Troilus Gold Corp. Expands Southwest Zone Strike Length by 40% to 1.5 km

• Gold mineralization has been extended along strike to the northeast by an additional +400 metres into the Gap Zone (See holes ZSW20-218/ ZSW20-219, Figure 2).
  Highlights include:
  • 2.23 g/t AuEq over 4m, incl. 3.50 g/t AuEq over 2m
  • 2.48 g/t AuEq over 2m, incl. 3.77 g/t AuEq over 1m
  • 12.37 g/t AuEq over 1m
  • 1.14 g/t AuEq over 5.7, incl. 3.06 g/t AuEq over 1.7m
  • 5.36 g/t AuEq over 1m
  • 5.00 g/t AuEq over 1m
  • 3.12 g/t AuEq over 1m
• Down dip extensions continue up to 450 metres below the pit shell proposed in the Preliminary Economic Assessment ("PEA") (See August 31, 2020 press release). Highlights include:
  • 5.03 g/t AuEq over 1m
  • 3.16 g/t AuEq over 1m
  • 2.78 g/t AuEq over 1m
  • 2.66 g/t AuEq over 1m
• All intersections reported herein were located outside of the PEA pit shell
  (See Table 1)

"The Southwest Zone continues to grow and exceed our expectations. With each step-out hole the system extends further to the northeast towards the current limits of Z87 South - an area we now identify as the 'Gap Zone'," commented Justin Reid, CEO of Troilus Gold. "This recent drilling has intersected targeted down-dip extensions of historic shallow drilling that was conducted by Inmet Mining Corp. in 1986. This area was abandoned with the subsequent discovery of Z87, which became Inmet's main production pit. We have two drills turning in the Gap Zone, and we intend to deploy a third. The continuity of mineralization is exciting and the Gap Zone will be a continued major focus of our work through the spring and summer of 2021 to help us better understand the nature and extent of the results we are seeing."

The Southwest Zone demonstrates an ongoing trend of higher grade gold intercepts within a much broader disseminated mineralized zone, consistent with the main Z87 zone. Parallel zones of mineralization continue to be discovered as drilling is extended at depth. These footwall mineralized intervals are showing how the Southwest Zone is not just extending along strike back towards the mine complex, but also adding width to previous mineral interpretations. Thrusting and folding in the area are likely the control on these parallel systems, and are confirming the structural interpretation of the geology team. Gold is most often found to be mineralized in two distinct styles; disseminated along the interstices of sulphides, and vein hosted along boundaries of quartz carbonate veins. These two distinct styles occur together as one system, and produce the broad zones of mineralization depicted in the sections of Figures 3 and 4.

This Southwest Zone was initially discovered and drilled in late 2019 and early 2020 following new geologic modelling by Troilus' technical team. A mere 8,500 metres drilled in this zone contributed an estimated Inferred resource of 580,000 oz AuEq (22.6 Mt, at avg. grade of 0.80 g/t AuEq) to the total mineral resource estimate of 4.96 Moz AuEq Indicated (177 Mt with an average grade of 0.87 g/t AuEq) and 3.15 Moz AuEq Inferred (116.7 Mt with an average grade of 0.84 g/t AuEq) (see press release announcing the latest mineral resource estimate dated July 28, 2020). In the coming months, Troilus intends to conduct infill drilling in the Southwest Zone, which will be required in order for all the newly identified zones of mineralization to be included into an updated mineral resource estimate and Pre-Feasibility Study, currently targeted for completion in the second half of 2021.

Figure 1: Longitudinal Section of the Main Mineral Zones & Near-Term Targets at Troilus
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Figure 2: Location of New Drill Hole Results in the Southwest Zone
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Figure 3: Section N10300; View of drill hole TLG-ZSW20-218
https://www.globenewswire.com/NewsRoom/AttachmentNg/1d21ee83-3b0a-41c9-9697-de840b0786d7

Figure 4: Section N9650; View of drill holes TLG-ZSW20-206 and TLG-ZSW20-207
https://www.globenewswire.com/NewsRoom/AttachmentNg/3bd98e50-9e59-43d2-b9b0-d98b5e47eed7

Table 1: New Southwest Zone Drill Results Highlights

*Note drill intervals reported in this news release are down-hole core lengths as true thicknesses cannot be determined with available information.

