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Troilus Expands Southwest Zone Strike Length by 40% to 1.5 km; Extends Gold Mineralization 450 Metres Below PEA Pit

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Troilus Gold Corp. (TSX: TLG) (OTCQB: CHXMF) reports assay results for an additional five drill holes from the Southwest Zone on its 100%-owned Troilus Gold Project located in north central Quebec, Canada. The Southwest Zone is a rapidly expanding gold zone located approximately 2.5 kilometres southwest of the main mineral corridor (Z87 and J Zone), initially identified and drilled in late 2019 and early 2020 (See Figure 1).

 

  • Gold mineralization has been extended along strike to the northeast by an additional +400 metres into the Gap Zone (See holes ZSW20-218/ ZSW20-219, Figure 2).
    Highlights include:

    • 2.23 g/t AuEq over 4m, incl. 3.50 g/t AuEq over 2m
    • 2.48 g/t AuEq over 2m, incl. 3.77 g/t AuEq over 1m
    • 12.37 g/t AuEq over 1m
    • 1.14 g/t AuEq over 5.7, incl. 3.06 g/t AuEq over 1.7m
    • 5.36 g/t AuEq over 1m
    • 5.00 g/t AuEq over 1m
    • 3.12 g/t AuEq over 1m
  • Down dip extensions continue up to 450 metres below the pit shell proposed in the Preliminary Economic Assessment (“PEA”) (See August 31, 2020 press release). Highlights include:
    • 5.03 g/t AuEq over 1m
    • 3.16 g/t AuEq over 1m
    • 2.78 g/t AuEq over 1m
    • 2.66 g/t AuEq over 1m
  • All intersections reported herein were located outside of the PEA pit shell
    (See Table 1)

 

“The Southwest Zone continues to grow and exceed our expectations. With each step-out hole the system extends further to the northeast towards the current limits of Z87 South – an area we now identify as the ‘Gap Zone’,” commented Justin Reid, CEO of Troilus Gold. “This recent drilling has intersected targeted down-dip extensions of historic shallow drilling that was conducted by Inmet Mining Corporation in 1986. This area was abandoned with the subsequent discovery of Z87, which became Inmet’s main production pit. We have two drills turning in the Gap Zone, and we intend to deploy a third. The continuity of mineralization is exciting and the Gap Zone will be a continued major focus of our work through the spring and summer of 2021 to help us better understand the nature and extent of the results we are seeing.”

 

The Southwest Zone demonstrates an ongoing trend of higher grade gold intercepts within a much broader disseminated mineralized zone, consistent with the main Z87 zone. Parallel zones of mineralization continue to be discovered as drilling is extended at depth. These footwall mineralized intervals are showing how the Southwest Zone is not just extending along strike back towards the mine complex, but also adding width to previous mineral interpretations. Thrusting and folding in the area are likely the control on these parallel systems, and are confirming the structural interpretation of the geology team. Gold is most often found to be mineralized in two distinct styles; disseminated along the interstices of sulphides, and vein hosted along boundaries of quartz carbonate veins. These two distinct styles occur together as one system, and produce the broad zones of mineralization depicted in the sections of Figures 3 and 4.

 

This Southwest Zone was initially discovered and drilled in late 2019 and early 2020 following new geologic modelling by Troilus’ technical team. A mere 8,500 metres drilled in this zone contributed an estimated Inferred resource of 580,000 oz AuEq (22.6 Mt, at avg. grade of 0.80 g/t AuEq) to the total mineral resource estimate of 4.96 Moz AuEq Indicated (177 Mt with an average grade of 0.87 g/t AuEq) and 3.15 Moz AuEq Inferred (116.7 Mt with an average grade of 0.84 g/t AuEq) (see press release announcing the latest mineral resource estimate dated July 28, 2020). In the coming months, Troilus intends to conduct infill drilling in the Southwest Zone, which will be required in order for all the newly identified zones of mineralization to be included into an updated mineral resource estimate and Pre-Feasibility Study, currently targeted for completion in the second half of 2021.

 

Figure 1: Longitudinal Section of the Main Mineral Zones & Near-Term Targets at Troilus


https://www.globenewswire.com/NewsRoom/AttachmentNg/e490e44a-4c6d-41ef-b4f0-e9e92fb0f085

 

Figure 2: Location of New Drill Hole Results in the Southwest Zone


https://www.globenewswire.com/NewsRoom/AttachmentNg/ac16abf3-2aeb-446e-9999-0e30797682cf

 

Figure 3: Section N10300; View of drill hole TLG-ZSW20-218


https://www.globenewswire.com/NewsRoom/AttachmentNg/1d21ee83-3b0a-41c9-9697-de840b0786d7

 

Figure 4: Section N9650; View of drill holes TLG-ZSW20-206 and TLG-ZSW20-207


https://www.globenewswire.com/NewsRoom/AttachmentNg/3bd98e50-9e59-43d2-b9b0-d98b5e47eed7

 

 

Table 1: New Southwest Zone Drill Results Highlights

 

