Troilus Gold Corp. (TSX: TLG) (OTCQB: CHXMF) (“Troilus” or the
“Company”) is pleased to provide further drilling results from its
100% owned Troilus gold and copper property located Northeast of
the Val-d’Or district in Quebec, Canada (the “Troilus Project”). A
36,000 metre drill program was designed to confirm and expand
existing estimated mineral resources from the past-producing
Troilus mine, as well as to explore the down dip and strike
extension of known mineralization.
Thirty-three (33) holes, totaling approximately
9,000 metres of drilling were designed to test the down dip
continuity and strike extension of mineralization at J4 Zone (Fig
1). The program was also designed to add drill hole information
where historic data was limited and/or incomplete. The J4 Zone was
the smaller of the two main open pits developed at Troilus during
operation. At its deepest, the J4 pit only reached 156 metres in
total depth, compared to Z87 which reached a depth of over 350
metres. Drilling from these holes has tested a depth of only 230
metres and has shown sustained strength of mineralization at depth
while remaining open down-dip.
The sixteen (16) holes contained in this press
release, represent the drilling completed on the Southern half of
the J4 Zone open pit target area; located directly South of the J4
Zone Northern half drilling (see Company’s press release dated
November 7th, 2018) (Fig 2). All 16 holes intersected gold
mineralization and show mineralization continuity at depth,
creating growth potential beyond the limits of what was previously
estimated (Fig 3). The Southern half of the J4 Zone is showing
strong width, similar to that seen in the main zone of Z87.
Foliation is creating separate discrete zones of gold-bearing
material, that when combined across the targeted geologic unit
(foliated diorite), can exceed 40-60 metres of mineralized widths
in core (Fig 4).
Drill hole data combined with recent mapping has
shown geologic continuity between J4 & J5. Both zones are in
fact the same geologically, offset structurally by a pervasive fold
regime visible across the entire Troilus property. This new
structural thinking suggests J4 and J5 are the same unit often
referred to as the “J Zone”.
Highlights:
- TLG-J4-065 – 3.47 g/t gold and 0.06% Cu for 3.56 g/t
AuEq over 19 metres, including 9.53 g/t AuEq over 5.65 metres; 1.27
g/t AuEq over 3 metres; 1.07 g/t AuEq over 2.6 metres; 1.26 g/t
AuEq over 3 metres; and 0.82 g/t AuEq over 9 metres for
36.6 metres of mineralization less than
300 metres from surface
- TLG-J4-075 – 3.54 g/t gold and 0.04% Cu for 3.6 g/t
AuEq over 9 metres, including 13.2 g/t AuEq over 2 metres; 1.89 g/t
AuEq over 5 metres; 0.94 g/t AuEq over 4 metres; and 0.89 g/t AuEq
over 4 metres for 22 metres of
mineralization less than 300 metres from surface
- TLG-J4-072 – 1.77 g/t gold and 0.1% Cu for 1.93 g/t
AuEq over 15 metres, including 8.55 g/t AuEq over 2 metres; 1.25
g/t AuEq over 12 metres; 1.08 g/t AuEq over 9 metres; 2.68 g/t AuEq
over 2 metres; 1.16 g/t AuEq over 4 metres; 1.1 g/t AuEq over 12
metres; and 0.75 g/t AuEq over 8 metres for 62
metres of mineralization less than 300 metres from
surface
“We believe the drilling at J4 is a game changer
for Troilus and is making the team expand their project vision
considerably,” said Justin Reid, CEO of Troilus Gold Corp. “We
recognize the value of these near surface results and are eager to
apply this new information to the evolving story at Troilus.”
“Our structural approach to exploration has
opened up new opportunities across our entire land package,” said
Blake Hylands, SVP Exploration at Troilus Gold Corp. “We now better
understand the relationship between J4 and J5 and consider them to
be one and the same. Recognizing this changes our approach to
exploring the region completely.”
The 2018 drilling program has been completed at
the Troilus Project. Ninety-one (91) diamond drill holes were
completed for a total of over 36,000 metres of drilling and over
26,800 samples. An updated mineral resource estimate is currently
underway and is planned to be released before the end of 2018.
