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Troilus boosts namesake resource again

Troilus Gold has updated the mineral resource for its namesake project in Quebec and is aiming to release a preliminary economic assessment towards the end of this quarter.
Troilus boosts namesake resource again Troilus boosts namesake resource again Troilus boosts namesake resource again Troilus boosts namesake resource again Troilus boosts namesake resource again

Core on display at Troilus Gold’s namesake project in Quebec

Staff reporter

The total indicated resource now stands at 177 million tonnes at 0.87g/t gold-equivalent for 4.96 million ounces, and inferred at 116.7Mt at 0.84g/t for 3.15Moz Au-eq.

Its November 2019 update had taken the indicated resource to 4.71Moz Au-eq and inferred to 1.76Moz Au-eq. 

CEO Justin Reid said since Troilus had acquired the project in 2017, it had increased the indicated resource by 142% and the inferred by 350%.

"Troilus has shown scale, the ability for expansion and optionality from multiple resource centres," he said.

The new Southwest Zone, whose discovery prompted a delay to the planned prefeasibility study to include the zone in the upcoming PEA, contributed 583,000oz Au-eq to the inferred resource.

Reid said Troilus believed the Southwest Zone still had the ability "to grow materially" through further drilling.

SVP exploration Blake Hylands said a 20,000m drilling programme was planned for Troilus later this year.

The company further expanded the project on the Frôtet-Evans Greenstone Belt last week to 107,326h, adding 422 claims through acquisition and staking.

It announced the resource update ahead of its presentation tomorrow at the Canadian Metals and Mining Virtual lnvestor Conference.

Troilus had raised C$25 million last month in an upsized financing priced at $1.05 per unit.

Its shares (TSX: TLG) had spent the year to April below the $1 mark and hit a 52-week high last week of $1.61.

They closed up 2% yesterday to $1.41, capitalising it at $162 million (US$121 million).