Troilus Gold Corp. (TSX: TLG) (OTCQB: CHXMF) reports additional results from the 6,000 metre drill program completed earlier this year in the Southwest Zone at its 100%-owned Troilus property located northeast of Chibougamau, Quebec in the prospective Frôtet-Evans Greenstone belt. All drill holes reported herein successfully intersected the targeted system and demonstrated geology similar to the main mineralized zone on the property, Z87, located less than 3.5 kilometres to the northeast of the SWZ.
Highlights of the new drill results include*:
*See Table 1 for all drill intercepts, Figure 1 for location map of high grade occurrences on the Troilus property, Figure 2 for Section view of TLG-ZSW20-181 and Figure 3 for drill hole locations
Justin Reid, Chief Executive Officer of Troilus commented: “The Southwest Zone continues to deliver positive results. The modelling work by our technical team in 2019 to initially identify the potential of the Southwest Zone has resulted in the definition of a significant new area of mineralization at shallow depths and demonstrating technical similarities to Z87, the largest of the Troilus ore bodies, including a number of higher-grade intercepts. We are currently compiling the drill data into the existing mineral resources estimate of 4.71 million ounces of Indicated gold equivalent and 1.76 million ounces of Inferred gold equivalent (see press release dated November 12, 2019) and we expect to publish an update to the mineral resource estimate in the near term. With the recent acquisition and staking of a massive 67,000 hectare land position to the south and southwest of our existing property (see press release dated April 28, 2020), our team is eager to get back out into the field. The Province of Quebec has authorized a restart for the exploration industry this week and we are working on a reopening plan that prioritizes the health and safety of our employees, local communities and stakeholders.”
All 11 holes from the February drilling program in the Southwest Zone reported to date (see press releases dated April 14, 2020 and April 21, 2020) and all 7 drill hole results reported earlier this year (see press release dated January 28, 2020), have successfully intersected gold at shallow depths and defined internal high-grade zones demonstrating analogues to that of Z87. The results to date from the SWZ confirm a more than 1 km mineralized trend that remains open along trend and at depth.
As previously observed in Z87, the Southwest Zone has also demonstrated an ongoing trend of higher grade gold intercepts within a much broader disseminated mineralized zone that is related to fold and shear patterns, creating high gold grade traps (see Figure 1). 46.40 g/t AuEq over 1 metre in Hole TLG-ZSW20-190 is a particular standout along with 13.28 g/t AuEq over 1 metre and 9.38 g/t AuEq over 1 metre in Hole TLG-ZSW20-181 and 16.01 g/t AuEq over 1.1 metre in Hole TLG-ZSW20-186. Since May 2019, Troilus has been collaborating with Western University on a research program to study gold distribution and constraints on the property and at a regional scale. The objective of the program is to understand the mechanisms of gold mineralization and to develop additional exploration tools in addition to those already in place. The research results to date suggest a clear relationship between high-grade gold and our new structural interpretation, which has been instrumental in identifying the Troilus Trend and resulting in the discovery of the Southwest Zone.
Results from the Southwest Zone will be incorporated into the mineral resources estimate for the Troilus property with an updated estimate targeted for release in Q2 2020.
UPDATE ON OPERATIONS DURING COVID-19 PANDEMIC
On May 6th, 2020, the Province of Quebec authorized the resumption of activities in the mining sector effective May 11th, 2020. The Troilus site remains closed at this time. We are in the process of developing a plan to gradually reopen at site in consultation with our staff, our service providers, our Cree stakeholders and our local communities. We will be reviewing guidelines and recommendations from the National Institute of Public Health of Quebec (INSPQ) and the CNESST Commission des normes, de l’équité, de la santé et de la sécurité du travail (CNESST) on measures to help prevent the spread of COVID19 and ensure appropriate sanitary conditions are in place at site. The health and safety of our people and our local communities is our top priority to ensure a robust company that can continue to deliver value to shareholders.
