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Troilus Drills Among the Best Holes Ever Reported: 3.51 g/t Gold Over 15m, Incl. 6.70 g/t Gold Over 7m and 27.40 g/t Gold Over 1m in the Southwest Zone

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Troilus Drills Among the Best Holes Ever Reported: 3.51 g/t Gold Over 15m, Incl. 6.70 g/t Gold Over 7m and 27.40 g/t Gold Over 1m in the Southwest Zone

 

 

 

 

 

Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF) reports new assay results from the Southwest Zone, as part of its ongoing exploration and infill drill program on its 100%-owned Troilus Gold Project, which hosts one of the largest undeveloped gold and copper deposits in Quebec, Canada. The Southwest Zone is located approximately 2.5 kilometres southwest of the former mine and main mineral corridor (Z87, Z87 South and J Zone), and has become one of the most important mineral growth targets on the Troilus property since it was initially drilled in late 2019.

 

Drilling Highlights – Southwest Zone:

 

  • ZSW21-512 returned high-grade gold, among the best results ever drilled at Troilus, within 60 metres from surface (see cross-section in Figure 2). Highlights include:
    • 3.58 g/t AuEq over 15m, incl. 6.76 g/t AuEq over 7m, 27.43 g/t AuEq over 1m, 9.27 g/t AuEq over 1m and 4.31 g/t AuEq over 1m
    • This hole is located 400 metres south and on trend with previously reported drill hole ZSW20-189, which also returned one of the best results at Troilus 1.56 g/t AuEq over 73m, including 2.05 g/t AuEq over 48m (see press release dated April 21, 2020), suggesting a possible extension of this high-grade trend to the south of the Preliminary Economic Assessment (“PEA”) pit shell.
  • Nearly all intercepts in holes ZSW21-505 and ZSW21-506 are located directly adjacent and up to 65 metres below the PEA pit shell. Highlights include:
    • 5.73 g/t AuEq over 6m, incl. 32.41 g/t AuEq over 1m
    • 1.21 g/t AuEq over 13m, incl. 2.37 g/t AuEq over 5m and 7.93 g/t AuEq over 1m
    • 1.26 g/t AuEq over 11m, incl. 2.35 g/t AuEq over 5m and 7.43 g/t AuEq over 1m
    • 1.69 g/t AuEq over 7m, incl. 9.92 g/t AuEq over 1m
    • 1.10 g/t AuEq over 6m, incl. 2.53 g/t AuEq over 1m
    • 6.58 g/t AuEq over 1m
    • 4.89 g/t AuEq over 1m
  • ZSW21-500 returned strong mineralization directly below the deepest part of the PEA pit shell. Intercept highlights include:
    • 0.93 g/t AuEq over 25m, incl. 2.14 g/t AuEq over 1m
    • 16.96 g/t AuEq over 1m

 

“The latest results from the Southwest are exceptional and expand the mineralization in a direction that has not previously been tested. These are among the strongest intercepts that have ever been drilled at Troilus and exemplify the exciting growth potential in this zone, as well as the scale of the larger Troilus trend. Our understanding of this deposit continues to improve as we expand mineral envelopes and better define the high-grade component of mineralization within it, which is present throughout the ore body,” commented Justin Reid, President and CEO of Troilus Gold. “It’s only been a year and a half since we started drilling the Southwest Zone; these are still early days, but the zone is rapidly expanding and continues to surpass our expectations. We’re very excited to continue aggressively drilling this area and look forward to seeing how this zone will contribute to the long-term life of this project.”

 

Southwest Zone: 2018-Present

 

The Southwest Zone is located 2.5 kilometres southwest of Z87, the former mine’s main production pit, and lies along the margin of the Troilus Diorite and surrounding volcanics. Initial prospecting and mapping started in 2018 to follow-up on some sparse and shallow drilling completed by Inmet Mining Corporation from 1986 to 2000, which returned intercepts as high as 1.23 g/t gold over 36 metres and 1.06 g/t gold over 18 metres. Troilus’ exploration team was successful in identifying a new gold bearing mineralized zone at surface, and an initial drilling program commenced in late November 2019.

 

Since then, approximately 43,800 metres have been drilled in the Southwest Zone, uncovering a homogeneous body of mineralization that is geologically similar to the main zone Z87, extending over a strike length of 1.5 kilometres and returning some the best intercepts ever recorded at Troilus. Mineralization in this zone remains open in all directions and at depth. Of the total metres drilled in the Southwest Zone to date, 8,500 metres were included in the July 2020 mineral resource estimate, which contributed 583,000 oz of Inferred resources (22.6 Mt @ 0.80 g/t AuEq) to the overall mineral resource (See press release dated July 28, 2020; 4.96 Moz AuEq, 177.3Mt @ 0.87 g/t, in the Indicated category and 3.15 Moz AuEq, 116.7Mt @ 0.84 g/t, in the Inferred category). Over 35,000 metres of new drill data, not including continued and upcoming drilling, will be included in the upcoming mineral resource update, which the Company expects will meaningfully contribute to the total resources and future mine plan of the project.