Regional exploration has now been completed, with samples and
mapping expected to form the basis of the 2019 Drill Program, which
has been established in conjunction with drilling results and the
pending mineral resource estimate update.
Figure 1: Property plan map showing location of
significant drill
resultshttp://www.globenewswire.com/NewsRoom/AttachmentNg/4a8ec2d4-41fd-41a3-a7b5-2207e7281b19
Figure 2: Geologic plan map
showing location of main target across TLG land
packagehttp://www.globenewswire.com/NewsRoom/AttachmentNg/f61eb6f4-c583-45b4-9aee-9d359e9b5b34
Figure 3: Longitudinal section showing drill
hole pierce
pointshttp://www.globenewswire.com/NewsRoom/AttachmentNg/15748a4e-0e1d-43d2-9d3e-7be2826db294
Figure 4: Cross Section showing drill results
and typical geology of J4 at Troilus Gold
Projecthttp://www.globenewswire.com/NewsRoom/AttachmentNg/e6717618-72ac-489e-a851-dcc6a3a62fb1
Hole
ID |
|
From |
To |
Length |
Au |
Cu |
AuEq |
TLG-ZJ418-064 |
|
258 |
262 |
4.00 |
1.3 |
0.07 |
1.44 |
|
and |
265 |
268 |
2.80 |
1.8 |
0.03 |
1.81 |
|
and |
272 |
283 |
10.72 |
2.2 |
0.05 |
2.30 |
|
incl |
275 |
277 |
1.89 |
3.5 |
0.05 |
3.55 |
|
incl |
282 |
283 |
0.72 |
7.5 |
0.03 |
7.53 |
|
and |
294 |
298 |
4.00 |
0.9 |
0.02 |
0.88 |
TLG-ZJ418-065 |
|
135 |
138 |
3 |
1.24 |
0.02 |
1.27 |
|
and |
244 |
247 |
2.60 |
1.0 |
0.07 |
1.07 |
|
and |
264 |
283 |
19.00 |
3.5 |
0.06 |
3.56 |
|
incl |
276 |
282 |
5.65 |
9.4 |
0.07 |
9.53 |
|
and |
288 |
291 |
3.00 |
1.2 |
0.03 |
1.26 |
|
and |
303 |
312 |
9.00 |
0.8 |
0.04 |
0.82 |
TLG-ZJ418-066 |
|
136 |
139 |
3.00 |
2.1 |
0.06 |
2.19 |
|
and |
268 |
277 |
9.38 |
1.3 |
0.09 |
1.46 |
|
incl |
274 |
277 |
3.38 |
2.3 |
0.09 |
2.39 |
TLG-ZJ418-067 |
|
246 |
257 |
11.00 |
0.8 |
0.07 |
0.91 |
|
and |
265 |
269 |
4.00 |
0.8 |
0.05 |
0.83 |
|
and |
288 |
292 |
4.00 |
0.5 |
0.08 |
0.58 |
TLG-ZJ418-068 |
|
137 |
139 |
1.59 |
1.5 |
0.07 |
1.56 |
|
and |
148 |
151 |
3.00 |
0.9 |
0.04 |
0.96 |
|
and |
218 |
221 |
3.00 |
3.1 |
0.07 |
3.26 |
|
incl |
220 |
221 |
1.00 |
7.4 |
0.08 |
7.48 |
|
and |
225 |
227 |
2.00 |
1.3 |
0.05 |
1.34 |
|
and |
252 |
261 |
9.00 |
1.0 |
0.05 |
1.12 |
|
incl |
257 |
261 |
4.00 |
1.6 |
0.05 |
1.66 |
|
and |
287 |
290 |
3.50 |
0.7 |
0.06 |
0.80 |
TLG-ZJ418-069 |
|
198 |
204 |
6.00 |
1.1 |
0.26 |
1.52 |
|
and |
228 |
232 |
4.02 |
0.7 |
0.09 |
0.87 |
|
and |
237 |
243 |
6.00 |
0.6 |
0.06 |
0.74 |
|
and |
263 |
272 |
9.00 |
1.2 |
0.07 |
1.30 |
|
incl |
263 |
267 |
4.00 |
1.8 |
0.07 |
1.91 |
TLG-ZJ418-070 |
|
142 |
145 |
2.78 |
4.6 |
0.09 |
4.77 |
|
incl |
143 |
145 |
1.78 |