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-ZSW20-205
  119 120 1 Outside 2.21 0.01 4.00 2.26
  170 171 1 Outside 2.64 0.01 0.25 2.66
  312 314 2 Outside 1.00 0.07 0.38 1.10
  343 344 1 Outside 0.88 0.12 1.30 1.04
  409 410 1 Outside 1.08 0.08 1.10 1.20
  510 514 4 Outside 0.76 0.08 0.93 0.86
incl. 510 511 1 Outside 1.10 0.14 1.90 1.30
incl. 513 514 1 Outside 1.57 0.10 1.30 1.71
  524 525 1 Outside 2.06 0.33 6.40 2.55
  567 568 1 Outside 1.08 0.01 0.50 1.09
  642 643 1 Outside 1.34 0.10 1.00 1.47
TLG-ZSW20-206
  302 310 8 Outside 0.86 0.10 1.91 1.02
incl. 302 303 1 Outside 4.92 0.08 0.80 5.03
incl. 309 310 1 Outside 0.88 0.22 3.10 1.19
  334 335 1 Outside 1.22 0.02 1.60 1.27
  350 351 1 Outside 1.33 0.04 3.40 1.41
  378 379 1 Outside 2.58 0.01 0.25 2.60
  431 432 1 Outside 1.96 0.01 0.25 1.98
  609 620 11 Outside 0.65 0.11 0.69 0.81
incl. 619 620 1 Outside 2.97 0.14 0.70 3.16
  806 809 3 Outside 0.94 0.14 8.80 1.21
  820 824 4 Outside 1.08 0.07 2.33 1.20
incl. 823 824 1 Outside 2.71 0.05 1.10 2.78
  847 849 2 Outside 0.93 0.13 4.60 1.14
TLG-ZSW20-207
  35 38 3 Outside 1.40 0.00 0.25 1.40
incl. 37 38 1 Outside 2.63 0.00 0.25 2.64
  50 52 2 Outside 0.81 0.04 4.85 0.92
incl. 51 52 1 Outside 1.14 0.05 6.90 1.27
  105 106 1 Outside 1.25 0.02 0.25 1.28
  129 131 2 Outside 1.09 0.02 3.60 1.15
incl. 129 130 1 Outside 1.70 0.02 5.90 1.79
  239 240 1 Outside 1.48 0.00 0.25 1.49
  258 259 1 Outside 1.44 0.01 0.25 1.45
  345 347 2 Outside 1.12 0.02 2.00 1.17
  363 365 2 Outside 1.48 0.07 0.43 1.56
  369 372 3 Outside 0.79 0.16 0.40 1.00
incl. 369 370 1 Outside 1.59 0.43 0.70 2.15
TLG-ZSW20-218  
  46 49 3 Outside 0.80 0.07 3.14 0.92
incl. 47 48 1 Outside 1.22 0.14 7.40 1.48
  184 192 8 Outside 0.89 0.00 0.13 0.89
incl. 191 192 1 Outside 5.01 0.01 0.90 5.03
  198 199 1 Outside 0.93 0.00 0.03 0.93
  217 218 1 Outside 1.08 0.01 0.03 1.09
  227 228 1 Outside 12.30 0.04 1.80 12.37
  237 242.7 5.7 Outside 1.10 0.03 1.02 1.14
incl. 241 242.7 1.7 Outside 3.04 0.02 0.03 3.06
  359.4 360.5 1.1 Outside 1.05 0.01 0.03 1.05
  430 431 1 Outside 4.88 0.29 10.40 5.36
TLG-ZSW20-219  
  18 19 1 Outside 1.37 0.00 0.03 1.37
  40 41 1 Outside 1.41 0.01 0.03 1.41
  100 101 1 Outside 1.18 0.01 0.03 1.18
  106 108 2 Outside 2.47 0.00 0.26 2.48
incl. 107 108 1 Outside 3.76 0.00 0.50 3.77
  162 164 2 Outside 1.84 0.01 0.03 1.84
incl. 162 163 1 Outside 3.12 0.00 0.03 3.12
  186 187 1 Outside 0.96 0.06 1.10 1.04
  200 201 1 Outside 4.99 0.00 0.80 5.00
  205 209 4 Outside 1.50 0.04 1.29 1.56
incl. 200 201 1 Outside 4.99 0.00 0.80 5.00
  249 250 1 Outside 1.54 0.03 17.70 1.76
  325 329 4 Outside 1.94 0.15 9.23 2.23
incl. 327 329 2 Outside 3.05 0.23 15.20 3.50
incl. 341 342 1 Outside 0.92 0.12 7.10 1.15

*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 2020, 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 Bertrand Brassard, M.Sc., P.Geo., Chief Geologist, who is a Qualified Person as defined by NI 43-101. Mr. Brassard is an employee of Troilus and is not independent of the Company under NI 43-101.

 

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 107,326 hectare Troilus property is located northeast of Chibougamau, within the Frotêt-Evans Greenstone Belt in Quebec, Canada. From 1996 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.

 

Posted April 8, 2021

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