Troilus Gold Corp. (“Troilus” or the “Company”, TSX: TLG; OTCQX:
CHXMF) reports additional assay results from the Southwest Zone at
its 100%-owned Troilus deposit, located in northcentral Quebec,
Canada, as part of an ongoing drill program primarily targeting the
Southwest Zone in advance of a new mineral resource estimate and
Pre-Feasibility Study scheduled for completion in the first half of
2022. The Southwest Zone is located ~2.5 kilometres southwest of
the former mine and main mineral zones, directly adjacent to the
access road of the Troilus mine site. Initially discovered and
drilled in late 2019, the Southwest Zone has become one of the most
significant areas of mineral growth on the property, with a mineral
strike length that has more than doubled to 1.85 kilometres in the
last 12 months.
The majority of intercepts reported herein are
located at surface, outside of the pit shell proposed in the
Preliminary Economic Assessment (“PEA”) from August 2020, including
five holes targeting mineral extensions on the western edge of the
Southwest ore body (holes SW-21-520, SW-21-521, SW-21-522,
SW-21-537 and SW-21-538) which confirmed extensions of
mineralization up to 85 metres down dip.Southwest Zone
Intercept Highlights, include:
Hole SW-21-523
- 4.52 g/t AuEq over 5m, within a broader intersection of 2.06
g/t AuEq over 14m, as well as 1.35 g/t AuEq over 6m, including 3.17
g/ AuEq over 2m
- These strong intersections add confidence to the mineral
corridor and confirm a continuity of the ore body up to 200 metres
below the PEA pit shell
Hole SW-21-537
- 3.19 g/t AuEq over 5m, within a broader intersection of 1.14
g/t AuEq over 19m, located within 80 metres from surface and 150
metres southwest of the PEA pit shell
- 1.19 g/t AuEq over 7m
- 1.15 g/t AuEq over 6m, incl. 5.28 g/t AuEq over 1m
- All intercepts from hole 537 are located outside of the PEA pit
shell, further confirming down dip extensions of mineralization by
65 metres.
Hole SW-21-538
- 1.01 g/t AuEq over 16m, including 1.32 g/t AuEq over 10m,
located 100m below PEA pit shell
- All drilled intercepts located outside of the PEA pit
shell
Justin Reid,
President, CEO and Director of Troilus Gold, stated, “2021 was a
stand-out year on the exploration front, marked by major growth and
technical advancements in the Southwest Zone. This is a very young
discovery that we initially drilled just 2 years ago, and already
we have identified a contiguous ore body extending over 1.85
kilometres. Every hole reported today has expanded or confirmed
mineralization outside of the PEA pit shell, which strengthens my
confidence in the decision we made late last year to revise the
timing of the updated mineral resource estimate to the first half
of this year. We believe this growing zone could be a major
production center of the future mine due to our evolving
understanding that the ore body is directly at surface and
generally higher grade than the rest of the deposit. Therefore, we
feel it’s important for this zone to be properly represented in the
upcoming Pre-Feasibility Study. We currently have four drill rigs
focused in the Southwest Zone, with a fifth being mobilized in the
coming week, together drilling at a rate of approximately 10,000
metres per month to further improve drill density and define the
extent of the zone.”
Figure 1: Plan
View Map and 3D Renderings of Southwest Zone Drill