6.6 |
0.10 |
6.79 |
|
and |
222 |
236 |
14.00 |
0.9 |
0.14 |
1.11 |
TLG-ZJ418-071 |
|
197 |
204 |
7.00 |
0.9 |
0.08 |
1.04 |
|
and |
207 |
210 |
3.00 |
0.9 |
0.04 |
0.97 |
|
and |
215 |
218 |
3.00 |
3.2 |
0.05 |
3.24 |
|
incl |
215 |
216 |
1.00 |
7.7 |
0.04 |
7.79 |
|
and |
220 |
232 |
12.00 |
0.7 |
0.07 |
0.83 |
|
and |
236 |
245 |
9.00 |
1.0 |
0.08 |
1.10 |
|
incl |
243 |
245 |
2.00 |
2.2 |
0.08 |
2.29 |
|
and |
249 |
256 |
7.00 |
1.0 |
0.09 |
1.19 |
|
and |
274 |
283 |
9.00 |
0.8 |
0.07 |
0.89 |
TLG-ZJ418-072 |
|
204 |
219 |
15.00 |
1.8 |
0.10 |
1.93 |
|
incl |
205 |
207 |
2.00 |
8.3 |
0.15 |
8.55 |
|
and |
234 |
243 |
9.00 |
1.0 |
0.04 |
1.08 |
|
and |
246 |
258 |
12.00 |
1.2 |
0.05 |
1.25 |
|
incl |
247 |
250 |
3.00 |
1.7 |
0.07 |
1.83 |
|
and |
266 |
268 |
2.00 |
1.6 |
0.70 |
2.68 |
|
and |
271 |
275 |
4.00 |
1.1 |
0.04 |
1.16 |
|
and |
279 |
291 |
12.00 |
1.0 |
0.07 |
1.10 |
|
incl |
288 |
291 |
3.00 |
1.6 |
0.04 |
1.69 |
|
and |
295 |
303 |
8.00 |
0.6 |
0.09 |
0.75 |
TLG-ZJ418-073 |
|
156 |
161 |
5.00 |
0.7 |
0.16 |
0.94 |
|
and |
200 |
204 |
4.00 |
0.8 |
0.03 |
0.88 |
|
and |
210 |
216 |
6.00 |
0.9 |
0.06 |
0.96 |
|
and |
224 |
228 |
4.00 |
0.7 |
0.03 |
0.79 |
|
and |
232 |
235 |
3.00 |
1.0 |
0.04 |
1.05 |
|
and |
238 |
256 |
18.00 |
1.1 |
0.08 |
1.28 |
|
and |
270 |
274 |
4.00 |
0.9 |
0.03 |
0.94 |
|
and |
280 |
287 |
7.00 |
0.7 |
0.07 |
0.76 |
|
and |
305 |
308 |
3.00 |
1.3 |
0.03 |
1.38 |
TLG-ZJ418-074 |
|
101 |
105 |
4.00 |
0.6 |
0.32 |
1.12 |
|
and |
259 |
261 |
2.00 |
2.9 |
0.01 |
2.95 |
|
and |
266 |
276 |
10.00 |
0.7 |
0.06 |
0.80 |
|
and |
279 |
286 |
7.00 |
0.9 |
0.04 |
0.97 |
|
incl |
285 |
286 |
1.00 |
3.5 |
0.09 |
3.63 |
TLG-ZJ418-075 |
|
214 |
218 |
4.00 |
0.5 |
0.22 |
0.89 |
|
and |
278 |
287 |
9.00 |
3.5 |
0.04 |
3.60 |
|
incl |
285 |
287 |
2.00 |
13.2 |
0.04 |
13.23 |
|
and |
304 |
309 |
5.00 |
1.6 |
0.17 |
1.89 |
|
and |
315 |
319 |
4.00 |
0.8 |
0.10 |
0.94 |
TLG-ZJ418-076 |
|
153 |
157 |
4.00 |
0.8 |
0.14 |
1.04 |
|
and |
250 |
255 |
5.30 |
1.3 |
0.06 |
1.40 |
|
and |
268 |
271 |
3.00 |
0.7 |
0.04 |
0.75 |
|
and |
284 |
300 |
16.00 |
0.7 |
0.20 |
1.01 |
TLG-ZJ418-077 |
|
51 |
62 |
11.00 |
1.4 |
0.28 |
1.82 |
|
and |
78 |
83 |
5.00 |
0.5 |
0.19 |
0.80 |
TLG-ZJ418-078 |
|
51 |
55 |
4.00 |
0.8 |
0.11 |
0.93 |
|
and |
84 |
88 |
4.00 |
1.8 |
0.17 |
2.09 |
|
and |
94 |
101 |
7.00 |
1.0 |
0.07 |
1.10 |
|
and |
138 |
141 |
3.00 |
2.5 |
0.06 |
2.59 |
|
incl |
139 |
140 |
1.00 |
5.0 |
0.06 |
5.10 |
TLG-ZJ418-083 |
|
33 |
36 |
3.00 |
0.6 |
0.02 |
0.63 |
|
and |
354 |
359 |
5.00 |
1.0 |
0.27 |
1.40 |
