In a news release, Troilus Gold Corp. (TLG:TSX; CHXMF:OTCQB) reported initial results from the company's 2020 autumn/winter drill program at its wholly owned Troilus Gold property. The property covers 107,300 hectares and is located within the Frôtet-Evans Greenstone Belt in north-central Quebec.
Troilus Gold advised that the most recent drilling data point to significant extensions of gold mineralization beyond the preliminary economic assessment (PEA) whittle pit published in 2020. The company noted that the 2020 PEA detailed an estimated Inferred resource of 580 Koz gold in the Southwest Zone. The firm noted that this relatively recently discovered zone is one of the Troilus property's most important near-term mineral growth targets.
The company highlighted some of the specific drill results for the Southwest Zone. The firm reported that stepout hole Drill hole TLG-ZSW20-204 intersected high-grade gold-bearing mineralization at depths from surface that were located outside of the scope of the original NI 43-101 mineral resource envelope. The firm stated samples here returned 1.95 g/t gold equivalent over 20 meters including 2.73 g/t gold equivalent over 9 meters.
In addition, Troilus noted that drill hole TLG-ZSW20-201 also confirmed extensions of mineralization in a previously undrilled area within the PEA pit. The company listed that this hole returned broader intercepts of 1.74 g/t Au eq over 21 meters that included 2.48 g/t Au eq over 6 meters and 2.5 g/t Au eq over 5 meters.
The company's CEO Justin Reid remarked, "In just twelve months, our geology team has discovered, interpreted, outlined, and is now extending what could be the most significant new drill results in the Frôtet-Evans Belt since the discovery of the Troilus Mine nearly 35 years ago. Today's results from the Southwest Zone reaffirm our belief that the sizeable mineral resource estimates that we have already outlined around the past producing mine are only scraping the surface of the Troilus mineralized system, and highlight the potential positive impact they could have on the pre-feasibility study we intend to complete later this year."
The company stated that the latest drill results continue to validate its strategic approach to modeling gold mineralization at the Troilus project. The firm noted that with just 80,500 meters of drilling over 24 months at the main Z87, Z87 South, J and Southwest Zones, it has been successful in growing the project's overall estimated Indicated and Inferred mineral resources by 142% and 350%, respectively.
The firm advised that although the government of Quebec announced a new lockdown for several economic sectors on January 6, 2021, mineral exploration companies including Troilus with commitments and essential work were allowed to carry out their ongoing operations.
The firm explained that the Troilus property is situated to the northeast of Chibougamau, Quebec, and is highly prospective, having produced greater than 2 Moz Au and 70 Kt Cu during the period from 1996 to 2010 when the open-pit mine site was managed and operated by Inmet Mining Corp.
[NLINSERT]Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Troilus Gold. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
