hole X22-24-080 Intercept Highlights:

Newly discovered “West Rim” intersected 1.37 g/t AuEq (1.32 g/t Au, 1.5 g/t Ag, 0.02% Cu) over 11 m within a broader intersection of 0.74 g/t AuEq (0.69 g/t Au, 1.78 g/t Ag, 0.02% Cu) over 32 m starting at just 21 m downhole (See Figure 2).
Zone X22 intersected 10.27 g/t AuEq (10.15 g/t Au, 0.50 g/t Ag, 0.07% Cu) over 1 m and 0.83 g/t AuEq (0.58 g/t Au, 1.45 g/t Ag, 0.15% Cu) over 30m incl. 13.85 g/t AuEq (12.55g/t Au, 9.10 g/t Ag, 0.76% Cu) over 1 m at 550 m depth (see Figure 2).
Justin Reid, CEO of Troilus Gold, commented, “After 5 years of systematic exploration, we are still making significant discoveries on the Troilus property. The West Rim target is a testament to the prospectivity and opportunity within proximity to the Troilus project’s mineral reserve pits defined in the recent Feasibility Study (see press release, May 14, 2024)*. Located just 200 meters from the North Reserve Pit and at surface, the West Rim is a highly prospective corridor spanning 4km in length, 1km of which has never been drilled and is open for follow up drilling and delineation of mineralization. Moreover, results from Zone X22 have extended mineralization past 500 meters depth, supporting the future potential of underground development. The geology team has continued to successfully discover and develop existing targets across the property, and we look forward to follow-up drilling in the coming months to build out the West Rim target and further extensions below the North Reserve Pit.”

* the completed NI 43-101 technical report associated with the Troilus Project FS will be available on SEDAR+ at www.sedarplus.ca under the Company’s issuer profile, as well as the Company’s website at www.troilusgold.com on or before June 28, 2024.

West Rim Zone

The West Rim Zone was discovered as part of an ongoing 25,000m drill program at the Troilus Property designed to test near-mine and regional priority drilling targets. The West Rim target is an exhalative stratigraphic horizon hosted within felsic to intermediate metavolcanic rocks along the north-west margin of the Troilus intrusion. This prospective sequence can be traced for more than 4 km from the hanging wall of the J Zone, continuing through the West Rim toward the Southwest hanging wall. The eastern boundary of the Troilus intrusion has been extensively explored, and reserves defined within the Z87 and SW Pits align along this eastern boundary. The western boundary of the diorite (West Rim) has been left un-explored and remains open to further drilling (see Figure 2 below).

Hole X22-24-080, reported today, was designed to test this horizon and to test X22 mineralization at depth. The West Rim horizon returned 0.74 g/t AuEq over 32 m including 1.37 g/t AuEq over 11 m starting at 21 metres downhole. This intercept is found within 200 metres to the southwest of the North Reserve Pit shell that includes Z87, ZJ and X22.

West Rim Zone Geology

Hole X22-24-080 shows a clear metallic zonation in the West Rim with a lower zinc-silver zone and an upper gold zone. Sulphide mineralization consists of disseminated, stringers veins, and small lenses of massive pyrrhotite, pyrite with accessory sphalerite and chalcopyrite transposed into the dominant foliation. The type of mineralization, alteration and the polymetallic signature suggests a gold-bearing VMS (Volcanogenic Massive Sulfides) system, which increases the prospectivity of the area to find larger and richer ore zones along strike and at depth. West Rim is a phase 1 target, which encompasses a combination of favourable volcanic/intrusive phases, geophysical anomalies, and attractive structural settings all located in proximity to the mine site, in areas with little drill coverage. Subsequent drilling phases include following up on high-grade trends at depth below the North Reserve Pit and drilling regional targets. An additional 1,700 metres of drilling has been allocated to follow up on the newly discovered West Rim trend.

Deep Drilling below North Pit – Extending X22 Mineralization at Depth

Results from X22-24-080 equally confirmed continuity of the mineralized system to depth below Zone X22, with broad mineralized intercepts of 0.83 g/t AuEq over 30 m and 0.38 g/t AuEq over 26 m, and continuous high-grade trends with intersections of 10.27 g/t AuEq over 1 m and 13.85 g/t AuEq over 1 m. The results also show the tonalitic phase of the Troilus intrusion, which hosts X22, appears to be thickening at depth. Data from deeper extension holes like X22-24-080 will be used to inform and update the ongoing drill program with a focus on expanding high-grade trends.

