Based on 36,000m of drilling in 91 holes completed between February and August this year, Toronto-based Troilus said Monday the estimated indicated resource now stood at 3.92 million ounces gold equivalent (Au-eq), with an inferred resource at 1.17Moz Au-eq.
"In ten short months since the formation of Troilus, we have outlined what could be one of Quebec's most significant gold development assets. This resource estimate is the cornerstone upon which we will grow and build the future of Troilus," said CEO Justin Reid.
The 2018 drill campaign was designed to confirm and expand the underground potential at Z87, explore the openpit potential at the J Zone, and discover new opportunities for resource development across the property.
The company said the 2019 exploration programme would get underway early in the New Year.
The stock (TSX:TLG), which had lost more than 70% year to date, closed 16% higher on Monday at C58c, giving the junior a market value of $28.3 million.