Market Herald logo


Be the first with the news that moves the market
  • Troilus Gold Corp (TSX:TLG) has completed 6000 metres of a drill program at it’s self-named Troilus gold property
  • Program followed an initial drill result last year, which returned 2.87 grams per tonne gold over 17 metres
  • The latest drill program returned 1.65 grams per tonne of gold over 33 metres
  • The property has a 4.71 million ounce indicated gold mineral resource
  • Troilus Gold Corp (TLG) is trading up 9 per cent at C$0.65 per share with a market cap of $55 million

Troilus Gold Corp (TSX:TLG) has reported assay results from a 6,000 metre drill program at its 100 per cent owned Troilus property.

The Northeast Quebec property is 100 per cent owned by Troilus, and drilling is focused on the Southwest zone of the property.

The initial drill program last year identified a mineralised zone 3.5 kilometres southwest of where previous historic mining had occurred, and where the company had been focusing the lion’s share of its attention.

The 2019 drill program returned a 2.87 grams per tonne gold result over 17 metres, which motivated the company to fully fund the 6,000 metre expanded drill program, targeting the new zone.

The highlight intercept included 1.65 grams per tonne of gold over 33 metres, which features 2.32 grams per tonne of gold over 8 metres and 3.83 grams of gold per tonne over 7 metres. That mineralisation was intercepted just 75 metres from the surface, offering the company a good immediate production target.

Other gold intercepts included 1.82 grams per tonne over 4 metres, 1.14 grams per tonne over 8 metres, and 11.82 grams per tonne over 0.6 metres.

All drill holes at the site reported successfully intersected gold and showed geology similar to the main mineralised zone at the property.

CEO of Troilus, Justin Reid, said results from the drilling program had revealed a sizeable new zone of mineralisation southwest of the existing pit where historic production had occurred at the site.

“The discovery of 2.87 grams per tonne gold over 17 metres within a broader section of 2.26 grams per gold over 24 metres prompted us to push forward with further exploration (in the southwest zone).

“It is our view that the Southwest Zone may have the potential to add to Troilus’ already compelling estimated mineral resource which includes 4.71 million ounces of indicated gold equivalent and 1.76 million ounces of inferred gold equivalent,” he added.

Troilus Gold Corp (TLG) is trading up 9 per cent at C$0.65 per share at 11:00am EST.

More From The Market Herald

" Summa Silver (TSXV:SSVR) upsizes private placement

Summa Silver Corp. (SSVR) has upsized its brokered private placement offering for gross proceeds of up to $10 million.
Novo Resources

" Novo (TSX:NVO) receives high-grade assays from Parnell-Vulture Trend

Novo Resources Corp. (NVO) has provided updates on the Parnell-Vulture trend on the Nullagine Gold Project in Western Australia.

" K2 (TSXV:KTO) appoints Anthony Margarit as President and Director

K2 Gold Corporation (KTO) has appointed Anthony Margarit to join K2 as President and Director.
Advance United - David Boulette, Board member

" Technology veteran David Boulette appointed to Advance United’s Board of Directors

Advance United Holdings Inc. (AUHI) has appointed veteran David Boulette to its Board of Directors.