Troilus Gold Corp. (“Troilus” or the “Company”, TSX: TLG; OTCQX:
CHXMF) is pleased to announce drill results from its high-grade
gold-copper-silver Testard target, located approximately 10
kilometres south of the main mineral corridor and former mine site.
The Troilus gold-copper project is located within the Company’s
142,000 hectares (1,420 km²) land package in northcentral Quebec,
Canada, where it holds the largest contiguous mineral claims within
the Frôtet-Evans Greenstone Belt.
Troilus acquired the
Testard claim area in early 2020 and proceeded with surface mapping
and prospecting over the course of that Summer, which returned the
highest-grade gold occurrences ever reported in outcrop within the
Frotêt-Evans Greenstone Belt. This drilling program aimed to test
the potential controls on mineralization in the area, while also
testing extensions of the high-grade mineralization below surface
at the main showing.
Result Highlights (See Table 1 for complete
results)
New discovery drilled 400 metres from
main Testard surface outcrop:
Holes TES-21-001 and TES-21-002 intersected
gold-rich quartz veins ~400 metres northwest of the main Testard
outcrop (See Figure 1).
- Hole TES-21-002 intersected:
- 4.63 g/t gold over 7.6 metres, including 20.2 g/t gold over 1.2
metres
- 7.12 g/t gold over 1.4 metres
- Hole TES-21-001 intercept highlights include:
- 1.96 g/t gold over 3.8 metres,
including 2.68 g/t gold over 1.8 metres
- 4.86 g/t gold over 0.75 metres
Excellent outcrop and channel sample
results confirmed below surface
Drill hole TES-21-005 targeted and intersected
mineralized gold bearing structures at depth below previously
sampled outcrop. Intercept highlights include:
- 6.72 g/t gold over 3.2 metres,
including 17.3 g/t gold over 0.7 metres
Highlights from previously reported surface
results (see press releases dated Oct. 19 and Dec. 9, 2020) located
in proximity to hole TES-21-005 include:
- Outcrop samples:
- 203 g/t (6.53oz/t) gold, 2,440 g/t (78.45 oz/t) silver and
4.37% copper (Y939452); 82 g/t gold and 1,060 g/t silver (V437857),
54.2 g/t gold (Y939451); 40 g/t gold (V437858), 34.9 g/t gold
(Y939441); 20 g/t gold (V437859) and 13.55 g/t gold (Y939446)
- Channel samples:
- 5.4 g/t gold over 2 metres, incl.
19.5 g/t over 0.5 metres (Channel 20-095)
- 3.5 g/t gold over 4.6 metres,
including 12.2 g/t Au over 1.3m (Channel 20-089)
- 2.7 g/t gold over 3.5 metres,
including 5.3 g/t Au over 2.1m (Channel 20-087)
Justin Reid, President and CEO, commented, “The
results from our first test drilling program at Testard are very
exciting. The structural model developed by our geological team
used to identify these initial drill targets, some of which are
nearly half a kilometre away from the main showing, is truly
impressive. Testard has returned the highest insitu gold and silver
grades identified to date within the entire Frôtet-Evans Greenstone
Belt; these initial drill results are hugely motivating to our team
as we continue to assess results and further develop our models in
preparation for an expanded drill program. Though early, the
proximity of this target to our future operation, powerline, access
roads and infrastructure warrants further work, especially
considering these exciting grades.”
Blake Hylands, Senior Vice-President of
Exploration, commented, “The team has done outstanding work at the
Testard area. Not only have the high-grade showings discovered in
the Summer of 2020 been proven to extend below surface, but the
discovery of shear hosted mineralization almost half a kilometre
from there is now painting the picture of a much larger,
multikilometer system that we intend to prove in the coming months.
We are optimistic that these results will continue to be duplicated
around the Testard area, and we point to it as real evidence of the
district scale potential at Troilus we have argued for years.”
Figure 1: Plan Map of Testard with
Drilling
Highlights:https://www.globenewswire.com/NewsRoom/AttachmentNg/68115cc3-629b-4f87-9ec9-c25a70006c6d
The mineralized structures encountered consist
of shear-hosted quartz-tourmaline-carbonate veins contained within
a sericite-silica-carbonate altered tonalite (See Figure 2). The
best gold and silver values were obtained from veins that contain
disseminated, to up to 20% pyrite, with locally trace chalcopyrite
and molybdenite. Different vein textures have been observed in core
including laminated, extensional and breccia-type veins. Further
drilling is needed to better constrain the Azimuth and dip of the
different mineralized trends.
