Troilus Gold – Discovers New At-Surface Gold Zone Near Z87 Open Pit With Single Best Interval in Project’s History
Justin Reid, CEO of Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF), joins us to review the new high-grade gold discovery at-surface, near the Z87 open pit, which contained the single best drill interval in the Project’s history; returning 4.38 g/t AuEq Over 46 meters, (including 154.27 g/t Over 1 meter). Some other notable drill holes were 2.52 g/t AuEq over 25 meters, including 12.36 g/t AuEq over 3 meters and 3.15 g/t AuEq over 6 meters; then 2.04 g/t AuEq over 17 meters including 4.95 g/t AuEq over 5 meters; and additionally 1.28 g/t AuEq over 61.6 meters, including 2.17 g/t AuEq over 9 meters and 2.79 AuEq over 5.7 meters.ters.
These encouraging higher-grade exploration results near surface in what is being dubbed the X22 area, from the Phase II “gap zone” drill program at the Troilus Gold Project are substantial enough that the company is now getting very aggressive on with 3 drills on this area with roughly 30,000 meters of drilling focused here over the next 3 months.
This new discovery is changing the front-end of the mining strategy, and would have made the upcoming PFS obsolete. As a result, Troilus Gold is going to be moving into an updated resource estimate by year end, incorporating an additional 125K – 175k meters of drilling since the last resource estimate in 2020, and then moving directly into a Definitive Feasibility Study in mid-2023. Justin outlined that this would save the company about 3-5 months of time and roughly $3-$4 million in cost, since so many areas of work and derisking have already been completed at a Feasibility level. We highlight, for example, the extensive metallurgical testing the company has put the 3 main resource areas through at a pilot plant with very economic recovery rates.
Looking forward to upcoming news, the Company is cashed up, aggressively drilling the Gap Zone and new discovery between Z87 and the Southewest Zone, but is also going to be reporting some summer drill results from a few of the regional targets, stepping out further from the project. In addition, the company plans on updating it’s resource estimate by year-end. Troilus holds a strategic land position of 142,000 ha (1,420 km²) northeast of the Val-d’Or district, within the Frôtet-Evans Greenstone Belt in Quebec, Canada.