Zone X22 was identified in late 2022 at the southwestern border of Z87 open pit. 23,256 metres were drilled at X22, which successfully expanded the zone's mineral footprint from 300 metres to approximately 1 kilometre and confirmed a consistent pattern of continuous high-grade near-surface structures along this strike length. Although X22 only accounts for a small portion of the 322,000 metres drilled at Troilus since 2018, it has contributed 1.19Moz AuEq (59.2Mt at 0.62 g/t AuEq) or 11% of total open pit Indicated mineral resources (see press release, October 16, 2023).

Previously Reported Highlights from open high-grade trends of X22:
(see Table 2 for breakdown by metal)

September 7th, 2023:

10.73 g/t AuEq over 10 m incl. 19.07 g/t AuEq over 3 m and 41.98 g/t AuEq over 1 m (X22-24-071), and 32.48 g/t AuEq over 0.8 m (X22-23-075).
July 11th, 2023:

104.12 g/t AuEq over 1 m from (X22-23-042), 15.57 g/t AuEq over 1 m, 26.14 g/t AuEq over 1 m (X22-23-059), 3.32 g/t AuEq over 11 m incl. 24.60 g/t AuEq over 1 m and 3.11 g/t AuEq over 17 m incl. 7.26 g/t AuEq over 3 m (X22-23-066), and 133.15 g/t AuEq over 0.7 m (X22-23-067).
May 9th, 2023:

3.54 g/t AuEq over 6m from hole X22-23-031, 8.73 g/t AuEq over 4m incl. 25.35 g/t AuEq over 1m (X22-23-032), 6.59 g/t AuEq over 3 m (X22-23-033), and 14.41 g/t AuEq over 1.2 m (X22-23-036)
April 25th, 2023:

6.74 g/t AuEq over 3 m incl. 15.58 g/t AuEq over 1 m (X22-23-006) and 131.86 g/t AuEq over 1 m (X22-23-030).
March 30th, 2023:

8.09 g/t AuEq over 2 m (X22-23-023)
March 23rd, 2023:

11.18 g/t AuEq over 6 m including 27.70 g/t AuEq over 2 m (X22-23-027).
Further drilling of underground targets is planned below the North Reserve Pit, near Zone 87, which has open high-grade shoots plunging with the dominant stretching lineation last drilled in October 31, 2018 and demonstrated extensions below the mineral resource pits. See table 3 for breakdown by metal.

Figure 1 – Plan View of West Rim Showing Current and Previously Reported Drill Holes


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Figure 2 – Geology Map of the Troilus Deposit Showing Current and Previously Reported Drill Holes


View Larger Image

Table 1 – X22-24-080 Drill Results

Hole From
(m) To
(m) Interval
(m) Inside/Outside
of FS Reserve Pit Au
Grade
(g/t) Cu
Grade
(%) Ag
Grade
(g/t) AuEq*
Grade
(g/t)
X22-24-080
21 53 32 outside 0.69 0.02 1.78 0.74
incl 32 43 11 outside 1.32 0.02 1.5 1.37
232 233 1 outside 0.66 0.77 27.5 2.22
270 273 3 outside 0.47 0.19 1.67 0.79
442 448 6 outside 0.17 0.09 0.33 0.31
478 479 1 outside 10.15 0.07 0.5 10.27
567 597 30 outside 0.58 0.15 1.45 0.83
incl 587 588 1 outside 12.55 0.76 9.1 13.85
628 629 1 outside 1.37 0.23 1.7 1.75
642 668 26 outside 0.28 0.06 0.76 0.38
incl 643 644 1 outside 1.2 0.21 1.3 1.54
incl 663 668 5 outside 0.56 0.15 2.42 0.83
* AuEq = Au + 1.5628 x Cu + 0.0128 x Ag

