Troilus Gold Corp. (“Troilus” or the “Company”, TSX: TLG; OTCQX:
CHXMF) reports positive results from the Z87 zone at its Troilus
Project in northcentral, Quebec, Canada. The results are part of a
recently completed 11,000-metre drill program designed to expand
mineralization to the north and south of Z87 pit, the largest of
the two formerly mined open pits, which continues to show the most
continuous and highest-grade resources at Troilus.
The results reported herein confirm a high-grade
zone of mineralization connecting the gap between the formerly
mined Z87 and J open pits (“Connector Zone”), and exhibit potential
for significant growth of indicated and inferred resources well
above the average grade of the Troilus deposit. (see Figures 1 and
2). Highlights are reported below, with results presented in Table
1.
Z87 Intercept Highlights:
Hole 87-422
- 1.75 g/t AuEq over 138m,
including 3.58 g/t AuEq over 38m and 5.19 g/t AuEq over
21m
- Interval starts 130m from
surface; 157m downhole
- Mineralized interval starts
inside the modelled J Zone PEA Pit, where drilling to these depths
between the two pits was not previously tested.
Hole 87-419
- 1.35 g/t AuEq over 98m,
including 2.89 g/t AuEq over 33m and 55.46 g/t AuEq over
1m
- Drilled on section stepped
back ~200m behind previously reported hole 87-421 (See press
release August 17, 2022).
Hole 87-420
- 1.10 g/t AuEq over 91m
including 1.95 g/t AuEq over 24m and 14.77 g/t AuEq over
1m
- Drilled on section stepped
back ~100m behind previously reported hole 87-421 (See press
release, August 17, 2022).
Hole 87-423
- 1.21 g/t AuEq over 55m,
including 2.19 g/t AuEq over 9m and 13.58 g/t AuEq over 1m
- Hole stepped out 100m to the
north from holes 87-419, 87-420, 87-421.
Justin Reid, CEO of Troilus Gold, commented, “We
are thrilled about the phenomenal results announced today. Our
team’s commitment to finding high grade mineralization, that could
be immediately impactful to the economics of this project, has led
to the discovery of two extremely high-grade areas, this new
Connector Zone and our recently announced X22 zone (see October 17,
2022 press release). The team will be continuing to test these
extensions and we have high confidence in our ability to expand on
today’s results.”
High-Grade Expansion of Main Z87 Ore
Zone at Depth and Bridging to J Zone
The “Connector Zone” drill hole
87-422 intercepted J Zone mineralization at less
than 200m vertical depth on an interpreted structural trend between
J Zone and Z87. Drill hole 87-422 also intercepted
Z87 mineralization at depth, which was previously modelled as
Inferred Mineral Resources, and promotes the expansion of resources
outside the current modelled mineralized wireframes. Drill holes
87-419 and 87-420 extended
high-grade mineralization on the main Z87 ore zone at depth to the
north, and down dip from previously reported drill hole
87-421 (see August 17, 2022 press release),
providing added confidence in the modelled inferred resources. This
zone remains open for additional expansion to the north and at
depth.
Figure 1. Plan View of Z87 and J Zone
Showing Current and Previously Reported Drill
Holeshttps://www.globenewswire.com/NewsRoom/AttachmentNg/b45a62e2-ffc1-4938-8ac5-31f83eb92699
Figure 2: Longitudinal Section Facing
North-West Showing Intercepts above 1.0 g/t AuEq on Currently
Reported Drill
Holeshttps://www.globenewswire.com/NewsRoom/AttachmentNg/3a6e9e26-9bca-4fdd-ac90-6a275b64eced
Table 1: Zone 87 Assay Results