Table 1: Summary of Southwest Zone Drill Results
|Hole ID||From||To||Length||Au (g/t)||Cu (%)||Ag (g/t)||AuEq (g/t)||Summary|
|TLG-ZSW20-180||76.00||84.00||8.00||0.85||0.01||0.25||0.87||8m @ 0.87 g/t AuEq from 76m|
|106.00||124.00||18.00||0.60||0.04||0.48||0.67||18m @ 0.67 g/t AuEq from 106m
incl. 8m @ 1.00 g/t AuEq from 111m
|TLG-ZSW20-181||30.00||42.00||12.00||0.63||0.07||0.55||0.77||12m @ 0.77 g/t AuEq from 30m|
|85.00||106.00||21.00||0.45||0.06||0.45||0.56||21m @ 0.56 g/t AuEq from 85m|
|143.00||164.00||21.00||1.13||0.03||0.59||1.18||21m @ 1.18 g/t AuEq from 143m
incl. 1m @ 13.28 g/t AuEq from 163m
|175.00||209.00||34.00||0.55||0.03||0.69||0.61||34m @ 0.61 g/t AuEq from 175m|
|248.00||249.00||1.00||9.22||0.08||1.30||9.38||1m @ 9.38 g/t AuEq from 248m|
|TLG-ZSW20-182||34.00||37.00||3.00||0.43||0.03||0.72||0.50||3m @ 0.50 g/t AuEq from 34m|
|300.00||310.00||10.00||0.66||0.02||0.30||0.70||10m @ 0.70 g/t AuEq from 300m|
|TLG-ZSW20-186||151.00||187.00||36.00||0.56||0.06||0.57||0.67||36m @ 0.67 g/t AuEq from 151m
incl. 5m @ 1.33 g/t AuEq from 156m
and 5m @ 1.43 g/t AuEq from 177m
|208.00||214.00||6.00||0.26||0.09||0.35||0.42||6m @ 0.42 g/t AuEq from 208m|
|245.00||251.00||6.00||0.25||0.06||0.87||0.36||6m @ 0.36 g/t AuEq from 245m|
|267.90||269.00||1.10||15.10||0.16||48.40||16.01||1.1m @ 16.1 g/t AuEq from 267.9m|
|273.00||283.00||10.00||0.64||0.10||2.44||0.84||10m @ 0.84 g/t AuEq from 273m|
|TLG-ZSW20-187||126.75||131.50||4.75||0.57||0.01||0.25||0.59||4.75m @ 0.59 g/t AuEq from 126.75m|
|203.00||223.85||20.85||0.19||0.13||0.65||0.42||20.85m @ 0.42 g/t AuEq from 203m
incl. 2m @ 1.32 g/t AuEq from 221m
|TLG-ZSW20-190||95.00||98.00||3.00||0.63||0.05||0.43||0.72||3m @ 0.72 g/t AuEq from 95m|
|131.00||134.00||3.00||0.85||0.05||1.45||0.96||3m @ 0.96 g/t AuEq from 131m|
|242.00||243.00||1.00||46.30||0.04||2.40||46.40||1m @ 46.40 g/t AuEq from 242m|
|269.00||280.00||11.00||0.48||0.07||0.85||0.61||11m @ 0.61 g/t AuEq from 269m|
*Note drill intervals reported in this news release are down-hole core lengths as true thicknesses cannot be determined with available information.
Figure 1: High grade gold occurrences on Troilus property.
Figure 2: Section view of drill holes TLG-ZSW20-181.
Figure 3: Southwest drill hole locations. Current Drill results are from the newly discovered Southwest Zone which is 3.5 kilometres south of Z87 and accessible from the main road. See Figure 1 for Section view of drill hole TLG-ZSW20-181. See press releases dated January 28, 2020, April 14, 2020 and April 21, 2020 for previous drill results from the Southwest Zone.
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 Canada Ltd, 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 carried out multi-element analysis for ME-ICP61 analysis of 33 elements four acid ICP-AES.
The technical and scientific information in this press release has been reviewed and approved by Bertrand Brassard, M.Sc., P.Geo., Senior Project 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 83,385 hectare Troilus property is located 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.
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