Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF) (“Troilus” or the
“Company”) is pleased to announce that it has engaged Quebec-based
Tugliq Energy Corp. (“Tugliq”) to conduct an inventory of its
historical and current GHG emissions and develop a roadmap towards
a future carbon neutral mining operation (the “Troilus Carbon
Neutral Roadmap”). Tugliq provides alternative energy solutions for
autonomous networks, including remote communities and mining
operations that rely on fossil fuels for energy generation,
transportation and heat.
The Troilus mine site
already benefits from a fully operational 50MVA electricity
substation connected to the Quebec electric grid that remains in
place from the previous mining operation. The electricity delivered
to the existing substation is derived from hydroelectric power – a
renewable source of energy that will help to minimize any future
operation’s carbon footprint. It is anticipated that the existing
infrastructure can be upgraded to provide sufficient electricity to
power a future mining operation averaging 246,000 ounces of gold
per annum as envisioned in the Preliminary Economic Assessment (see
press release dated August 31, 2020). However, some fossil fuel use
is still anticipated, and the purpose of Troilus Carbon Neutral
Roadmap will be to identify opportunities to reduce or eliminate
the use of such fuels and their resulting GHG emissions.
Troilus CEO and
Director Justin Reid commented, “One of the major competitive and
environmental advantages of the Troilus mine site that we acquired
in 2017, was the pre-existing substation and connection to the
provincial grid that provide access to sufficient low-cost
renewable energy to power the future production envisioned in the
PEA. But we know there is more we can do now and in the future to
reduce and offset GHG emissions from activities and machinery that
we are unable to connect to the grid such as drilling, vehicles and
back-up generators. Tugliq has extensive experience working with
Canadian mining operations in locations across Canada even more
remote than ours and we believe with their expertise and guidance
we can identify key actions that will help reduce our carbon
footprint. As we finalize the engineering and design of the future
operation for the upcoming Pre-Feasibility Study (“PFS”), we will
have the tools available to make sustainable energy consumption
choices. The decisions we make now can have a long-term positive
impact over the course of the future potential mine life and we
know that minimizing our carbon footprint is a desirable outcome
for our team, our shareholders and the community in which we
operate. It is our objective to develop a mining operation with the
potential to achieve complete carbon neutrality. This is the future
of mining.”
Figure 1.
50MVA Electricity Substation Located on the Troilus
Site: https://www.globenewswire.com/NewsRoom/AttachmentNg/20a0db82-a16e-4a7c-a781-007bd52aedb0
Phase One of the
Troilus Carbon Neutral Roadmap will focus on auditing past and
current GHG emissions (which will have mainly been generated
through drilling, vehicle usage and travel) and seeking means to
offset these emissions, with a priority on focusing carbon offsets
in the Province of Quebec. Phase Two of the Troilus Carbon Neutral
Roadmap will be an examination of the planned mining operation to
identify new technologies and alternative energy solutions with the
objective of reducing future consumption of fossil fuels.
Although still in the
exploration and development phase, Troilus places a high priority
on ESG initiatives. Working closely with local government,
employees, communities and First Nations, Troilus is committed to
developing a sustainable mining operation in Northern Quebec that
will have a positive contribution for all stakeholders for many
years to come.
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.
About Tugliq
Energy Corp.
TUGLIQ Energy Corp. is a Canadian company based
in Montreal, Quebec, specializing in renewable integration,
microgrid development and clean power production. TUGLIQ's mission
is to offer alternative energy solutions for autonomous networks
such as remote communities and mining operations that currently
rely on fossil fuels for energy generation. TUGLIQ has a proven
track record in various renewable technologies, including wind,
solar and energy storage as well as electrification of transport
specifically adapted to extreme climates and
logistically challenging locations.
TUGLIQ has developed leading-edge expertise to
provide cost-saving carbon emissions reductions through
energy projects and client-customized carbon reduction planning.
TUGLIQ brings a turnkey approach so that clients can focus on
mission-critical activities while adopting forward-thinking energy
and sustainability strategies to their operations.
For more information:
Caroline ArsenaultVP Corporate Communications+1
(647) 407-7123info@troilusgold.com
Cautionary Note Regarding
Forward-Looking Statements and Information
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 potential impact of the study on the Company and the likelihood
that the results projected, including without limitation that the
Company will be able to reduce its carbon footprint, on the
timeline targeted or at all, timing of future studies including the
pre-feasibility study, environmental assessments (including the
timing of an environmental impact study) and development plans,
opportunity to expand the scale of the project, the project
becoming a cornerstone mining project in Quebec and Canada; 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; 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, ; the
timing and amount of estimated future exploration; the anticipated
results of the Company’s 2022 drill program and their possible
impact on the potential size of the mineral resource estimate; the
ongoing impact of the novel coronavirus (COVID-19) and the
considerable uncertainties about 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 “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: 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; there being no assurance that the exploration program
or programs of the Company will result in expanded mineral
resources; risks and uncertainties inherent to mineral resource
estimates; the high degree of uncertainties inherent to preliminary
economic assessments and other mining and economic studies which
are based to a significant extent on various assumptions;
variations in gold prices and other precious metals, exchange rate
fluctuations; variations in cost of supplies and labour; receipt of
necessary approvals; general business, economic, competitive,
political and social uncertainties; future gold and other metal
prices; accidents, labour disputes and shortages; environmental and
other risks of the mining industry, including without limitation,
risks and uncertainties discussed in the 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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