Resultshttps://www.globenewswire.com/NewsRoom/AttachmentNg/d81b36e0-e2e7-420b-80f6-43ec21ade8a5
Table 1: Southwest Zone Drill
Results
Hole |
From(m) |
To(m) |
Interval(m) |
Inside/Outsideof 2020 PEAPit Shell |
Au Grade(g/t) |
Cu Grade(%) |
Ag Grade(g/t) |
AuEq Grade(g/t) |
SW-21-502 |
|
|
|
|
|
|
|
|
41 |
42 |
1 |
Inside |
1.02 |
0.04 |
0.70 |
1.10 |
|
61 |
80 |
19 |
Inside |
0.63 |
0.06 |
0.65 |
0.71 |
incl |
61 |
63 |
2 |
Inside |
1.16 |
0.07 |
0.60 |
1.33 |
incl |
75 |
78 |
3 |
Inside |
0.92 |
0.09 |
0.57 |
1.05 |
|
85 |
93 |
8 |
Inside |
0.73 |
0.04 |
1.00 |
0.79 |
incl |
85 |
86 |
1 |
Inside |
1.21 |
0.09 |
0.90 |
1.33 |
|
104 |
107 |
3 |
Inside |
1.77 |
0.02 |
0.25 |
1.80 |
|
123 |
124 |
1 |
Inside |
1.17 |
0.11 |
0.50 |
1.30 |
|
139 |
145 |
6 |
Outside |
0.55 |
0.20 |
2.45 |
0.83 |
incl |
144 |
145 |
1 |
Outside |
1.57 |
0.42 |
6.40 |
2.17 |
SW-21-514 |
|
|
|
|
|
|
|
|
33 |
34 |
1 |
Inside |
1.13 |
0.04 |
0.25 |
1.18 |
|
47 |
57 |
10 |
Inside |
0.97 |
0.12 |
0.96 |
1.13 |
|
48 |
53 |
5 |
Inside |
1.46 |
0.15 |
1.00 |
1.66 |
|
72 |
75 |
3 |
Inside |
0.88 |
0.04 |
0.75 |
0.94 |
|
146 |
147 |
1 |
Outside |
1.18 |
0.07 |
0.90 |
1.27 |
SW-21-520 |
|
85 |
86 |
1 |
Outside |
1.10 |
0.00 |
0.03 |
1.11 |
|
93 |
101 |
8 |
Outside |
0.66 |
0.02 |
1.53 |
0.70 |
incl |
100 |
101 |
1 |
Outside |
3.27 |
0.01 |
0.03 |
3.28 |
|
105 |
118 |
13 |
Outside |
1.01 |
0.00 |
0.40 |
1.02 |
incl |
110 |
111 |
1 |
Outside |
3.51 |
0.00 |
0.03 |
3.52 |
incl |
115 |
117 |
2 |
Outside |
2.63 |
0.00 |
0.51 |
2.64 |
|
287 |
288 |
1 |
Outside |
1.75 |
0.02 |
0.60 |
1.77 |
|
321 |
322 |
1 |
Outside |
1.80 |
0.00 |
0.03 |
1.81 |
|
382 |
385 |
3 |
Outside |
0.92 |
0.06 |
0.38 |
1.01 |
|
453 |
454 |
1 |
Outside |
0.61 |
0.86 |
7.70 |
1.78 |
SW-21-521 |
|
95 |
99 |
4 |
Outside |
1.48 |
0.00 |
2.19 |
1.51 |
incl |
95 |
97 |
2 |
Outside |
2.71 |
0.01 |
4.35 |
2.76 |
|
266 |
267 |
1 |
Outside |
2.55 |
0.06 |
0.03 |
2.64 |
|
287 |
288 |
1 |
Outside |
1.49 |
0.24 |
2.80 |
1.82 |
|
293 |
301 |
8 |
Outside |
1.01 |
0.04 |
0.03 |
1.06 |
incl |
298 |
299 |
1 |
Outside |
5.31 |
0.03 |
0.03 |
5.35 |
|
326 |
327 |
1 |
Outside |
1.94 |
0.02 |
0.03 |
1.97 |
|
349 |
370 |
21 |
Outside |
0.62 |
0.09 |
0.93 |
0.75 |
incl |
349 |
350 |
1 |
Outside |
2.37 |
0.22 |
2.10 |
2.67 |
incl |
369 |
370 |
1 |
Outside |
4.81 |
1.13 |
13.40 |
6.39 |
|
386 |
410 |
24 |
Outside |
0.65 |
0.02 |
0.11 |
0.68 |
incl |
386 |
395 |
9 |
Outside |
0.88 |
0.02 |
0.14 |
0.91 |
incl |
386 |
387 |
1 |
Outside |
3.19 |
0.02 |
0.03 |
3.22 |
|
420 |
421 |
1 |
Outside |
1.34 |
0.01 |
0.03 |
1.36 |
|
438 |
439 |
1 |
Outside |
1.31 |
0.03 |
1.50 |
1.36 |
|
454 |
471 |
17 |
Outside |
0.58 |
0.08 |
0.82 |
0.70 |
incl |
456 |
459 |
3 |
Outside |
0.93 |
0.18 |
2.13 |
1.18 |
SW-21-522 |
|
|
|
|
|
|
|
|
264 |
269 |
5 |
Outside |
1.09 |
0.01 |
0.03 |
1.10 |
|
322 |
323 |
1 |
Outside |
1.82 |
0.07 |
0.03 |
1.91 |
|
389 |
390 |
1 |
Outside |
1.73 |
0.05 |
0.03 |
1.79 |
|
422 |
423 |
1 |
Outside |
2.21 |
0.21 |
2.70 |
2.50 |
|
443 |
448 |
5 |
Outside |
0.89 |
0.04 |
0.32 |
0.95 |
|
457 |
470 |
13 |
Outside |
0.67 |
0.05 |
0.38 |
0.74 |
incl |
457 |
458 |
1 |
Outside |
2.90 |
0.06 |
0.50 |
2.99 |
|
473 |
487 |
14 |
Outside |
0.67 |
0.05 |
0.43 |
0.75 |
incl |
473 |
474 |
1 |
Outside |
1.23 |
0.07 |
0.70 |
1.32 |
incl |
479 |
480 |
1 |
Outside |
1.82 |
0.01 |
0.03 |
1.84 |
|
511 |
512 |
1 |
Outside |
2.37 |
0.00 |
1.70 |
2.39 |
