Troilus Gold drills 10.13 g/t AuEq over 10 metres at Troilus project, Quebec

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Troilus Gold Corp. [TLG-TSX; CHXMF-OTCQX] reported assay results from the X22 zone at its Troilus project, located in north-central Quebec, Canada. The results are from the drill campaign at X22, a body of mineralization identified in late 2022 that originates at the Z87 open pit and extends to the southwest into the Gap zone, which has rapidly defined and expanded a high-grade northeast-southwest deformation corridor that characterizes the zone.

The reported drill holes have further demonstrated continuity of mineralization between the high-grade trends of this zone. The results reported today represent the final set of drill holes from the X22 definition drill program and the data cut-off for inclusion in the upcoming mineral resource estimate (MRE). All results reported herein lie entirely outside of the PEA pit shells and will be included in the MRE, on track for completion in the coming weeks.

X22 intercept highlights: 10.13 g/t AuEq (gold equivalent) over 10 metres within a broader intersection of 1.80 g/t AuEq over 80 metres confirming mineral continuity ~300 metres from surface and remains open at depth (hole X22-23-071); 1.15g/t AuEq over 70 metres, including 11 metres of 3.54 g/t AuEq and 6 metres of 2.42 g/t AuEq and 0.96 g/t AuEq over 17- metres, including 3.23 g/t AuEq over 1 metre (hole X22-23-049); 0.85 g/t AuEq over 44 metres including 1.79 g/t AuEq over 8 metres and 6.65 g/t AuEq over 1 metre (hole X22-23-061); 0.86 g/t AuEq over 32 metres, including 1.43 g/t AuEq over 8 metres and 3.36 g/t AuEq over 3 metres within a broader intersection of 0.89 g/t AuEq over 9 metres (hole X22-23-048); 1.02 g/t AuEq over 22 metres (hole X22-23-054); 2.65 g/t AuEq over 3 metres within a larger interval of 0.77 g/t AuEq over 27 metres (hole X22-23-064); 32.5 g/t AuEq over 1 metre and 12.4 g/t AuEq over 1 metre (hole X22-23-075).

Justin Reid, cCEO, commented: “Despite a challenging summer for the region as a result of the forest fires, our team has continued to make significant headway in its exploration and development activities. The now completed X22 drill program has rapidly delineated and expanded this zone and returned extremely positive results with some of the highest grades and most continuous intercepts that Troilus has seen to date, supporting our goal of creating value through near-pit drilling for resource growth and conversion. X22 accounts for a small fraction of the drilling at our project, however, has returned exceptionally high grades, which we believe will present compelling opportunities for mine sequencing and project payback. Our team is now working diligently to incorporate this new data into the geological model for the MRE, which we expect to complete in the coming weeks.”

The X22 expansion and infill drilling program has defined and expanded the mineralization trend, which now has a strike length of ~1km, having drilled 80 drill holes for a total of 23,256 metres since its initial discovery in 2022. These most recent results from X22 continue to demonstrate the zone’s typical pattern of near-surface mineralization over wide intervals and showcase continuity of mineralization between the previously reported holes.

All results from the recently completed drilling program at X22 have now been reported. Approximately 240,450 metres have been drilled since the 2020 MRE cut-off, focusing on growth and conversion of mineral resources from the Inferred category to the Measured and Indicated categories. These results will all be incorporated into an updated MRE, expected to be announced in the coming weeks, and included in a Feasibility Study, expected to be complete by the end of 2023 or early 2024.

With the X22 drilling now complete, the company has curtailed exploration activities to focus on mine development and the progression of Federal and Provincial permitting processes. Regional exploration plans will be evaluated in the Spring. This slowdown will also allow for some upgrades to camp infrastructure and repairs to the hydroelectric transmission lines that were damaged by the forest fires this summer.

Troilus Gold Corp. is 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 holds a land position of 435 km2 within the prospective Frotet-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.

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