The former Troilus Mine, located northeast of the Val-d'Or district of Quebec, produced 2 million ounces of gold and almost 70,000 tonnes of copper between 1996 and 2010.
The Troilus asset was acquired in 2017, following extensive due diligence including an in-depth geological assessment as well as economic and technical analyses. Since then, the inherited indicated mineral resources have increased 447% to 11.21 Moz AuEq (508.3 Mt with an average grade of 0.69 g/t AuEq*) and inferred mineral resources have increased 157% to 1.80 Moz AuEq (80.5 Mt with an average grade of 0.69 g/t AuEq*). This mineral resource will form the foundation for a definitive feasibility study, which is targeted for completion in May 2024.
As a result of the previous operation, the Troilus property already has well established infrastructure, including an extensive network of well-maintained roads, a 50MW substation and +60 kms of high-tension power lines maintained by Hydro-Quebec, a permitted tailings facility, and operating water treatment plants.
Our team believes that the Troilus project represents a unique opportunity for a potential mine restart in one of the world’s most favourable mining jurisdictions.
* Cut off grades are based on $US 1,850/ oz Au; $4.25/lb Cu, and $23.00/ oz Ag; with an exchange rate of US$1.00: CAD$1.30. Recoveries varied with an average of 90% Gold, 92.5 % Silver and 91.8% copper without considering revenues from other metals. AuEq formulas are calculated as follows: Z87 Zone : AuEq = Au grade + 1.5628 * Cu grade + 0.0128 * Ag grade; J Zone : AuEq = Au grade + 1.5107 * Cu grade + 0.0119 * Ag grade; X22 Zone : AuEq = Au grade + 1.5628 * Cu grade + 0.0128* Ag grade; SW Zone : AuEq = Au grade + 1.6823 * Cu grade + 0.0124 * Ag grade.