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(Kitco News) – Troilus Gold (TSX: TLG) (OTCQX: CHXMF) today reported an updated mineral resource estimate (MRE) for the Troilus project, located in Quebec, Canada, within the Frôtet-Evans Greenstone Belt.
The company said that the project’s total updated indicated mineral resources amounted to 11.21 Moz AuEq (508.3 Mt at 0.69 g/t AuEq), representing an increase of 126% in ounces and a 187% increase in tonnes compared to the 2020 MRE. Additional inferred resources amounted to 1.80 Moz AuEq (80.5 Mt at 0.69 g/t AuEq).
Importantly, the company added that over 99% of the mineral resources in the indicated category are classified as amenable to “open pit” from zones Z87, J, X22, and Southwest, which will form the basis of the feasibility study anticipated for completion in early 2024.
Troilus also noted that the definition of the Southwest Zone and the recently discovered X22 Zone has been “especially rewarding”, with these zones contributing “close to 30%” of the increased resource.
CEO and Director Justin Reid commented, “The significant growth of this mineral resource estimate reflects the focused and dedicated efforts of our exploration team over the past three years. With an 11.21 Moz AuEq indicated resource, we believe our project is firmly positioned among North America’s largest undeveloped gold-copper deposits.
“We continue to advance and de-risk our asset with a clear strategic roadmap toward a production scenario, with the goal of ultimately delivering the most value to our shareholders.”
Troilus Gold is a Canadian-based junior mining company focused on the advancement and de-risking of the former gold and copper Troilus mine towards production. From 1996 to 2010, the Troilus mine produced +2 million ounces of gold and nearly 70,000 tonnes of copper.
The company said that since acquiring the project in 2017, ongoing exploration success has demonstrated the “tremendous scale” potential of the gold system on the property with “significant” mineral resource growth.
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