Troilus reports metallurgical recoveries of 95.5% gold,

MONTREAL, July 12. 2022 (GLOBE NEWSWIRE) — Troilus Gold Corp. (TSX: TLG; OTCQX: CHXMF) (“Troilus” or the “Company”) is pleased to report excellent metallurgical recovery results for Zone 87 as part of the recently concluded metallurgical testwork program at pilot plant scale on each of the main mineral deposits (87 Zone, J Zone and Southwest Zone) of its Troilus project in north-central Quebec, Canada. Approximately 3 tons of samples from each of the main mineral zones were sent last year to the Eriez Metallurgical Testing Facility in Erie, Pennsylvania, to validate the recovery of gold, copper and silver. silver using standard gravity and column flotation technology. The latest results from the 87 zone, along with the metallurgical recoveries from the Southwest and J zones announced earlier this year (see news releases February 28 and June 28, 2022) will be used to support the upcoming pre-feasibility study, as well as future economic studies.

Overview and results of the Z87 metallurgical test program:

  • A composite sample of approximately 3 tonnes (3,000 kg) of mineralized material from the Z87 zone, prepared using coarse assay rejects and a quarter sawn core from the various domains of the PEA mineralized zone, was been supplied to Eriez for testing.
  • Overall gold recovery of 95.5%, copper recovery of 95.9% and silver recovery of 92.8% were achieved using combined gravity separation and column flotation rougher-reclaimer-cleaner, an industry standard processing method.
  • These results exceed all recoveries used in the Preliminary Economic Assessment (see August 20, 2020 press release), where recoveries for copper and gold were 90% and silver 40%.

Justin Reid, CEO and Director of Troilus Gold, said, “Results from this pilot plant metallurgical test program yielded excellent recovery rates in all three mineral zones using standard and proven processing methods. These new results support and, in most cases, improve upon the results of previous metallurgical testwork completed in 2020, representing a significant risk reduction step for the project and establishing a solid foundation for the upcoming pre-feasibility study. as well as for future engineering work. .”

Table 1. Pilot Plant Scale Metallurgical Recoveries in 2022 vs. PEA Recoveries in 2020

2022 pilot plant scale metallurgical test program
gold recovery Copper recovery Money recovery
Z87 95.5% 95.9% 92.8%
J-zone 92.9% 90.4% 88.8%
Southwest area 88.3% 93.5% 89.4%
2020 Metallurgical Testing Results Considered in Preliminary Economic Assessment (August 2020)
gold recovery Copper recovery Money recovery
Z87 90% 90% 40%
J-zone 90% 90% 40%
Southwest area ~90% ~90% 40%

Qualified persons

The scientific and technical information contained in this press release has been reviewed and approved by Joseph C. Milbourne, SME Registered Member, Director of Technical Services for Troilus Gold Corp., who is a Qualified Person within the meaning of NI 43-101. Mr. Milbourne is an employee of Troilus and therefore is not considered independent of the Company under NI 43-101.

About Eriez

Founded in 1942, Eriez is a world leader in separation technologies used in mineral processing operations for base metals, gold, industrial minerals, coal and oil sands, phosphate and potash.

About Troilus Gold Corp.

Troilus Gold Corp. is a Canada-based junior mining company focused on systematically advancing and de-risking the former Troilus gold and copper mine toward production. From 1996 to 2010, the Troilus mine produced +2 million ounces of gold and nearly 70,000 tonnes of copper. Troilus is located in the top-rated mining jurisdiction in Quebec, Canada, where it holds a strategic land position of 1,420 km² in the Frôtet-Evans greenstone belt. Since the acquisition of the project in 2017, continued exploration success has demonstrated the enormous large-scale potential of the gold system on the property with significant mineral resource growth. The Company is advancing engineering studies following the completion of a strong PEA in 2020, which demonstrated the potential of the Troilus Project to become a premier gold and copper producing asset in Canada. Led by an experienced team with a track record of successful mine development, Troilus is well positioned to become a flagship project in North America.

For more information:

Caroline Arsenault
VP Corporate Communications
+1 (647) 407-7123
[email protected]

Caution Regarding Forward-Looking Statements and Information

The PEA is preliminary in nature, includes Inferred Mineral Resources that are considered too geologically speculative to have the economic considerations applied to them that would allow them to be classified as Mineral Reserves, and there is no certainty that the PEA will be carried out. 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 regarding the key assumptions, parameters, methods and determination risks associated with the foregoing.

This press release contains “forward-looking statements” within the meaning of applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements regarding the potential impact of the testing program on the Company and the likelihood that projected results, including but not limited to recoveries, will be achieved within timelines targeted or not at all, timeline for future studies including pre-feasibility study, environmental assessments (including timeline for an environmental impact study) and development plans, possibility of scaling up of the project, the project becoming a reference mining project in Quebec and in Canada; the development potential and timing of the project; mineral resource estimation; carrying out mineral resource estimates; the timing and amount of estimated future exploration; the costs of future activities; capital and operating expenses; success of exploration activities; the anticipated ability of investors to continue to benefit from the Company’s low discovery costs, technical expertise and support from local communities; ; the timing and amount of estimated future exploration; the expected results of the Company’s 2022 drilling program and their possible impact on the potential size of the mineral resource estimate; the continued impact of the novel coronavirus (COVID-19) and the considerable uncertainties as to the geographic, social and economic impact on the Company. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “anticipates”, “expects” or “does not expect”, “is planned”, “budget”, “planned”, “estimates”, “plans”, “intends”, “continues”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “could” or “will be taken”, “will occur” or “will be carried out”. Forward-looking statements are made based on certain assumptions and other material facts which, if incorrect, could cause the actual results, performance or achievements of Troilus to be materially different from any future results, performance or achievements expressed. or implied by these statements. These 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. Some important factors that could cause actual results, performance or achievements to differ materially from those set forth in the forward-looking statements include, among others, currency fluctuations, global economic climate, dilution, stock 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 differ materially from those expressed or implied by these forward-looking statements, including but not limited to: the impact that the COVID 19 pandemic may have on the Company’s business (including, without limitation, its employees and suppliers ) and the economy in general; the impact of the post-pandemic recovery of COVID 19 and its impact on gold and other metals; there can be no assurance that the Company’s exploration program or programs will result in an increase in mineral resources; risks and uncertainties inherent in mineral resource estimates; the high degree of uncertainties inherent in preliminary economic assessments and other mining and economic studies that rely heavily on various assumptions; changes in the prices of gold and other precious metals, fluctuations in exchange rates; changes in the cost of supplies and labor; receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future prices of gold and other metals; accidents, labor disputes and shortages; environmental and other risks of the mining industry, including, without limitation, the risks and uncertainties discussed in the technical report and in other continuous disclosure documents of the Company available under the Company’s profile at the address www.sedar.com. Although Troilus has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause results not to be those anticipated, estimated or planned. 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.

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