Troilus Gold Corp. (“Troilus” or the “Company”, TSX: TLG; OTCQX:
CHXMF) provides an overview and initial results from the Summer
2022 regional exploration program on its Troilus property, located
in north-central, Quebec, Canada, within the eastern portion of the
Frotet-Evans Greenstone Belt.
Between May and October, Troilus undertook an
extensive fieldwork program in collaboration with Dahrouge
Geological Consulting and IOS Services Geoscientifiques, focusing
on the southern and eastern portions of its property. Activities
included field mapping and prospecting, mechanical trenching,
channeling, drone mapping, and soil/till sampling. Over the course
of the program, Troilus collected 2,618 soil samples, 1,757 rock
samples, 1,027 channel samples and 1,201 till samples.
Initial interpretation of results from the
Pallador target and surrounding claims (see Figure 1) have revealed
a multi-kilometre gold trend, marked by the discovery of a 1.5 g/t
gold outcrop sample and several surrounding high-grade boulder
samples returning up to 32.2 g/t gold, 25.4 g/t gold and 9.7 g/t
gold (see Figure 2). This discovery forms “Rocket”, a prospective
new target which the Company believes could be lithologically and
structurally connected to Sumitomo and Kenorland Minerals (80%/20%)
Regnault Target, located ~2 km North, which has returned high grade
drill results up to 8.47 g/t gold over 29.08m. The Rocket and
Pallador targets are accessible via road from the main Route du
Nord, which leads to the main mineral zones and Troilus mine site.
Justin Reid, CEO of Troilus Gold, commented,
“The discovery of the Rocket gold occurrence in conjunction with
various other high-grade surface samples over a multi-kilometre
trend is a testament to the excellent geological and structural
modelling completed by our exploration team. These very encouraging
results expand upon other prospective regional targets identified
on our property and reaffirms our belief that our main mineral
deposits at the former mine site are not isolated, but rather part
of a district-scale gold system. We look forward to further
exploration work at this new target, having a high level of
confidence in our ability to expand upon these findings as our
understanding of the area continues to improve.”
Rocket Target: Discovery of Gold in
Outcrop Within a Multi-Kilometre Trend
The primary focus of the 2022 regional
exploration program was our Pallador target and surrounding claims
acquired from UrbanGold Minerals (“UGM”) in May 2021. This area is
located 2.5km southeast of Sumitomo’s high-grade gold Regnault
target (see Figure 2). The Company aimed to follow-up on high-grade
boulder samples from 2020, which returned up to 102.5 g/t Au, 33.3
g/t Au, 14.1 g/t gold Au and 11.3 g/t gold, as well as results from
a maiden drill program completed at Pallador in 2020 and 2021,
which returned up to 4.74 g/t gold over 2.05m including 19.2 g/t Au
over 0.5 m (hole UPR-21-09) and 2.02 g/t gold over 1.80m (hole
UPR-20-03).
Results from B-Horizon soil sampling programs
identified a strong trend of gold-in-soil anomalies covering 4.4
kilometres that further reinforced the prospectivity of these
claims. Furthermore, high-resolution airborne geophysics results
provided support in developing a structural interpretation of the
region, suggesting these gold-in-soil anomalies could be located in
zones lithologically and structurally connected to Sumitomo’s
high-grade gold Regnault target (8.47 g/t gold over 29.08m obtained
in 2020, hole 20RDD007).
With an improved geological understanding of the
area, the 2022 field work program led to the discovery of the
Rocket target, where outcrop samples as well as several high-grade
grab and chip samples covering a ~1km² area strongly overlapped
gold-in-soil anomalies. The Rocket target is interpreted to be
located at the eastern side of the Regnault intrusive suite (host
rock of Sumitomo’s Regnault target), and contains numerous NW-SE
shear zones with a trend of high-grade gold boulders overlapping
the soil anomaly.
Prospecting Results Highlights from Rocket and
Pallador Targets:
- 32.2 g/t gold
(Boulder sample G721233)
- 25.4 g/t gold
(Boulder sample G720061)
- 23.7 g/t gold
(Boulder sample G720001)
- 9.7 g/t gold
(Boulder sample G722669)
- 7.6 g/t gold
(Boulder sample G721410)
- 4.7 g/t gold
(Boulder sample G720169)
- 4.4 g/t gold
(Boulder sample G720004)
- 3.2 g/t gold
(Boulder sample G720169)
- 1.5 g/t gold
(Outcrop sample G722422)
- 1.4 g/t gold
(Boulder sample G721315)
Figure 1 - Plan map of the Troilus
property outlining areas covered during the 2022 Regional
Exploration
Programhttps://www.globenewswire.com/NewsRoom/AttachmentNg/2cc0727a-c31d-4784-8de5-246c5f0dc409
Figure 2 - Pallador and Rocket
Targets with Prospecting
Highlightshttps://www.globenewswire.com/NewsRoom/AttachmentNg/c57d6df1-63f7-4bad-80b7-f45508e8bd64
Quality Assurance and Quality Control
Protocols
All grab and chip samples were collected by hand
and were located by hand-held GPS, bagged and sealed, and sent for
assaying at ALS Laboratory, a certified commercial laboratory.
Every sample was processed with standard crushing to 85% passing 75
microns on 500 g splits. Samples were assayed for Au by (50
g) fire assay and AAS. In addition to gold, ALS carried out
multi-element analysis (ME-ICP61 analysis) of 33 elements using
four acid digestion with ICP-AES finish.
Qualified Person
The technical and scientific information in this
press release has been reviewed and approved by Kyle Frank, P.Geo.,
Manager of Exploration, 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 Frotêt-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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