September 10, 2019, Toronto, Ontario – Troilus Gold Corp. (TSX: TLG; OTCQB: CHXMF) (“Troilus” or the “Company”) reports positive drill results from the J Zone (11 455 metres) as part of the 2019 drilling program at its Troilus Gold Project, located within the Frotêt-Evans Greenstone Belt in Quebec, Canada.
New intercept highlights from the J4 Zone, include:
Justin Reid, CEO of Troilus, commented, “Not only are the latest results from the J Zone consistent with our earlier 2019 drill program resulting in significant improvement in grade and widths of mineralization across the deposit; they also expand our understanding of the mineralized system and have presented new possibilities for future exploration and development. With drilling complete, our team is busy compiling the data to incorporate into our mineral resource update which we plan to release later this year. This further increases our confidence in an expansion of the estimated Mineral Resource released in November 2018, demonstrating the clear success of this year’s drill program”
Mineral Boundaries Significantly Extended to the West and to the South West
These new results have significantly extended the boundaries of known mineralization at depth from the north east to the south west in the J4 Zone, well beyond the formerly mined J4 pit. Highlights include holes TLG-ZJ419-112, TLG-ZJ419-166, located in the south west extremity of the former J4 pit and TLG-ZJ419-172, located in the center of the J4 pit. Both sections extended mineralization down dip approximately 300 metres and vertically approximately 250 metres beyond what was previously defined (See Figures 3 and 4), which outlined extensions of mineralization 450 metres below the surface. Furthermore, the shallower intercepts from most holes presented in Table 1 are believed to be mineral extensions from the neighbouring J5 mineral zone. This is further evidence that as suggested in an earlier press release (August 8, 2019), the J4 and J5 zones may prove to be one and the same (See Figure 1). All mineral intersections along holes presented in this press release remain open and undrilled further at depth.
J Zone Geology Overview
The J Zone hosts two mineral zones: J4 and J5. J4 is the smaller of the two formerly mined open pits along with the main Z87 zone (See Figures 1 and 2). The ore bodies in the J4 zone are hosted in the northern continuity of the Troilus Diorite and, similarly to what is observed in the main zones Z87 and Z87 South, are elongated parallel to a penetrative NE-trending foliation, moderately to steeply dipping to the north west. From top to bottom, the sequence comprises (i) a volcaniclastic unit, occurring along the hanging wall of the mineralization, and composed of well laminated intermediate to felsic rocks, locally mineralized, with semi-massive sulfide occurrences; and (ii) a thick metadioritic unit, comprising fine to coarse grained diorites, locally brecciated, commonly crosscut by decimetric to metric felsic dikes, which mostly occur concentrated in the upper parts of the sequence, in the immediate hanging wall of the mineralized intervals. Towards the bottom of the sequence, in the footwall, typical diorite breccias are present, displaying an intense silicification and being locally importantly mineralized. The main mineralized intervals in the J4 zone are characterized by sulfide stringers and fine sulfide disseminations along the foliation occurring within a very fine grained biotite-rich and silicified diorite. Pyrite is the main sulfide, and it is intrinsically associated with gold mineralization.
J5 New South Extension
The new results from J Zone demonstrate a near surface continuity extending the mineralization up to 1.2 km to the south west beyond the limit of the former J5 Pit. Sections of holes TLG-ZJ419-172 and TLG-ZJ419-107 (Figure 4) extend the continuity of the zone 500 metres on strike from the pit. Moreover hole TLG-ZJ419-164 (see Table 1) defines a larger intercept 850 metres from the former open pit. The discovery of this mineralized extension is a result of the Company’s new understanding of the structural influence on mineralization across the deposit and the regional trend. Most of the sequence is composed of well laminated mafic volcanic unit, locally mineralized with semi-massive sulfide occurrences, with several similarities to the footwall sequence of 87 South zones.
The 2019 drill program in the J Zone was primarily designed to expand near-surface mineralization to support an open-pit mine development scenario, while improving the geological understanding of the main mineral trend and identifying future growth opportunities. Overall results in this zone to date have been successful in achieving all these objectives, and the Company has already begun to outline future drill targets to further improve resolution and continue defining the mineral boundaries along the Troilus trend.