Quality Assurance and Control

During the Southwest Zone drill program in 2020, one metre assay samples were taken from NQ core and sawed in half. One-half was sent for assaying at ALS Laboratory, a certified commercial laboratory, and the other half was retained for results, cross checks, and future reference. A strict QA/QC program was applied to all samples, which included insertion of one certified mineralized standard and one blank sample in each batch of 25 samples. Every sample was processed with standard crushing to 85% passing 75 microns on 500 g splits. Samples were assayed by one-AT (30 g) fire assay with an AA finish and if results were higher than 3.5 g/t Au, assays were redone with a gravimetric finish. For QA/QC samples, a 50 g fire assay was done. In addition to gold, ALS laboratory carried out multi-element analysis for ME-ICP61 analysis of 33 elements four acid ICP-AES.

Qualified Person

The technical and scientific information in this press release has been reviewed and approved by Bertrand Brassard, M.Sc., P.Geo., Chief Geologist, who is a Qualified Person as defined by NI 43-101. Mr. Brassard is an employee of Troilus and is not independent of the Company under NI 43-101.

About Troilus Gold Corp.

Troilus is a Toronto-based, Quebec focused, advanced stage exploration and early-development company focused on the mineral expansion and potential mine re-start of the former gold and copper Troilus mine. The 107,326 hectare Troilus property is located northeast of Chibougamau, within the Frot?t-Evans Greenstone Belt in Quebec, Canada. From 1996 to 2010, Inmet Mining Corp. operated the Troilus project as an open pit mine, producing more than 2,000,000 ounces of gold and nearly 70,000 tonnes of copper.

For more information:

Caroline Arsenault
VP Corporate Communications
+1 (647) 407-7123
info@troilusgold.com

Cautionary Note Regarding Forward-Looking Statements and Information

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability; the estimate of Mineral Resources in the updated Mineral Resource statement may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no certainty that the Indicated Mineral Resources will be converted to the Probable Mineral Reserve category, and there is no certainty that the updated Mineral Resource statement will be realized.

The PEA is preliminary in nature, includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The PEA is subject to a number of risks and uncertainties. See below and the Company's latest technical report available on SEDAR for more information with respect to the key assumptions, parameters, methods and risks of determination associated with the foregoing.

This press release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements regarding the impact of the ongoing drill program and results on the Company, the possible economics of the project and the Company's understanding of the project; the development potential and timetable of the project; the estimation of mineral resources; realization of mineral resource estimates; the timing and amount of estimated future exploration; the anticipated results of the Company's ongoing 2021 drill program and their possible impact on the potential size of the mineral resource estimate; costs of future activities; capital and operating expenditures; success of exploration activities; the anticipated ability of investors to continue benefiting from the Company's low discovery costs, technical expertise and support from local communities. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "continue", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are made based upon certain assumptions and other important facts that, if untrue, could cause the actual results, performances or achievements of Troilus to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Troilus will operate in the future. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, currency fluctuations, the global economic climate, dilution, share price volatility and competition. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of Troilus to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: there being no assurance that the exploration program will result in expanded mineral resources; risks and uncertainties inherent to mineral resource estimates; the impact the COVID-19 pandemic may have on the Company's activities (including without limitation on its employees and suppliers) and the economy in general; the impact of the recovery post COVID-19 pandemic and its impact on gold and other metals; the receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages; environmental and other risks of the mining industry, including without limitation, risks and uncertainties discussed in the most recent Technical Report and in other continuous disclosure documents of the Company available under the Company's profile at www.sedar.com. Although Troilus has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Troilus does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.