Hole |
From(m) |
To(m) |
Interval(m) |
Inside/Outsideof PEA Pit Shell |
Au Grade(g/t) |
Cu Grade(%) |
Ag Grade(g/t) |
AuEq Grade(g/t) |
87-419 |
|
|
|
|
|
|
|
|
|
40 |
41 |
1 |
Inside |
1.00 |
0.16 |
1.50 |
1.22 |
|
63 |
64 |
1 |
Inside |
1.32 |
0.07 |
1.00 |
1.42 |
|
101 |
108 |
7 |
Inside |
0.80 |
0.07 |
1.16 |
0.90 |
incl |
101 |
102 |
1 |
Inside |
2.54 |
0.06 |
1.10 |
2.63 |
|
159 |
166 |
7 |
Outside |
1.04 |
0.13 |
2.36 |
1.23 |
|
183 |
199 |
16 |
Outside |
0.93 |
0.07 |
1.26 |
1.04 |
incl |
190 |
198 |
8 |
Outside |
1.54 |
0.10 |
1.33 |
1.68 |
|
208 |
209 |
1 |
Outside |
3.64 |
0.06 |
0.60 |
3.72 |
|
264 |
268 |
4 |
Outside |
1.09 |
0.11 |
2.10 |
1.26 |
|
325 |
328 |
3 |
Outside |
1.13 |
0.01 |
0.43 |
1.15 |
|
549 |
647 |
98 |
Outside |
1.17 |
0.12 |
2.59 |
1.35 |
incl |
614 |
647 |
33 |
Outside |
2.61 |
0.20 |
2.66 |
2.89 |
incl |
629 |
630 |
1 |
Outside |
55.20 |
0.17 |
4.50 |
55.46 |
87-420 |
|
|
|
|
|
|
|
|
|
32 |
40 |
8 |
Inside |
0.84 |
0.04 |
1.20 |
0.91 |
|
76 |
77 |
1 |
Inside |
1.39 |
0.05 |
0.60 |
1.46 |
|
102 |
111 |
9 |
Inside / Outside |
0.69 |
0.05 |
0.62 |
0.76 |
incl |
102 |
103 |
1 |
Outside |
1.87 |
0.13 |
1.30 |
2.04 |
|
123 |
128 |
5 |
Outside |
1.04 |
0.07 |
0.80 |
1.14 |
|
326 |
327 |
1 |
Outside |
1.25 |
0.52 |
11.90 |
2.03 |
|
339 |
341 |
2 |
Outside |
1.06 |
0.17 |
4.25 |
1.31 |
|
456 |
463 |
7 |
Outside |
0.66 |
0.31 |
6.02 |
1.11 |
|
475 |
566 |
91 |
Outside |
0.90 |
0.13 |
2.46 |
1.10 |
incl |
530 |
554 |
24 |
Outside |
1.71 |
0.18 |
2.35 |
1.95 |
incl |
530 |
531 |
1 |
Outside |
14.60 |
0.12 |
2.10 |
14.77 |
87-422 |
|
|
|
|
|
|
|
|
|
46 |
47 |
1 |
Inside |
18.15 |
0.01 |
0.25 |
18.17 |
|
75 |
76 |
1 |
Inside |
1.27 |
0.03 |
0.50 |
1.32 |
|
88 |
89 |
1 |
Inside |
0.99 |
0.13 |
3.20 |
1.18 |
|
101 |
106 |
5 |
Inside |
0.95 |
0.08 |
1.58 |
1.07 |
|
113.6 |
115 |
1.4 |
Inside |
0.87 |
0.11 |
2.00 |
1.02 |
|
157 |
295 |
138 |
Inside/Outside |
1.55 |
0.14 |
2.35 |
1.75 |
incl |
200 |
238 |
38 |
Outside |
3.14 |
0.31 |
5.25 |
3.58 |
incl |
217 |
238 |
21 |
Outside |
4.57 |
0.43 |
6.52 |
5.19 |
|
450 |
456 |
6 |
Outside |
0.75 |
0.12 |
0.76 |
0.91 |
|
539 |
540 |
1 |
Outside |
1.19 |
0.68 |
18.4 |
2.23 |
|
677 |
695.4 |
18.4 |
Outside |
0.72 |
0.19 |
3.59 |
0.99 |
87-423 |
|
|
|
|
|
|
|
|
|
120 |
121 |
1 |
Outside |
4.58 |
1.00 |
22.70 |
6.07 |
|
222 |
223 |
1 |
Outside |
2.76 |
0.20 |
2.40 |
3.04 |
|
240 |
248 |
8 |
Outside |
1.07 |
0.51 |
14.41 |
1.86 |
|
320 |
321 |
1 |
Outside |
2.22 |
0.38 |
4.10 |
2.74 |
|
444 |
454 |
10 |
Outside |
0.62 |
0.17 |
1.71 |
0.85 |
|
505 |
560 |
55 |
Outside |
1.05 |
0.10 |
2.76 |
1.21 |
incl |
510 |
511 |
1 |
Outside |
13.55 |
0.01 |
0.90 |
13.58 |
incl |
510 |
519 |
9 |
Outside |
2.09 |
0.07 |
1.34 |
2.19 |
and |
533 |
546 |
13 |
Outside |
1.80 |
0.17 |
5.70 |
2.07 |
87-424 |
|
|
|
|
|
|
|
|
|
65 |
66 |
1 |
Outside |
0.64 |
0.40 |
4.40 |
1.18 |
|
95 |
96 |
1 |
Outside |
1.12 |
0.05 |
1.60 |
1.20 |
|
438 |
501 |
63 |
Outside |
0.64 |
0.09 |
2.47 |
0.78 |
incl |
481.7 |
488.5 |
6.8 |
Outside |
1.73 |
0.12 |
4.07 |
1.92 |
and |
493 |
501 |
8 |
Outside |
1.00 |
0.07 |
1.75 |
1.11 |
*Note drill intervals
reported in this news release are down-hole core lengths as true
thicknesses cannot be determined with available information.
Quality Assurance
and Control
During the Zone 87 drill program, 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., 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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