Figure 2: Core Photos of TES-21-002 (New
Discovery) and TES-21-005 (Main
Showing):https://www.globenewswire.com/NewsRoom/AttachmentNg/e21e983c-be05-4593-b0ae-7030231a31d8
Testard Target: 2020-Present and Next
Steps Towards Finding Main Source of Mineralization
The Testard claims were staked in 2020 (see
April 28, 2020 and July 21, 2020 press releases) following the
discovery of the Southwest Zone, 2.5 kilometres away from the
formerly mined pits (Zones Z87 and J Zone). Over the course of two
years, Troilus increased its land position nearly 9-fold from
16,000 hectares to 142,000 ha (1,420 km²), driven by increasing
evidence that the known Troilus deposits were part of a larger,
regional scale gold system.
The initial work
program completed at Testard in the Summer of 2020, including
outcrop stripping, bedrock mapping and boulder tracing, returned
the highest-grade gold occurrences on Troilus’ property to date,
and the highest ever reported in outcrop within the Frotêt-Evans
Greenstone Belt. Furthermore, the results demonstrated that the
geological characteristics of the Testard Zone and host rock share
many similarities to the main mineral resource zones, which hosts
estimated mineral resources of 4.96 Moz AuEq Indicated (177 Mt
grading 0.87 g/t AuEq) and 3.15 Moz AuEq Inferred (116.7 Mt grading
0.84 g/t AuEq) (see July 28, 2020 press release).
Testard has been a priority regional target on
which extensive work has been completed over the last 18 months,
including geological sampling and mapping of lithology and
structure, detailed airborne magnetics and an induced polarization
survey. The results of this work enabled Troilus’ geology team to
develop a structural interpretation of mineralization at Testard;
that being a NE-SW structure parallel to the main Troilus deposit,
with east-west cross cutting shearing and quartz vein sets
identified as potential physical traps for high grade
mineralization (see Figure 3). Detailed airborne magnetic data
(shown in Figure 3) clearly outlines a main contact zone between
the more magnetic ultramafic and the less magnetic tonalite units.
The contact zone was observed in the field to be intensely sheared,
and therefore a potential prospective pathway for mineralization.
The use of magnetics and induced polarization (IP) data together
allowed for additional east-west structural interpretations of the
Testard area, which appear to cross-cut the main shear zone.
Figure 3: Plan Map of Testard Showing
Structural Interpretation of Testard Drill Area with Detailed
Airborne Magnetics Overlaid on Satellite
Image:https://www.globenewswire.com/NewsRoom/AttachmentNg/7a5cc51f-f79b-4101-86b2-2c586f4cba33
Results from Troilus’ maiden drill program
announced today confirm gold bearing structures exist in proximity
to the main NE-SW shear/contact zone, specifically with holes
TES-21-001 and TES-21-002, which intersected gold-rich quartz veins
~400 metres northwest of the main showing at the intersection of
interpreted east-west structural features and the NE-SW trending
shear zone.
Assessment of the results obtained from the
drilling program is underway, one of the main goals being to
develop models for the orientation of gold-bearing veins. An
additional drilling program will be developed to build out from the
successes of this initial program.
Table 1: Testard Drilling, Highlight
Table of Results
Hole |
From (m) |
To (m) |
Interval (m) |
Gold Grade (g/t) |
Silver Grade (g/t) |
TES-21-001 |
|
146.0 |
149.8 |
3.8 |
1.96 |
19.12 |
including |
148.0 |
149.8 |
1.8 |
2.68 |
30.48 |
|
167.3 |
168.0 |
0.8 |
4.86 |
38.80 |
|
326.0 |
327.0 |
1.0 |
0.61 |
0.25 |
TES-21-002 |
|
103.6 |
105.0 |
1.5 |
0.50 |
5.00 |
|
258.8 |
266.4 |
7.6 |
4.63 |
25.36 |
including |
258.8 |
260.0 |
1.2 |
20.20 |
76.90 |
including |
265.0 |
266.4 |
1.4 |
7.12 |
68.45 |
TES-21-005 |
|
25.4 |
28.6 |
3.2 |
6.72 |
26.71 |
including |
25.4 |
26.1 |
0.7 |
9.82 |
33.90 |
including |
27.3 |
28.0 |
0.7 |
17.30 |
75.30 |
including |
28.0 |
28.6 |
0.7 |
4.00 |
15.20 |
|
31.0 |
36.0 |
5.0 |
0.37 |
3.92 |
|
50.0 |
51.0 |
1.0 |
1.02 |
8.80 |
*Note: No significant
assays found in holes TES-21-003, TES-21-004 and TES-21-006. Drill
intervals reported are down-hole core lengths as true thicknesses
cannot be determined with available information.
Qualified Person
The 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.
Quality Assurance and
Control
During the Testard drill program in 2021, one
metre assay samples were taken from BTW 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.
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.
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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