Mineral Resource Estimate Update For Troilus Property

TORONTO - Troilus Gold Corp. reported an updated mineral resource estimate from its 100% owned Troilus property located 170 km by road northeast of Chibougamau, Quebec, Canada.

The total estimated indicated mineral resource has increased to 4.96 Moz AuEq (177 Mt with an average grade of 0.87 g/t AuEq) and the total estimated inferred mineral resource has increased to 3.15 Moz AuEq (116.7 Mt with an average grade of 0.84 g/t AuEq). The open pit estimated mineral resources have increased by 601,000 ounces AuEq to 4.21 Moz (164.2 Mt with an average grade of 0.80 g/t AuEq) in the Indicated category and 1.49 Moz ounces AuEq in the Inferred category to 2.27 Moz (101.2 Mt with an average grade of 0.70 g/t AuEq), compared to the December 20, 2019 mineral resource estimate.

The newly discovered and recently drilled Southwest Zone contributed 583,000 ounces AuEq to inferred mineral resources (22.6 Mt with an average grade of 0.80 g/t AuEq). Total estimated indicated mineral resources have increased by 142% and inferred mineral resources have increased by 350% since the mineral resource estimate when the Troilus Project was first acquired.

This updated mineral resource estimate is the result of over 8,500 meters of drilling between November 2019 and February 2020 (24 drill holes), in addition to 36,000 meters (81 drill holes) of drilling completed by the Company from February 2019 to July 2019 and 36,000 meters (91 drill holes) of drilling completed in August 2018.  The mineral resource estimates for Z87 Zone and J Zones (J4 and J5) are based on a combined open pit and underground mining scenario, while the mineral resource estimates for the Southwest Zone (SWZ) is based on open pit mining.  

“The Troilus Team is incredibly pleased with the results of the new resource.  We have materially added to the estimated inferred and indicated resource in every zone while maintaining essentially the same grade.  In addition, we have discovered and added a new impactful inferred mineral resource in the Southwest Zone that we believe still has the ability to grow materially through further drilling. Troilus has shown scale, the ability for expansion and optionality from multiple resource centers,” said Justin Reid, CEO of Troilus. “Since acquiring the Troilus project in 2017, the careful work and scientific analysis by our technical team has resulted in a 142% increase to the indicated mineral resource estimate and a 350% increase to the inferred mineral resource estimate, providing the foundation for a Preliminary Economic Assessment for the project which we are targeting for release towards the end of calendar Q3.”