*Metal grades uncut**AuEq based on $1300/oz Au,
$3/lb Cu and 100% recovery. Au g/t + (Cu g/t * Cu
price (g)) /Au price (g)
36,000 Metre 2018 Drill Program
Overview:
- Zone 87 (Z87): Expand defined underground
estimated mineral resource down dip and along strike below the
historic producing Z87 open pit.
- J Zones (J4 and J5 Zones): Expand estimated
mineral resource below historic producing J4 and J5 open pits to
show potential near surface mineralization.
- Southwest Zone: Based on historic drilling
success, initiate near surface exploration 3.5 kilometre Southwest
of Z87 open pit along the Troilus Diorite boundary (Figure 2)
1) Z87:
From 1996 to 2010, Z87 produced the majority of
the over 2 million ounces of gold and 70,000 tonnes of copper at
the Troilus Project. The Z87 pit was ultimately 350 metres deep and
had a strike of approximately 900 metres. The Z87 zone is the focus
of the current underground estimated mineral resource, representing
over 1.6 million ounces of indicated and 360,000 ounces of inferred
material (Figure 5).
Figure 5: Troilus Estimated
Underground
Resourcehttp://www.globenewswire.com/NewsRoom/AttachmentNg/809a24fd-d112-48f6-ac0b-e4d6fbed058b
Notes:
- CIM definitions were followed for Mineral Resources.
- Mineral Resources were estimated at a cut-off grade of 0.8 g/t
Au.
- Mineral Resources were estimated using long-term metal prices
of US$1,500 per ounce gold and US$3.50 per pound copper; and an
exchange rate of US$1.00 = C$1.1.
- AuEq = (34.59 x Au grade + 54.02 x Cu grade) / 34.59.
- A recovery of 83% was used for gold and 92% for copper.
- Numbers may not add due to rounding.
- Mineral Resources which are not Mineral Reserves do not have
demonstrated economic viability. The estimate of Mineral Resources
may be materially affected by environmental, permitting, legal,
title, taxation, sociopolitical, marketing, or other relevant
issues.
- Drilling has been done to intercept mineralized zone at true
width. The difference between true and drill width is too small to
impact intervals stated.
Mineralization at the Troilus Project is hosted
in breccias and amphibolite grade metamorphic rocks within a much
broader, 4.5 kilometre by 400 metre, metamorphosed diorite, known
as the Troilus Diorite. Fine-grained disseminated gold accounts for
approximately 90% of mineralization at Troilus, primarily as native
gold and electrum with grains as large as 20 microns. Chalcopyrite,
Pyrite, and Pyrrhotite are broadly disseminated throughout the
mineralized body, which are rarely associated with gold (<1-3%).
