Troilus Gold Corp. (TSX: TLG) (OTCQB: CHXMF) (“Troilus” or the
“Company”) is pleased to provide a mineral resource estimate from
its 100% owned Troilus gold and copper property located Northeast
of the Val-d’Or district in Chibougamou Quebec, Canada (the
“Troilus Project”). This resource estimate is the result of over
36,000 metres (91 drill holes) of drilling completed by the Company
from February 2018 to August 2018. Exploration activities as part
of the 2019 drill program will commence in Q1 2019.
Highlights:
- Increases total estimated mineral resource by
approximately 90% from the 2016 mineral resource
estimate
- Updates the estimated indicated resource to 3.92Moz
AuEq and the estimated inferred resource to 1.17Moz
AuEq
Table 1 - Mineral Resource Estimate Summary – Effective
as of November 19, 2018
Classification |
Tonnage |
Au |
Cu |
AuEq |
Contained |
Contained |
Contained |
(Mt) |
(g/t) |
(%) |
(g/t) |
Gold |
Copper |
AuEq |
|
|
|
|
(Moz) |
(Mlb) |
(Moz) |
Total Open Pit and Underground |
Indicated |
121.7 |
0.87 |
0.086 |
1.00 |
3.40 |
231.8 |
3.92 |
Inferred |
36.1 |
0.88 |
0.083 |
1.01 |
1.02 |
66.2 |
1.17 |
|
|
|
|
|
|
|
|
Total Open Pit |
Indicated |
97.5 |
0.76 |
0.078 |
0.88 |
2.37 |
167.0 |
2.7 |
Inferred |
21.7 |
0.60 |
0.062 |
0.69 |
0.42 |
29.7 |
0.5 |
|
|
|
|
|
|
|
|
Total Open Pit Z87 |
Indicated |
56.6 |
0.83 |
0.096 |
0.98 |
1.51 |
119.4 |
1.8 |
Inferred |
12.1 |
0.58 |
0.066 |
0.68 |
0.23 |
17.5 |
0.3 |
|
|
|
|
|
|
|
|
Total Open Pit J4-J5 |
Indicated |
40.8 |
0.66 |
0.053 |
0.74 |
0.86 |
47.6 |
1.0 |
Inferred |
9.6 |
0.61 |
0.058 |
0.70 |
0.19 |
12.2 |
0.2 |
|
|
|
|
|
|
|
|
Total Underground |
Indicated |
24.2 |
1.32 |
0.121 |
1.50 |
1.02 |
64.8 |
1.2 |
Inferred |
14.4 |
1.31 |
0.115 |
1.49 |
0.61 |
36.5 |
0.7 |
Notes:
- CIM definitions were followed for Mineral Resources.
- Open pit Mineral Resources were estimated at a cut-off grade of
0.3 g/t AuEq and were constrained by a Whittle pit shell.
Underground Mineral Resources were estimated at a cut-off
grade of 0.9 g/t AuEq.
- Mineral Resources were estimated using long-term metal prices
of US$1,400 per ounce gold and US$3.25 per pound copper; and an
exchange rate of US$1.00 = C$1.25.
- AuEq = Au Grade + 1.546 * Cu grade
- A recovery of 83% was used for gold and 92% for copper.
- Figures have been rounded to the appropriate level of precision
for the reporting of Mineral Resources.
- Due to rounding, some columns or rows may not compute exactly
as shown.
- Mineral Resources that 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, socio-political, marketing, or other relevant
issues.
“In ten short months since the formation of
Troilus, we have outlined what could be one of Quebec’s most
significant gold development assets,” said Justin Reid, CEO of
Troilus Gold Corp. “Our investors will continue to benefit from our
low discovery costs, mine development expertise and support from
our local communities. This resource estimate is the cornerstone
upon which we will grow and build the future of Troilus.”
“This resource is the culmination of intense
drilling and systematic mapping over the course of nearly a year,”
said Blake Hylands, SVP Exploration of Troilus Gold Corp. “It
represents a fundamental change in thinking at Troilus.”
The mineral resource estimate was prepared
pursuant to National Instrument 43-101 – Standards of Disclosure
for Mineral Projects (“NI 43-101”) by Roscoe Postle and Associates
and has been reviewed internally by the Corporation. The full
technical report, will be available on SEDAR (www.sedar.com) under
the Corporation’s issuer profile within 45 calendar days (the
“Technical Report”).
2018 Drill Program
The intent of the 2018 Drill Program was to
confirm and expand the underground potential at Z87, explore open
pit potential at the J Zone, and discover new opportunities for
resource development across the property. In February 2018, the
Company commenced a planned 30,000 metre drill program, which was
subsequently expanded to approximately 36,000 metres. The program
focused on two primary areas Z87 and the J Zone (J4 and J5). During
the summer, property wide exploration also occurred with a focus on
Southwest and J4 North extension.
Z87
Mineralization at Z87 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
J Zone (J4 and J5)
The J Zone, directly northeast of Z87 is
characterized by the same mineralization and geology as Z87 remains
open at depth and along strike. Our inherited database suggested
the potential for additional near surface mineralization and open
pittable potential. The 2018 Drill Program, has successfully
expanded the open pit and underground estimated mineral resource
below these lesser historic pits.
Quality Control
During the 2018 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.
The resource estimate was prepared by RPA
Principal Geological Engineer Luke Evans, M.Sc., P.Eng., and a
supporting technical report will be available on SEDAR
(www.sedar.com) under the Corporation’s issuer profile within 45
calendar days. Mr. Evans, who is an independent Qualified
Person under NI 43-101, has reviewed and approved the resource
estimate in this release.
For more information:
Spyros Karellas Communications Manager+1 (416)
433-5696skarellas@troilusgold.com
Cautionary statements
The Mineral Resource estimates contained herein may be subject
to legal, political, environmental or other risks that could
materially affect the potential development of such Mineral
Resources. See the Technical Report 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
information” within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, but is not
limited to, statements regarding the impact of the updated mineral
resource estimate and drill results 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.
Cautionary note to U.S. investors concerning
estimates of Mineral Resources
These estimates have been prepared in accordance
with the requirements of Canadian securities laws, which differ
from the requirements of U.S. securities laws. The terms “mineral
resource”, “measured mineral resource”, “indicated mineral
resource” and “inferred mineral resource” are defined in NI 43-101
and recognized by Canadian securities laws but are not defined
terms or recognized under U.S. securities laws. U.S. investors are
cautioned not to assume that any part or all of mineral deposits in
these categories will ever be upgraded to mineral reserves.
“Inferred mineral resources” have a great amount of uncertainty as
to their existence, and great uncertainty as to their economic and
legal feasibility. It cannot be assumed that all or any part of an
“inferred mineral resource” will ever be upgraded to a higher
category. Under Canadian securities laws, estimates of “inferred
mineral resources” may not form the basis of feasibility or
pre-feasibility studies. U.S. investors are cautioned not to assume
that all or any part of an inferred mineral resource exists or is
economically or legally mineable. Accordingly, these mineral
resource estimates and related information may not be comparable to
similar information made public by U.S. companies subject to the
reporting and disclosure requirements under the U.S. federal
securities laws and the rules and regulations thereunder.
THE TSX HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ACCURACY OF THIS RELEASE
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