May 7, 2019, Toronto, Ontario – Troilus Gold Corp. (TSX: TLG; OTCQB: CHXMF) (“Troilus” or the “Company”) reports new drill results from the 2019 exploration program at its Troilus Gold Project, located within the Frotêt-Evans Greenstone Belt in Quebec, Canada. Results continue to improve confidence in the open pit potential of the J Zone with the definition of a broadening gold system. The mineral envelope defined in the 2018 estimated mineral resource calculation continues down dip, appears to be thickening and improving in grade.
Intercept Highlights in the J Zone:
The 2019 drilling program has been designed, in part, to extend the near surface mineralization down dip in the J Zone, specifically below the J4 open pit. The new intercepts in this zone are successfully showing a clear continuation of the typical gold bearing lithology that defined the 2018 open pit resource estimate (see Figures 1 and 2). Furthermore, results are showing a potential thickening of mineralization in the lower levels of the 2018 whittle constraining shell. Drill hole TLG-ZJ419-094 intersected over 130 metres of strong mineralization less than 300 metres from surface.
Justin Reid, CEO of Troilus Gold Corp., commented, “We are very encouraged by the 2019 exploration results to date, which demonstrate a consistent and improving body of mineralization in the J Zone as we step down dip with drilling. The Troilus property is impressing us with a great deal more gold than was previously modelled.”
Results are demonstrating a continuity of mineralized grade and thickness within the 2018 open pit whittle constraining shell in the J Zone, providing drilling resolution to areas that were previously undrilled. The Company believes that this new data, along with the thickening of mineralization observed down dip and the definition of a new footwall zone (see press release dated March 26, 2019), will potentially improve the overall gold grade, and add significant near surface mineral resources to future estimations.
Troilus intends to drill over 40,000 metres as part of its 2019 Exploration Program, targeting zones Z87, 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 Showing Drill Hole Locations and Geological Interpretation of Mineralized Zones
Figure 2: Section N14250 Facing North
Table 1: Summary of Drill Hole Intercepts
Table 1 (cont’d): Summary of Drill Hole Intercepts
*Drilling has been done to intercept mineralized zone at or near true width. The difference between true and drill width is too small to impact intervals stated.
Daniel Bergeron Promoted to Vice-President of Quebec Operations
Troilus reports that Daniel Bergeron has been promoted to Vice-President of Quebec Operations, effective immediately. Mr. Bergeron’s tenure with Troilus began in early 2018 as Head of Community Affairs and Logistics Manager.
As Vice-President of Quebec Operations, Daniel Bergeron will manage all logistics at the Troilus site, working alongside the areas of exploration and engineering to facilitate all development projects related to infrastructure and environment. He will continue to oversee all community relations and will be actively involved in communicating corporate developments to the Quebec government and relevant local industry partners.
Mr. Bergeron, M.Sc., has been actively involved in northern Quebec for over 20 years where he worked closely with major mining companies focused on building positive partnerships with First Nation communities, including the development of an economic training program for First Nations across the province of Quebec. He has held senior roles as head of community affairs for various mining companies, including Goldcorp, actively working with Comex, Cofex and the Cree Grand Council to facilitate the Impact Benefit Negotiations. Mr. Bergeron formerly sat on the Board of Eeyou Istchee James Bay Regional Government (Greibj) key organizations involved with territory management and economic development in Northern Quebec. He is a former director of the Board of the Natural Resources Commission of Nord-du-Quebec as Territory Commissioner (2014-2018) and of Administration regional Baie James (ARBJ) (2012 to 2017), and currently serves as director for the Fond regional de solidarité FTQ (Investment board, 2016-present).
Quality Control
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.
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 near Chibougamau, 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 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.