Troilus Gold Corp. (TLG:TSX; CHXMF:OTC; CM5R:FRA) further advanced its namesake Troilus project by submitting a requisite initial project description to the appropriate Canadian federal and provincial agencies, reported Velocity Trade Capital analyst Paul O'Brien in a May 25 research note.
"This is an important first step in the permitting process and necessary in the Environmental and Social Impact Assessments (ESIA) approval process that is required to advance a mining project towards construction and production," O'Brien explained.
Now, at the federal level, the Impact Assessment Agency of Canada (IAAC) will invite public comments on the proposed Troilus project, marking the start of the planning phase. After that period, which will last 180 days, IACC will outline, in writing, proposed guidelines for the ESIA, O'Brien noted.
Simultaneously, at the provincial level, the Ministère de l’Environnement et de la Lutte Contre les Changements Climatiques, or MELCC, (Ministry of the Environment and the Fight Against Climate Change) will likely to refer the Troilus project to le Comité d’Évaluation des Répercussions sur l’Environnement et le Milieu Social (Environmental and Social Impact Evaluation Committee). That group will have 30 days to also provide written feedback.
"As the company advances through local agreements, financing, ongoing consultations, provincial and federal permitting as well as environmental assessment approvals en route to production, we estimate 295% upside in Troilus Gold's share price," wrote O'Brien.
In the meantime, Troilus Gold is expected to release an inaugural Proven and Probable reserve as well as a prefeasibility study for an open-pit mine, both pertaining to its Quebec project.
The broker-dealer maintains its Outperform rating and CA$2.65 per share target price on Troilus Gold, the stock of which is currently trading at around CA$0.67 per share.
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Disclosures for Velocity Trade Partners, Troilus Gold Corp., May 25, 2022
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