Troilus has completed its initial drill program that was set out for 2019.
Figure 1: Plan View of J Zone Geology and Mineral Interpretation with Drill Collar and Traces
Figure 2: Plan view of Main Mineralized Zones and Drill Hole Collars and Traces
Figure 3: Section 14400 Facing North
Figure 4: Section 14700 Facing North
Table 1: Summary of New J4 Zone Drill Results
*Note drill intervals reported in this news release are down-hole core lengths as true thicknesses cannot be determined with available information.
Quality Assurance and Control
During the J4 Zone drill program, two metres assay samples are taken from NQ core and sawed in half. One-half is sent for assaying at ALS Laboratory, a certified commercial laboratory, and the other half is retained for results, cross checks, and future reference. A strict QA/QC program is applied to all samples; which include insertion of one certified mineralized standard and one blank sample in each batch of 25 samples. The gold analyses were by metallic sieve. A fine crushing 70% <2mm is performed. The sample is divided so that 1.2 to 1.5 kg is used for analysis. The sample of 1.2 to 1.5 Kg is then 95% pulverized <106 mesh. 50 g is recovered for ME-ICP61 analysis of 33 elements four acid ICP-AES. The remainder of the sample is sent to the screen to divide the fraction larger and smaller than 106 mesh. The portion smaller than 106 mesh is analyzed in 50 g by Fire Assay. The portion larger than 106 mesh is fully analyzed. The values are then combined by weighted calculation. For both type results are transmitted to Troilus Gold by a certificate certified by the laboratory.
Qualified Person
The technical and scientific information in this press release has been reviewed and approved by Bertrand Brassard, M.Sc., P.Geo., Senior Project Geologist, who is a Qualified Person as defined by National Instrument 43-101. Mr. Brassard is an employee of Troilus and is not independent of the Company under National Instrument 43-101.
About Troilus Gold Corp.
Troilus is a Toronto-based, Quebec focused, advanced stage exploration and early-development company focused on the mineral expansion and potential mine re-start of the former gold and copper Troilus mine. The 16,000-hectare Troilus property is located northeast of the Val-d’Or district, within the Frotêt-Evans Greenstone Belt in Quebec, Canada. From 1996 to 2010, Inmet Mining Corporation operated the Troilus project as an open pit mine, producing more than 2,000,000 ounces of gold and nearly 70,000 tonnes of copper.
For more information:
Spyros Karellas Director, Global Communications +1 (416) 433-5696 spyros.karellas@troilusgold.com
Cautionary statements
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of Mineral Resources will be converted to Mineral Reserves. Inferred Mineral Resources have a lower level of confidence that that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. Quantity and grades are estimates and are rounded to reflect the fact that the Mineral Resource Estimate is an approximation. For more information with respect to the key assumptions, parameters and risks associated with the mineral resource estimates discussed herein, see the Company’s technical report entitled “Technical Report on the Troilus Gold Copper Mine Mineral Resource Estimate, Quebec, Canada” dated January 1, 2019 (the “Technical Report”) available under the Company’s profile at www.sedar.com.
This press release contains “forward?looking information” within the meaning of applicable Canadian securities legislation. Forward?looking information includes, but is not limited to, statements regarding, the impact of the drill program and results on the Company, , the projected economics of the project, and the Company’s understanding of the project; statements with respect to the development potential and timetable of the project; the estimation of mineral resources; realization of mineral resource estimates; the timing and amount of estimated future exploration; costs of future activities; capital and operating expenditures; success of exploration activities; government regulation of mining operations; and environmental risks and the receipt of any required regulatory approvals. Generally, forward?looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward?looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Troilus to be materially different from those expressed or implied by such forward?looking information, including but not limited to: there being no assurance that the exploration program will result in expanded mineral resources; ;risks and uncertainties inherent to mineral resource estimates; receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages; environmental and other risks of the mining industry, including without limitation, risks and uncertainties discussed in the Technical Report and other continuous disclosure documents of the Company available under the Company’s profile at www.sedar.com . Although Troilus has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward?looking information. Pitchblack and Troilus do not undertake to update any forward-looking information, except in accordance with applicable securities laws.