Table 2 – Previously Reported Results from Zone X22

Hole From
(m) To
(m) Interval
(m) Inside/Outside
of FS Reserve Pit Au
Grade
(g/t) Cu
Grade
(%) Ag
Grade
(g/t) AuEq*
Grade
(g/t)
X22-23-027 (March 23, 2023)
160 166 6 inside 9.42 0.88 30.10 11.18
incl 161 163 2 inside 23.22 2.21 80.30 27.70
X22-23-023 (March 30, 2023)
177 179 2 inside 7.75 0.19 3.00 8.09
X22-23-006 (April 25, 2023)
164.45 171 6.55 inside 3.24 0.02 5.46 3.35
incl 168 171 3 inside 6.59 0.02 9.30 6.74
incl 170 171 1 inside 15.35 0.03 14.60 15.58
X22-23-030 (April 25, 2023)
65 66 1 inside 126.50 2.85 71.00 131.86
X22-23-031 (May 9, 2023)
142 148 6 inside 2.04 0.37 72.03 3.54
X22-23-032 (May 9, 2023)
72 76 4 inside 8.22 0.24 10.45 8.73
incl 73 74 1 inside 24.10 0.59 25.80 25.35
X22-23-033 (May 9, 2023)
77 80 3 inside 5.86 0.38 10.63 6.59
X22-23-036 (May 9, 2023)
57 58.2 1.2 inside 14.25 0.08 2.80 14.41
X22-23-042 (July 11, 2023)
166 167 1 inside 102.50 0.82 26.80 104.12
X22-23-046 (July 11, 2023)
224 225 1 outside 15.55 0.01 0.25 15.57
X22-23-059 (July 11, 2023)
96 97 1 inside 25.90 0.10 6.20 26.14
X22-23-066 (July 11, 2023)
198 209 11 inside 3.20 0.06 2.16 3.32
incl 201 202 1 inside 24.40 0.07 6.90 24.60
343 360 17 outside 3.04 0.04 0.52 3.11
incl 351 354 3 outside 7.24 0.01 0.25 7.26
X22-23-067 (July 11, 2023)
171.6 172.3 0.7 inside 133.00 0.07 3.40 133.15
X22-23-071 (September 7, 2023)
379 389 10 outside 7.63 1.51 57.77 10.73
incl 379 382 3 outside 10.24 4.42 150.00 19.07
incl 388 389 1 outside 40.20 0.42 87.50 41.98
X22-23-075 (September 7, 2023)
104 104.8 0.8 outside 32.40 0.04 1.20 32.48
* AuEq = Au + 1.5628 x Cu + 0.0128 x Ag and has been updated since original release

Table 3 – Previously Reported Results from Zone 87 (October 31, 2018)

Hole From
(m) To
(m) Interval
(m) Inside/Outside
of FS Reserve Pit Au
Grade
(g/t) Cu
Grade
(%) Ag**
Grade
(g/t) AuEq
Grade
(g/t)
TLG-Z8718-017
643 685 42 outside 2.61 0.08 NA 2.74
incl 671 673 2 outside 42.30 0.12 NA 42.49
TLG-Z8718-018
675 727 52 outside 1.88 0.10 NA 2.04
incl 684 692 8 outside 4.49 0.18 NA 4.77
incl 700 712 12 outside 3.11 0.10 0.00 3.27
TLG-Z8718-035
689 770 81.00 outside 1.44 0.13 NA 1.64
incl 707 710 3.00 outside 8.25 0.54 NA 9.09
incl 755 765 10 outside 3.23 0.30 NA 3.70
TLG-Z8718-44W
832 899 67 outside 1.58 0.10 NA 1.74
incl 874 876 2 outside 10.03 0.35 NA 10.58
incl 881 887 6 outside 7.54 0.17 NA 7.81
* AuEq = Au + 1.5628 x Cu + 0.0128 x Ag and has been updated since original release
* NA = Not Analyzed. AuEq calculated using value of 0.00 g/t Ag

Quality Assurance and Control

During the 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., Exploration Manager, 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.

AuEq Disclosure

The formulas used to calculate equivalent values for resources are as follows, for 87 Pit AuEq = Au + 1.5628*Cu +0.0128 *Ag, for J Pit AuEq = Au + 1.5107*Cu +0.0119 *Ag, for SW Pit AuEq = Au + 1.6823*Cu +0.0124 *Ag, for X22 Pit AuEq = Au + 1.5628*Cu +0.0128 *Ag. AuEq was calculated using metal prices of $1,850/oz Au; $4.25/lb Cu and $23.00/oz Ag.

About Troilus Gold Corp.

Troilus Gold Corp. is a Canadian development-stage mining company focused on the systematic advancement of the former gold and copper Troilus Mine towards production. Troilus is located in the tier-one mining jurisdiction of Quebec, Canada, where it holds a large land position of 435 km² in the Frôtet-Evans Greenstone Belt. A Feasibility Study completed in May 2024 supports a large-scale 22-year, 50ktpd open-pit mining operation, positioning it as a cornerstone project in North America.

For more information:

Caroline Arsenault
VP Corporate Communications
+1 (647) 407-7123
info@troilusgold.com

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