 

Across all zones in the main mineral corridor, approximately 74,300 metres have been drilled since the 2020 mineral resource estimate cut-off. Drilling is ongoing at a rate of approximately 10,000 metres per month with the intention of including as much of this new drill data as possible into the upcoming new mineral resource estimate and pre-feasibility study.

 

Figure 1: Plan View Map of Southwest Zone with Location of New Drill Results


https://www.globenewswire.com/NewsRoom/AttachmentNg/6ea0249f-24ac-4741-9d70-c05ef1c8c5c4

 

Figure 2: Section N9000; View of drill hole SW-21-512


https://www.globenewswire.com/NewsRoom/AttachmentNg/04943b4d-489d-4873-8510-041575b48b7c

 

Table 1: New Southwest Zone Drill Results

 

Hole From
(m)
To
(m)
Interval
(m)
Inside/Outside
of PEA Pit
Shell
Au Grade
(g/t)
Cu Grade
(%)
Ag Grade
(g/t)
AuEq Grade
(g/t)
TLG-ZSW21-500
  268 269 1 Inside 1.13 0.00 0.03 1.13
  289 290 1 Inside 0.86 0.24 1.30 1.18
  293 294 1 Inside 1.29 0.28 0.50 1.65
  300 301 1 Inside 0.86 0.20 0.50 1.13
  312 313 1 Inside 0.93 0.21 0.70 1.21
  327 352 25 Outside 0.76 0.13 1.11 0.93
including 339 342 3 Outside 3.94 0.31 5.93 4.40
  401 405 4 Outside 1.00 0.02 0.42 1.03
including 403 404 1 Outside 2.05 0.05 1.60 2.14
  436 437 1 Outside 15.60 0.90 20.40 16.96
  478 479 1 Outside 1.23 0.02 0.03 1.26
  497 498 1 Outside 1.38 0.11 1.40 1.53
  522 523 1 Outside 1.00 0.12 1.80 1.17
  528 530 1 Outside 1.18 0.02 0.26 1.21
  541 542 1 Outside 2.05 0.01 0.03 2.06
TLG-ZSW21-505
  69 74 5 Inside 0.61 0.14 2.78 0.83
including 69 70 1 Inside 2.41 0.59 11.90 3.29
  181 182 1 Outside 1.40 0.00 0.60 1.40
  198 199 1 Outside 1.06 0.01 3.50 1.11
  207 208 1 Outside 1.53 0.15 3.70 1.76
  233 234 1 Outside 1.18 0.09 1.60 1.32
  241 242 1 Outside 1.04 0.00 0.03 1.05
  277 288 11 Outside 1.13 0.09 1.59 1.26
including 279 284 5 Outside 2.12 0.15 3.07 2.35
and 280 281 1 Outside 6.94 0.30 9.70 7.43
  312 316 4 Outside 0.71 0.20 0.73 0.97
including 312 313 1 Outside 1.05 0.37 1.80 1.55
  334 335 1 Outside 1.00 0.13 1.60 1.18
  345 346 1 Outside 6.55 0.02 0.03 6.58
  361 374 13 Outside 0.78 0.31 3.04 1.21
including 365 370 5 Outside 1.59 0.56 6.10 2.37
and 369 370 1 Outside 5.61 1.66 18.60 7.93
TLG-ZSW21-506
  36 37 1 Inside 2.47 0.01 0.03 2.49
  59 60 1 Outside 4.82 0.03 3.00 4.89
  73 74 1 Outside 1.07 0.02 0.03 1.09
  139 140 1 Outside 0.71 0.43 7.00 1.33
  179 185 6 Outside 5.71 0.01 0.75 5.73
including 184 185 1 Outside 32.40 0.01 0.60 32.41
  200 201 1 Outside 1.03 0.00 0.03 1.04
  204 205 1 Outside 1.14 0.00 0.03 1.14
  258.55 265 6.4 Outside 0.92 0.13 1.14 1.10
including 261 262 1 Outside 1.92 0.46 3.30 2.53
  317 324 7 Outside 1.44 0.18 1.77 1.69
including 317 318 1 Outside 8.75 0.83 9.60 9.92
TLG-ZSW21-512
  42 49 7 Inside 0.89 0.01 0.09 0.91
including 46 48 2 Inside 1.77 0.02 0.26 1.80
  62 63 1 Inside 2.89 0.08 1.60 3.01
  71 86 15 Inside 3.51 0.04 1.11 3.58
including 72 79 7 Inside 6.70 0.04 1.44 6.76
and 73 74 1 Inside 27.40 0.01 1.70 27.43
and 78 79 1 Inside 9.22 0.03 0.80 9.27
and 83 84 1 Inside 4.23 0.06 1.10 4.31
  150 151 1 Outside 0.83 0.07 0.36 0.93
  170 171 1 Outside 2.52 0.17 7.90 2.82
  190 191 1 Outside 0.90 0.01 0.03 0.91

*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 Southwest Zone drill program in 2021, 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 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.

 

The updated mineral resource estimate disclosed in this press release was prepared by Mr. Paul Daigle, géo., Senior Associate Resource Geologist with AGP Mining Consultants Inc.. The supporting Technical Report is available on SEDAR (www.sedar.com) under the Company’s issuer profile, as well as on its website www.troilusgold.com.

 

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.

 

Posted August 17, 2021

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