|
516 |
517 |
1 |
Outside |
1.68 |
0.01 |
0.03 |
1.69 |
SW-21-523 |
|
38 |
39 |
1 |
Inside |
1.24 |
0.01 |
15.30 |
1.41 |
|
83 |
86 |
3 |
Inside |
1.05 |
0.00 |
0.94 |
1.07 |
|
111 |
112 |
1 |
Inside |
1.55 |
0.00 |
0.03 |
1.55 |
|
253 |
254 |
1 |
Outside |
1.27 |
0.02 |
0.90 |
1.31 |
|
352 |
353 |
1 |
Outside |
1.24 |
0.05 |
7.30 |
1.39 |
|
408 |
422 |
14 |
Outside |
1.98 |
0.06 |
0.98 |
2.06 |
incl |
414 |
419 |
5 |
Outside |
4.40 |
0.08 |
1.25 |
4.52 |
|
445 |
446 |
1 |
Outside |
1.24 |
0.25 |
1.20 |
1.57 |
|
472 |
474 |
2 |
Outside |
1.64 |
0.13 |
0.71 |
1.82 |
|
532 |
538 |
6 |
Outside |
1.03 |
0.24 |
1.89 |
1.35 |
incl |
535 |
537 |
2 |
Outside |
2.45 |
0.53 |
4.20 |
3.17 |
SW-21-537 |
|
59 |
78 |
19 |
Outside |
1.08 |
0.03 |
2.16 |
1.14 |
incl |
69 |
74 |
5 |
Outside |
3.12 |
0.02 |
3.42 |
3.19 |
|
244 |
245 |
1 |
Outside |
1.59 |
0.03 |
0.03 |
1.63 |
|
261 |
268 |
7 |
Outside |
1.16 |
0.02 |
0.22 |
1.19 |
|
290 |
291 |
1 |
Outside |
3.12 |
0.00 |
0.03 |
3.13 |
|
312 |
313 |
1 |
Outside |
1.11 |
0.03 |
0.70 |
1.15 |
|
316 |
322 |
6 |
Outside |
1.11 |
0.03 |
0.55 |
1.15 |
incl |
319 |
320 |
1 |
Outside |
5.26 |
0.02 |
0.03 |
5.28 |
|
350 |
351 |
1 |
Outside |
4.84 |
0.01 |
0.03 |
4.85 |
|
380 |
381 |
1 |
Outside |
1.91 |
0.01 |
0.03 |
1.93 |
SW-21-538 |
|
207 |
208 |
1 |
Outside |
0.95 |
0.04 |
1.70 |
1.02 |
|
215 |
216 |
1 |
Outside |
1.44 |
0.08 |
2.40 |
1.56 |
|
360 |
361 |
1 |
Outside |
1.32 |
0.00 |
0.50 |
1.33 |
|
390 |
406 |
16 |
Outside |
0.86 |
0.10 |
2.17 |
1.01 |
incl |
390 |
400 |
10 |
Outside |
1.12 |
0.13 |
2.86 |
1.32 |
*Note drill intervals
reported in this news release are down-hole core lengths as true
thicknesses cannot be determined with available information.
COVID-19
Readiness & Response
Troilus continues to identify and implement
measures to protect the health and well-being of its employees and
communities, while following recommendations of health
authorities.
Quality Assurance and
Control
During the Southwest Zone drill program in 2021,
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 PersonThe technical
and scientific information in this press release has been reviewed
and approved by Kyle Frank, P.Geo., Senior Geologist, who is a
Qualified Person as defined by NI 43-101. Mr. Frank is an employee
of Troilus and is not independent of the Company under NI
43-101.
About Troilus Gold Corp.
Troilus Gold Corp. is a Canadian-based junior
mining company focused on the systematic advancement and de-risking
of the former gold and copper Troilus Mine towards 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 of Quebec, Canada, where is holds a
strategic land position of 1,420 km² in the Frôtet-Evans Greenstone
Belt. Since acquiring the project in 2017, ongoing exploration
success has demonstrated the tremendous 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 robust PEA in 2020, which demonstrated the
potential for the Troilus project to become a top-ranked gold and
copper producing asset in Canada. Led by an experienced team with a
track-record of successful mine development, Troilus is positioned
to become a cornerstone project in North America.
For more information:
Caroline ArsenaultVP Corporate
Communications+1 (647) 407-7123info@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 2022 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.
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