Vein-hosted gold accounts for approximately 10% of mineralization
which are responsible for high grade intercepts (>50gpt over 1
m) at Troilus.
The broad geology and style of mineralization at
Z87 creates a large deposit area, nearly 1 kilometre along strike
and 30-50 metres wide, which remains open both along strike and
down dip. The 2018 Drill Program at Z87 was designed to:
- Expand and infill certain areas of Troilus’ existing
underground estimated mineral resource;
- Convert and upgrade inferred material along the flanks and down
dip extension of underground estimated mineral resources to an
indicated category; and
- Expand down dip estimated mineral resource and show potential
for further expansion through focused infill and step out
drilling.
2) J Zones (J4 & J5 Zones):
J Zones, two smaller scale historic open pits
located 200 metres and 1 kilometres directly Northeast of Z87 are
characterized by the same mineralization and geology as Z87; both
remaining open at depth and along strike.
Our inherited database suggests the potential
for additional near surface mineralization at the J Zones and
potentially signifies open pittable resource opportunities. The
objective of the 2018 Drill Program, at the J Zones, was to expand
the open pit and underground estimated mineral resource below these
lesser historic pits, with the intent of recognizing material that
could contribute to an early production scenario.
3) Southwest Zone
The Southwest Zone is located along the margin
of the Troilus Diorite and surrounding volcanics, 3.5 kilometres
Southwest of Z87 (Figure 2). Historically this area exhibited
significant mineralization from drilling including intercepts as
high as 36m @ 1.23g/t Au, and 18m @ 1.06g/t Au. Historic drilling
in this area is limited, leaving the opportunity to explore, and
potentially outline new mineralization at surface.
The Southwest Zone exemplifies near term, blue
sky opportunity at Troilus, and will be the initial focus of a
significant, property wide exploration program. The Troilus Diorite
remains underexplored and highly prospective.
Quality Control
During the J4 Zone drill program, one metre
assay samples are taken from NQ core and sawed in half. One-half is
sent for assaying at ALS Laboratory, a certified commercial
laboratory, and the other half is retained for results, cross
checks, and future reference. A strict QA/QC program is applied to
all samples; which include insertion of one certified mineralized
standard and one blank sample in each batch of 25 samples. The gold
analyses were by fire-assay on 50 grams of pulp with an atomic
absorption finish. Repeats were carried out by fire-assay with a
gravimetric finish on each sample containing 3.5 g/t Au or
more.
About Troilus Gold Corp.
Troilus is a Toronto-based, Quebec focused,
advanced stage exploration and early-development company focused on
the mineral expansion and potential mine re-start of the former
gold and copper Troilus mine. The 4,700-hectare Troilus property is
located Northeast of the Val-d’Or mining district, within the
Frotêt-Evans Greenstone Belt in Quebec, Canada. From 1997 to 2010,
Inmet Mining Corporation operated the Troilus project as an
open-pit mine, producing more than 2,000,000 ounces of gold and
nearly 70,000 tonnes of copper.
Qualified Person The technical and scientific
information in this press release has been reviewed and approved by
Bruno Perron, P.Eng., Senior Technical Manager, who is a Qualified
Person as defined by National Instrument 43-101. Mr. Perron is an
employee of Troilus and is not independent of the Company under
National Instrument 43-101.
For more information:
Spyros Karellas Communications Manager+1 (416)
433-5696skarellas@troilusgold.com
Cautionary statements
This press release contains “forward-looking
information” within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, but is not
limited to, statements regarding the impact of drill results and
mineral resources estimate on the Company, the projected economics
of the project, and the Company’s understanding of the project;
statements with respect to 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;
government regulation of mining operations; and environmental risks
and the receipt of any required regulatory approvals. Generally,
forward-looking information 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”, “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”,
“might” or “will be taken”, “occur” or “be achieved”.
Forward-looking information is subject to known and unknown risks,
uncertainties and other 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 information, 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; 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 Technical Report and 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 information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such information 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 information. Troilus does not undertake to update
any forward-looking information, except in accordance with
applicable securities laws.
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