TROILUS GOLD CORP - CHXMF STOCK NEWS

Troilus Gold Corp. (TSX: TLG; OTCQX: CHXMF) has announced positive drill results from its newly discovered 'West Rim' VMS target at the Troilus Project in Quebec, Canada. Key highlights include:

- Hole WR-24-003: 1.66 g/t AuEq over 20m, including 3.10 g/t AuEq over 8m
- Hole WR-24-004: 1.08 g/t AuEq over 11m, including 7.13 g/t AuEq over 1m

The West Rim target is located within 150 meters of the North Reserve Pit Shell and shows potential to enhance the mine model. The prospective trend extends for about 4km and remains largely unexplored. The company plans to commence the next round of drilling in the coming weeks, focusing on identifying higher-grade ounces that could be incorporated early in the mine plan.

Troilus Gold Corp. (TSX: TLG; OTCQX: CHXMF) has initiated a major milestone in its exploration and development plans by starting the dewatering process of the J4 pit. This operation is expected to take approximately 6 months, with dewatering of the larger Z87 pit scheduled to begin in 2025, lasting about 18 months. The dewatering will provide safe access for ongoing exploration and is important for the redevelopment of the existing mine site.

Key points:

• Three 140Hp pumps are currently operating at the J4 pit
• New infrastructure has been constructed, including a main basin and spillway
• The project uses renewable hydroelectric power from Hydro-Quebec
• Water treatment facilities have been upgraded to meet government quality standards
• Environmental monitoring systems are in place to ensure minimal impact
• The company received approval for the dewatering project in 2020 after submitting an Environmental Impact Assessment in 2019

Troilus Gold has filed its NI 43-101 Technical Report for the Troilus Project's Feasibility Study (FS). The FS, prepared by AGP Mining Consultants, is in accordance with the National Instrument 43-101 Standards of Disclosure for Mineral Projects. The report supports disclosures made in the company's May 14, 2024, news release and is available on the Troilus website and SEDAR+. The Troilus Project is located in northcentral Quebec, Canada, within the Frôtet-Evans Greenstone Belt.

The report titled 'NI 43-101 Feasibility Study: Troilus Gold – Copper Project Québec Canada' has an effective date of May 14, 2024. It confirms the independent review by Qualified Persons from AGP, Lycopodium, Lamont, and WSP, who have verified the accuracy of the FS in their respective sections.

Troilus Gold has announced successful metallurgical results from its pilot plant testing for Zone X22, part of its Troilus Project in Quebec. The tests confirmed high recovery rates with 91.4% for gold, 94.0% for copper, and 87.2% for silver. These results align with previous data from other zones, ensuring consistent and predictable outcomes across the project.

The testing involved two representative samples, each weighing around 1.5 tonnes, and was conducted at Eriez's facility in Pennsylvania and FLSmidth Knelson in Utah. These findings bolster confidence in the projected production rates and support the company's environmentally friendly, cyanide-free process.

Troilus Gold has discovered a new gold zone, the 'West Rim Zone,' near the North Reserve Pit at its Troilus Project in Quebec.

The West Rim Zone showed 1.37 g/t AuEq over 11m within a broader intersection of 0.74 g/t AuEq over 32m starting at just 21m downhole.

Additionally, Zone X22 results extended mineralization to a depth of 550m, with notable intercepts including 10.27 g/t AuEq over 1m and 0.83 g/t AuEq over 30m.

The discovery is part of a 25,000m drilling campaign aimed at expanding and defining select drill targets. The West Rim Zone is an exhalative stratigraphic horizon within felsic to intermediate metavolcanic rocks, demonstrating a gold-bearing VMS system.

CEO Justin Reid highlighted the significance of these results, noting the potential for underground development and further drilling in the coming months.

Troilus Gold Corp. announced the results of its Feasibility Study for the gold-copper Troilus Project in Quebec. The study supports a 22-year open-pit mining operation with a daily throughput of 50,000 tonnes, producing significant amounts of gold, copper, and silver annually. The project has an NPV of $884.5 million and an IRR of 14% based on base case metal prices. Peak annual production is expected in year 7 with 456,100 ounces of gold. Initial capital expenditure is $1.074 million, and operating costs are projected to be low. The project benefits from existing infrastructure, minimizing additional capital requirements and emphasizing sustainable practices.

Troilus Gold Corp. announces that Sayona Mining has divested its entire equity position in Troilus, selling approximately 19.2 million shares at C$0.63 through a block trade. The shares were acquired by new and existing core institutional shareholders, with an additional 1.2 million shares sold on the open market. Sayona, a large shareholder since 2022, sold its position to strengthen its balance sheet. Troilus retained a 2% NSR on mineral products from the properties. The CEO, Justin Reid, expressed gratitude for Sayona's support and highlighted the smooth transition to new institutional investors, reinforcing confidence in the Company's growth potential.

Troilus Gold Corp provides an operational update on its Troilus Project in Quebec, with a focus on optimizing production of copper and higher-grade gold. The Feasibility Study is on track for release in May 2024. Warrant exercises have injected $3 million into the company's treasury.

Troilus Gold Corp. announces the retirement of CFO Denis C. Arsenault, effective February 1, 2024, with Corporate Controller Susanna Milne stepping into the role. Milne brings two decades of experience in the mining sector, specializing in financial reporting, regulatory compliance, and strategic financial planning. She has been integral to the company's strategic achievements since joining in 2017.