Troilus Gold Project

Geology & Mineral Resources

Regional Geology

The Troilus gold and copper deposits lie within the eastern segment of the Frotêt-Evans Greenstone Belt, in the Opatica Subprovince of the Superior Province in Quebec, Canada. This greenstone belt extends for more than 300 kilometres and varies from a few kilometres up to 45 kilometres in width. It is divided into two similar volcano-sedimentary domains, the west domain and the east domain, which is known as the Frotêt-Troilus Domain.

The Troilus region contains many occurrences of gold, base metals, and molybdenite mineralization; Troilus being the largest gold deposit found to date.

Characteristics of the Troilus gold-copper mineral deposit:

  • Hosted in Troilus Diorite, and in porphyritic felsic intrusions
    1. Two main zones of Au-Cu sulphide mineralization: Z87 and J4 (Chalcopyrite, pyrite, pyrrhotite)
  • Mineralization is focused on the margins of Troilus diorite (metadiorite) in breccias, amphibolite, and quartz – chlorite (±tourmaline) vein swarms
  • Disseminated mineralization accounts for ~90% of Troilus ore zone
  • Quartz veining related to possible source of higher grade material (+50 g/t Au)

2019 Mineral Resource

A technical report on the estimated mineral resources hosted at Troilus was completed by Roscoe Postle Associates Inc. in November 2019 for Troilus Gold Corp. A technical report completed in 2019 confirmed there are significant open pit and underground mineral resources remaining at Troilus, where mineralized gold grade and thicknesses are very continuous and the mineralization remains open at depth.

Z87 and J Zone (J4 and J5) - Total Open Pit and Underground Mineral Resource Estimates

  Tonnage
(Mt)
Au
(g/t)
Cu
(%)
Ag
(g/t)
AuEq
(g/t)
Contained
Gold (Moz)

Contained
Copper
(Mlb)

Contained
Silver
(Moz)
Contained
AuEq
(Moz)
Indicated 159.06 0.78 0.09 1.19 0.92 3.97 301.15 6.07 4.71
Inferred 52.74 0.90 0.08 1.01 1.01 1.53 94.89 1.71 1.76

Total Open Pit Mineral Resources Only

  Tonnage
(Mt)
Au
(g/t)
Cu
(%)
Ag
(g/t)
AuEq
(g/t)
Contained
Gold (Moz)

Contained
Copper
(Mlb)

Contained
Silver
(Moz)
Contained
AuEq
(Moz)
Indicated 140.78 0.67 0.08 1.19 0.80 3.02 242.70 5.39 3.61
Inferred 36.17 0.56 0.06 1.17 0.67 0.66 51.30 1.36 0.78

Z87 - Total Open Pit Mineral Resources

  Tonnage
(Mt)
Au
(g/t)
Cu
(%)
Ag
(g/t)
AuEq
(g/t)
Contained
Gold (Moz)

Contained
Copper
(Mlb)

Contained
Silver
(Moz)
Contained
AuEq
(Moz)
Indicated 63.83 0.78 0.09 1.41 0.94 1.60 130.58 2.89 1.92
Inferred 12.62 0.59 0.06 1.48 0.70 0.24 17.11 0.60 0.29

J Zone - Total Open Mineral Resources

  Tonnage
(Mt)
Au
(g/t)
Cu
(%)
Ag
(g/t)
AuEq
(g/t)
Contained
Gold (Moz)

Contained
Copper
(Mlb)

Contained
Silver
(Moz)
Contained
AuEq
(Moz)
Indicated 76.95 0.57 0.07 1.01 0.68 1.42 112.12 2.50 1.69
Inferred 23.55 0.55 0.07 1.00 0.66 0.41 34.19 0.75 0.50

Z87 - Total Underground Mineral Resources

  Tonnage
(Mt)
Au
(g/t)
Cu
(%)
Ag
(g/t)
AuEq
(g/t)
Contained
Gold (Moz)

Contained
Copper
(Mlb)

Contained
Silver
(Moz)
Contained
AuEq
(Moz)
Indicated 18.28 1.62 0.15 1.16 1.86 0.95 58.45 0.68 1.09
Inferred 16.57 1.63 0.12 0.67 1.82 0.87 43.60 0.36 0.97

Notes:

  1. CIM (2014) definitions were followed for Mineral Resources.
  2. Open pit Mineral Resources were estimated at a cut-off grade of 0.3 g/t AuEq and were constrained by a Whittle pit shell. Underground Mineral Resources were estimated at a cut-off grade of 0.9 g/t AuEq.
  3. Mineral Resources were estimated using long-term metal prices of US$1,400 per ounce gold, US$3.25 per pound copper, and $20 per ounce of silver; and an exchange rate of US$1.00 = C$1.25.
  4. High grade capped values vary from 2 g/t Au to 14 g/t Au and 1 g/t Ag to 9 g/t Ag based on mineralized lens
  5. Z87 gold equivalent was calculated with formula AuEq = Au grade + 1.546 * Cu grade + 0.01 * Ag grade, and J4-J5 gold equivalent was calculated with formula AuEq = Au grade + 1.47 * Cu grade + 0.013 * Ag grade
  6. A recovery of 83% for gold, 92% for copper, and 76% for silver was used at Z87; a recovery of 82% for gold, 88% for copper, and 76% for silver was used at J4-J5.
  7. Bulk density varies from 2.77 g/cm³ to 2.86 g/cm³
  8. Numbers may not add due to rounding