Troilus Reports New Mineral Resource Estimate of 4.96 Million Indicated AuEq Ounces and 3.15 Million Inferred AuEq Ounces

Troilus Reports New Mineral Resource Estimate of 4.96 Million Indicated AuEq Ounces and 3

TORONTO, July 28, 2020 (GLOBE NEWSWIRE) — Troilus Gold Corp. (TSX: TLG; OTCQB: CHXMF) (“Troilus” or the “Company”) is pleased to provide an updated mineral resource estimate from its 100% owned Troilus property located 170 km by road northeast of Chibougamau, Quebec, Canada (the “Troilus Project”). The updated mineral resource estimate is summarized in Table 1.  For full cut-off sensitivities and background information please visit the Troilus website at www.troilusgold.com.Highlights:The total estimated indicated mineral resource has increased to 4.96 Moz AuEq (177 Mt with an average grade of 0.87 g/t AuEq) and the total estimated inferred mineral resource has increased to 3.15 Moz AuEq (116.7 Mt with an average grade of 0.84 g/t AuEq)The open pit estimated mineral resources have increased by 601,000 ounces AuEq to 4.21 Moz (164.2 Mt with an average grade of 0.80 g/t AuEq) in the Indicated category and 1.49 Moz ounces AuEq in the Inferred category to 2.27 Moz (101.2 Mt with an average grade of 0.70 g/t AuEq), compared to the December 20, 2019 mineral resource estimateThe newly discovered and recently drilled Southwest Zone contributed 583,000 ounces AuEq to inferred mineral resources (22.6 Mt with an average grade of 0.80 g/t AuEq)Total estimated indicated mineral resources have increased by 142% and inferred mineral resources have increased by 350% since the mineral resource estimate (effective date of June 30, 2016) when the Troilus Project was first acquiredTable 1 – Mineral Resource Estimate – Effective as of July 20, 2020
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