June 18, 2019, Toronto, Ontario – Troilus Gold Corp. (TSX: TLG; OTCQB: CHXMF) (“Troilus” or the “Company”) reports positive new drill results from its Troilus Gold Project, located within the Frotêt-Evans Greenstone Belt in Quebec, Canada. Approximately 40,000 metres of drilling are underway as part of the 2019 exploration program, focusing on expanding near-surface mineralization (in the J Zone and Z87 South areas) to support an open-pit mine scenario. New J4 results continue to support the trend of an expanding gold system that extends laterally along strike and down dip of known drilling.
Intercept highlights in the J Zone include:
Near surface drilling in the J Zone continues to demonstrate a broadening mineralized zone beyond the limit of historic drilling. These results further confirm the Company’s technical strategy of developing the open pit potential at the J Zone with increased drilling down dip and within the 2018 mineral resource whittle constraining shell.
The Company is beginning to recognize a high grade gold trend developing within a much larger mineralized envelope, demonstrated by hole TLG-J419-109 where 12 metres of 2.16-3.87 g/t gold equivalent was intersected within a 74 metre interval down hole. Ongoing drill results are helping to shape this new and evolving structural interpretation, which will improve the Company’s ability to identify future exploration targets.
Justin Reid, CEO of Troilus, commented, “Our understanding of this mineral system is taking huge steps forward this year. The team is showing obvious growth at the J Zone and are beginning to better understand controls on high grade at Troilus. We believe this is the first time anyone has had the opportunity to really test geological ideas on this property, and we expect to continue to have success as we test new targets.”
Troilus intends to drill over 40,000 metres as part of its 2019 exploration program, targeting zones Z87 South, the J Zone and J4 North (see press release dated February 7, 2019 for an overview of mineral zones and drill targets).
Figure 1: Plan view of Troilus Property Identifying Section, Drill Hole Locations and Geological Interpretation of Mineralized Zones
Figure 2: Section N14150 Facing North
*Note drill intervals reported in this news release are down-hole core lengths as true thicknesses cannot be determined with available information
During the J4 Zone drill program, one metre 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 fire-assay on 50 grams of pulp with an atomic absorption finish. Repeats were carried out by fire-assay with a gravimetric finish on each sample containing 3.5 g/t Au or more. For the main mineralized zone, two metre assay samples are taken from NQ core and sawed in half. 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.
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 1997 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.
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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 November 20, 2017 (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 planned 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.