Troilus Gold Corp. reported assay results from the Southwest Zone and Gap Zone at its Troilus Project, located in northcentral Quebec, Canada. The Southwest Zone is located 2.5 kilometres from the formerly mined open pits.

It was initially discovered and drilled in late 2019 and has quickly evolved into the most significant growth target on its property. The results announced today has improved confidence in strong mineral continuity to the northeast with improved drill density and step out holes that have further expanded the Southwest Zone over 200 metres beyond the previously known boundary of mineralization, 900 metres beyond the pit shell modelled in the Preliminary Economic Assessment. Furthermore, an initial 5-hole drill program completed in the Gap Zone last year returned high-grade results which confirm a continuity of mineralized units in the 2 kilometre area between the main zone Z87 and the new Southwest Zone.

Troilus has aggressively been drilling the Southwest Zone since late last year, as it aimed to better define the extent of the zone so that it could more accurately be represented in the next phase of engineering. Althoughdrilling will continue through 2022, the Company reported that it has reached the cut-off fordrilling to be included in the updated mineral resource and Pre-Feasibility Study (“PFS”), ensuring it will meet the mid-2022 delivery timeline for these anticipated milestones. All the results reported in this press release, with the exception of the two Gap Zone holes, will be included in the upcoming PFS.

Southwest Zone Drill Results Highlights: Mineral Continuity Confirmed to the NE. Holes SW-590 returned the grades ever drilled in the Southwest Zone. This hole is located 900m northeast of the PEA pit shell and demonstrates a northward continuation of mineralized units extending over 200m beyond the previously identified mineral boundary.

92 g/t Au over 1.1m, 68 g/t Au over 1m, 2.47 g/t Au over 7m. Hole SW-630, drilled high-grade 400m north of PEA pit shell, directly at surface (from 11m to 26m downhole). 3.07 g/t AuEq over 15m, including 8.28 g/t AuEq over 5m.

0.92 g/t AuEq over 20m1 g/t AuEq over 14m, including 2.78 g/t AuEq over 4m and 7.37 g/t AuEq over 1mHole SW-591 intersected strong mineralization 820m North of the PEA pit shell. Hole SW-613 intersected strong mineralization 480m North of the PEA pit shell. 2.74 g/t AuEq over 11m, including 21.32 g/t AuEq over 1m and 3.05 g/t AuEq over 1m.

Gap Zone Drill Results Highlights: ~2.5km of Mineralization Potential Confirmed. Hole GZ-004, drilled approximately halfway between the Southwest Zone and Z87 returned high-grade intercepts associated with sheering in the diorite: 4.2 g/t AuEq over 7m, including 22.81 g/t AuEq over 1m and 5.26 g/t AuEq over 1m. Hole GZ-001 intersected mineralization hosted in the Troilus breccia, which is the host rock in the main zone Z87.

0.95 g/t AuEq over 16m, including 8.56 g/t AuEq over 1m and 2.26 g/t AuEq over 1m. The company is preparing to initiate a 11,000 metre drill program in the Gap Zone, covering the 2.5 kilometre area between Z87 and Southwest, to develop a better understand of the lithological sequence and test for additional mineralization.