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Troilus’ Southwest Zone Strike Length Expands by a Further +25%; Drills 3.65 g/t AuEq Over 9m, Incl. 5.32 g/t AuEq Over 6m and 14.63 g/t AuEq Over 1m Within 100m of Surface

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Troilus Gold Corp. (TSX: TLG) (OTCQB: CHXMF) reports additional assay results 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 along strike from the main mineral corridor (Zone Z87 and J Zone), initially identified and drilled in late 2019 and early 2020 (See Figure 1).

 

  • Above average high-grade gold-bearing highlights include:
    • 3.65 g/t AuEq over 9m, incl. 5.32 g/t AuEq over 6m, 14.63 g/t AuEq over 1m and 6.15 g/t AuEq over 1m
    • 1.62 g/t AuEq over 9m, incl. 3.81 g/t AuEq over 3m and 5.87 g/t AuEq over 1m
    • 1.18 g/t AuEq over 15m, incl. 2.54 g/t AuEq over 1m, 2.46 g/t AuEq over 2m, 1.67 g/t AuEq over 5m and 2.61 g/t AuEq over 2m
  • Mineralization observed in the Southwest Zone has been extended along strike by a further +25%, from 825m to +1km in Main Zone; West Zone extended by +100m and identified mineralization remains open
  • Northeast trending mineral continuity intersected over widths of +650 metres; potential new gold zone identified to the Southeast of the Main Zone with above average gold-bearing intervals
  • Down dip gold-bearing zones expanded to depths over 500 metres below pit shell proposed in the Preliminary Economic Assessment (“PEA”) (See press release dated August 31, 2020) and remain open
  • Nearly all intersections reported herein were located outside of the PEA pit shell
    (See Table 1)

 

“We are very excited by these latest results obtained from the north east extent of the Southwest Zone, which advance further into the 2.5 kilometre gap between the Southwest Zone and Z87. Results to date demonstrate a strong continuity of mineralization from the Southwest Zone towards Z87 and J Zone. We have significantly expanded the footprint of this gold zone, more than 650 metres beyond the PEA pit shell at surface, and down dip over 500 metres below it,” commented Justin Reid, CEO of Troilus Gold. “As we continue stepping out to the northeast, closing the gap towards Z87, we are observing gold mineralization over large widths and at higher grades than the original Southwest mineral resource estimate, that remain open in all directions. Results continue to emphasize the scale potential of this vastly underdrilled gold system and we are highly encouraged by the rapid growth of this zone, which we believe will bode well for the next phase of engineering, the Pre-Feasibility Study, planned for completion in the second half of 2021.”

 

Additional Highlights & Assessment of Results:

 

All intersections encountered in holes ZSW20-214 and ZSW20-220 (section N10000, Figure 4) are located outside of the PEA pit shell. ZSW20-214 has extended the known gold bearing zone on strike by 200m NE of the PEA pit shell, and has widened it by more than 650m to the SE. 30m of +1.0g/t AuEq was intersected within 200m from surface, mineralization extends down dip up to 300m and remains open. Highlights include:

 

  • 1.18 g/t AuEq over 15m, incl. 2.54 g/t AuEq over 1m, 2.46 g/t AuEq over 2m, 1.67 g/t AuEq over 5m and 2.61 g/t AuEq over 2m
  • 1.91 g/t AuEq over 2m and 1.51 g/t AuEq over 3m
  • 1.01 g/t and AuEq over 15m, incl. 3.10 g/t AuEq over 1m and 1.84 g/t over 3m
  • 14.90 g/t AuEq over 1m
  • 2.93 g/t AuEq over 1m
  • 2.83 g/t AuEq over 1m

 

ZSW20-213 and ZSW20-210 (section N9900, Figure 5) confirmed higher grade extensions in a previously undrilled area of the PEA pit shell and identified down dip extensions ~300m below the PEA pit shell and remains open at depth and down dip of the ore trend. Intercept highlights include:

 

  • 3.65 g/t AuEq over 9m, incl. 5.32 g/t AuEq over 6m, 14.63 g/t AuEq over 1m and 6.15 g/t AuEq over 1m
  • 1.62 g/t AuEq over 9m, incl. 3.81 g/t AuEq over 3m and 5.87 g/t AuEq over 1m
  • 0.95 g/t AuEq over 11m, incl. 1.14 g/t AuEq over 6m

 

ZSW20-171 was drilled 100m North of the PEA pit shell and intersected mineralization within 100m from surface. Intercept highlight includes:

 

  • 3.33 g/t AuEq over 3m, incl. 3.46 g/t over 1m and 5.57 g/t over 1m

 

The Southwest Zone continues to demonstrate an ongoing trend of higher grade gold intercepts within a much broader disseminated mineralized zone, consistent with the main zone Z87. 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). Troilus will include all the recently announced Southwest results from late 2020 and ongoing 2021 results into an updated mineral resource estimate and Pre-Feasibility Study, targeted for completion in the second half of 2021.

