Troilus Gold (TSX: TLG) (OTCQX: CHXMF) has reported additional results from the Southwest Zone, part of its ongoing exploration and infill drill program on its 100%-owned Troilus Gold Project (“Troilus” or the “Project”), which hosts one of the largest undeveloped gold and copper deposits in Quebec, Canada. The Southwest Zone is located approximately 2.5 kilometres southwest of the former mine and main mineral corridor (Z87, Z87 South and J Zone), and has become one of the most important mineral growth targets on the Troilus property since it was initially drilled in late 2019.

Drilling Highlights - Southwest Zone:

ZSW21-512 returned high-grade gold, among the best results ever drilled at Troilus, within 60 metres from surface (see cross-section in Figure 2). Highlights include:

• 3.58 g/t AuEq over 15m, incl. 6.76 g/t AuEq over 7m, 27.43 g/t AuEq over 1m, 9.27 g/t AuEq over 1m and 4.31 g/t AuEq over 1m
• This hole is located 400 metres south and on trend with previously reported drill hole ZSW20-189, which also returned one of the best results at Troilus 1.56 g/t AuEq over 73m, including 2.05 g/t AuEq over 48m (see press release dated April 21, 2020), suggesting a possible extension of this high-grade trend to the south of the Preliminary Economic Assessment (“PEA”) pit shell.

Nearly all intercepts in holes ZSW21-505 and ZSW21-506 are located directly adjacent and up to 65 metres below the PEA pit shell. Highlights include:

• 5.73 g/t AuEq over 6m, incl. 32.41 g/t AuEq over 1m
• 1.21 g/t AuEq over 13m, incl. 2.37 g/t AuEq over 5m and 7.93 g/t AuEq over 1m
• 1.26 g/t AuEq over 11m, incl. 2.35 g/t AuEq over 5m and 7.43 g/t AuEq over 1m
• 1.69 g/t AuEq over 7m, incl. 9.92 g/t AuEq over 1m
• 1.10 g/t AuEq over 6m, incl. 2.53 g/t AuEq over 1m
• 6.58 g/t AuEq over 1m
• 4.89 g/t AuEq over 1m

ZSW21-500 returned strong mineralization directly below the deepest part of the PEA pit shell. Intercept highlights include:

• 0.93 g/t AuEq over 25m, incl. 2.14 g/t AuEq over 1m
• 16.96 g/t AuEq over 1m

“The latest results from the Southwest are exceptional and expand the mineralization in a direction that has not previously been tested. These are among the strongest intercepts that have ever been drilled at Troilus and exemplify the exciting growth potential in this zone, as well as the scale of the larger Troilus trend. Our understanding of this deposit continues to improve as we expand mineral envelopes and better define the high-grade component of mineralization within it, which is present throughout the ore body,” commented Justin Reid, President and CEO of Troilus Gold. “It’s only been a year and a half since we started drilling the Southwest Zone; these are still early days, but the zone is rapidly expanding and continues to surpass our expectations. We’re very excited to continue aggressively drilling this area and look forward to seeing how this zone will contribute to the long-term life of this project.”

Southwest Zone: 2018-Present

The Southwest Zone is located 2.5 kilometres southwest of Z87, the former mine’s main production pit, and lies along the margin of the Troilus Diorite and surrounding volcanics. Initial prospecting and mapping started in 2018 to follow-up on some sparse and shallow drilling completed by Inmet Mining Corporation from 1986 to 2000, which returned intercepts as high as 1.23 g/t gold over 36 metres and 1.06 g/t gold over 18 metres. Troilus’ exploration team was successful in identifying a new gold bearing mineralized zone at surface, and an initial drilling program commenced in late November 2019.

Since then, approximately 43,800 metres have been drilled in the Southwest Zone, uncovering a homogeneous body of mineralization that is geologically similar to the main zone Z87, extending over a strike length of 1.5 kilometres and returning some the best intercepts ever recorded at Troilus. Mineralization in this zone remains open in all directions and at depth. Of the total metres drilled in the Southwest Zone to date, 8,500 metres were included in the July 2020 mineral resource estimate, which contributed 583,000 oz of Inferred resources (22.6 Mt @ 0.80 g/t AuEq) to the overall mineral resource (See press release dated July 28, 2020; 4.96 Moz AuEq, 177.3Mt @ 0.87 g/t, in the Indicated category and 3.15 Moz AuEq, 116.7Mt @ 0.84 g/t, in the Inferred category). Over 35,000 metres of new drill data, not including continued and upcoming drilling, will be included in the upcoming mineral resource update, which the Company expects will meaningfully contribute to the total resources and future mine plan of the project.

Across all zones in the main mineral corridor, approximately 74,300 metres have been drilled since the 2020 mineral resource estimate cut-off. Drilling is ongoing at a rate of approximately 10,000 metres per month with the intention of including as much of this new drill data as possible into the upcoming new mineral resource estimate and pre-feasibility study.

Table 1: New Southwest Zone Drill Results

Disclaimer: Troilus Gold is a paid marketing client, and we own shares in the company*

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