Drilling highlights included 9m grading 3.65 grams per tonne gold-equivalent, including 6m grading 5.32g/t.

"We have significantly expanded the footprint of this gold zone, more than 650m beyond the PEA pit shell at surface, and down dip over 500m below it. As we continue stepping out to the northeast, closing the gap towards Z87, we are observing gold mineralisation over large widths and at higher grades than the original Southwest mineral resource estimate," said Troilus Gold CEO Justin Reid.

The PEA put initial capex at US$333 million for a 22-year mine targeting average annual production of 246,000 ounces of gold over the first 14 years, with a peak of about 300,000oz in year five.

Shares in Troilus Gold are trading at C$1.06, valuing the company at $138 million.