 

Figure 1: Location of New Drill Hole Results in the Southwest Zone


https://www.globenewswire.com/NewsRoom/AttachmentNg/b270ccc9-6742-4db4-8f4d-15bf6266e3ad

 

Figure 2: 3D Model of Troilus Mineral Zones and PEA Pit Shells


https://www.globenewswire.com/NewsRoom/AttachmentNg/2eef27e5-9922-40fc-9485-693b229e64f6

 

Figure 3: Southwest Zone PEA Pit Shell and New Drill Results – Facing South East


https://www.globenewswire.com/NewsRoom/AttachmentNg/071a24e9-2ad6-4e7c-9e51-dc11f90dfe08

 

Figure 4: Section N10000; View of drill holes TLG-ZSW20-220 and TLG-ZSW20-214

https://www.globenewswire.com/NewsRoom/AttachmentNg/e710e2a3-3c0a-4eac-b749-e4da40096323

 

Figure 5: Section N9900; View of drill holes TLG-ZSW20-210 and TLG-ZSW20-213

https://www.globenewswire.com/NewsRoom/AttachmentNg/e0ac7380-9ee0-42b9-9963-da5f2494a948

 

 

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-ZSW20-171
  71 72 1 Outside 1.03 0.005 0.25 1.03
  130 131 1 Outside 1.34 0.042 6.10 1.46
  273 276 3 Outside 3.29 0.009 2.22 3.33
incl. 273 274 1 Outside 3.40 0.013 4.60 3.46
incl. 274 275 1 Outside 5.54 0.012 1.80 5.57
TLG-ZSW20-210
  23 24 1 Inside 1.12 0.002 1.60 1.13
  61 72 11 Inside 0.97 0.002 0.29 0.98
  86 95 9 Inside 1.61 0.002 0.25 1.62
incl. 86 89 3 Inside 3.80 0.002 0.25 3.81
incl. 86 87 1 Inside 5.87 0.002 0.25 5.87
  283 284 1 Outside 0.98 0.049 1.40 1.05
  466 467 1 Outside 2.06 0.023 0.25 2.09
  474 485 11 Outside 0.73 0.154 2.72 0.95
incl. 474 475 1 Outside 0.82 0.148 6.50 1.07
incl. 478 484 6 Outside 0.87 0.187 2.83 1.14

 

TLG-ZSW20-213
  48 49 1 Outside 1.18 0.044 0.25 1.23
  110 111 1 Outside 1.75 0.004 0.25 1.76
  158 167.15 9 Outside 3.64 0.004 0.45 3.65
incl. 159 165 6 Outside 5.31 0.004 0.56 5.32
incl. 161 161.75 1 Outside 14.60 0.002 2.70 14.63
incl. 164 165 1 Outside 6.14 0.002 0.25 6.15
  403 404 1 Outside 1.37 0.035 14.70 1.57
  411 412 1 Outside 1.30 0.005 0.25 1.30
TLG-ZSW20-214
  8 9 1 Outside 1.17 0.000 0.03 1.17
  85 87 2 Outside 1.90 0.011 0.03 1.91
  94 97 3 Outside 1.51 0.002 0.03 1.51
  100 101 1 Outside 1.23 0.001 0.03 1.23
  162.75 167 4.3 Outside 0.76 0.079 0.81 0.87
incl. 166 167 1 Outside 1.13 0.196 2.90 1.41
  172 173 1 Outside 1.29 0.054 0.03 1.36
  193 208 15 Outside 0.93 0.052 0.63 1.01
incl. 196 197 1 Outside 3.07 0.016 0.60 3.10
incl. 204 207 3 Outside 1.76 0.052 1.70 1.84
  257 272 15 Outside 1.15 0.016 0.17 1.18
incl. 257 258 1 Outside 2.53 0.006 0.03 2.54
incl. 261 263 2 Outside 2.43 0.022 0.03 2.46
incl. 267 272 5 Outside 1.65 0.012 0.28 1.67
incl. 270 272 2 Outside 2.59 0.015 0.36 2.61
  304 305 1 Outside 1.00 0.012 0.03 1.01
  325.9 327 1.1 Outside 1.02 0.015 1.00 1.05
  335 336 1 Outside 1.26 0.014 0.03 1.28
  350 351 1 Outside 1.82 0.012 0.03 1.83
  383 387 4 Outside 0.86 0.011 0.03 0.88
incl. 386 387 1 Outside 1.38 0.008 0.03 1.39
  412 413 1 Outside 1.04 0.023 1.10 1.08

 

TLG-ZSW20-220
  36 38 2 Outside 0.88 0.006 0.03 0.89
incl. 36 37 1 Outside 1.01 0.010 0.03 1.02
  46 47 1 Outside 0.88 0.028 0.60 0.92
  110 111 1 Outside 14.90 0.002 0.03 14.90
  142 143 1 Outside 2.82 0.005 0.03 2.83
  147 148 1 Outside 0.88 0.003 2.60 0.91
  180 181 1 Outside 1.47 0.001 0.03 1.47
  220 221 1 Outside 1.52 0.008 0.03 1.53
  390 391 1 Outside 0.64 0.236 8.10 1.03
  408 409 1 Outside 1.15 0.009 0.03 1.16
  573 574 1 Outside 1.20 0.003 0.03 1.20
  584 585 1 Outside 1.11 0.007 0.70 1.13
  593 594 1 Outside 2.92 0.010 0.03 2.93

*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 March 16, 2021

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