Troilus GOLD Corp. Provides Update ON 30,000 Metre Drill Program at Troilus Property
TROILUS GOLD CORP. PROVIDES UPDATE ON 30,000 METRE DRILL PROGRAM AT TROILUS PROPERTY
March 26, 2018, Toronto, Ontario – Troilus Gold Corp. (TSX-V: TLG) (“Troilus” or the “Company”) is
pleased to provide an update on the progress of its 30,000 metre exploration drill program at the
4,700-hectare Troilus gold and copper land package located Northeast of the Val-d’Or district in Quebec,
Canada (the “Troilus Project”). Project highlights to date include:
1) Drilling: Completion of the first seven drill holes designed to confirm and infill the existing
underground resource below the 87 historic open pit. 2,000 samples have been sent to the lab
and are awaiting results.
2) Expansion of Leadership Team: Bruno Perron P.Eng, as Senior Technical Manager, and Daniel
Bergeron M.Sc., as Head of Community Affairs/ Logistics Manager have joined the Management
Team.
3) Chibougamau and Mistissini Offices: Opening of offices in the town of Chibougamau, 150
kilometres Southwest of Troilus site, and in the Cree Nation of Mistissini.
4) Infrastructure: Construction of a 50 person exploration camp and facilities underway at the
Troilus mine site.
5) Option Exercise: Continues to progress on schedule with an April closing target (see Troilus Gold
Corp., press release dated February 6, 2018).
Drill Program
Seven drill holes, from two drill rigs, totaling approximately 5,000 metres, have been completed at the
Troilus Project. These holes were designed to confirm the geology and mineralization below the historic
87 open pit and within the modeled underground mineral resource; the estimate was completed by
Roscoe Postle and Associates in June of 2016. Management believes all seven holes show potential to
expand mineral resources and demonstrate geological continuity with what has been historically
logged.*
A third drill rig has been mobilized on the Troilus Project and will be a part of the next phase of drilling,
which will be focusing on upgrading the down dip inferred mineral resources to indicated, and
potentially add mineral resources beyond the lower limit of the current underground resource model.
Currently, all three drill rigs are focused on the down dip opportunities below the 87 open pit. One drill
will be moved in the coming weeks to test the near surface potential within the J4 and J5 target areas.
To date, over 2,000 core samples have been sent to the lab with results expected to be released in early
April of this year.
Expanded Leadership Team
Troilus is pleased to announce its expanded executive team in Chibougamau, Quebec. Two key
members, Bruno Perron P.Eng, and Daniel Bergeron M.Sc. have joined Troilus and will be focused on
advancing the project via technical and community focused initiatives.
Bruno Perron P.Eng – Senior Technical Manager
Mr. Perron has over 20 years of experience leading advanced exploration to development stage mining
projects. Bruno began his career with Inmet Mining at the Troilus Gold Project where he spent eight
years working as a production geologist and senior geologist. Recently, Bruno spent time internationally
at the Rosebel Gold Mine in Surinam before joining Agnico Eagle as part of the technical team at
Meadowbank. For the last 5 years, Bruno has focused on the Mine Arnaud phosphate project as a
Director of Geology.
Figure 1: 3D Section of Troilus Zones looking North (Source: Troilus Gold Corp.)
Daniel Bergeron M.Sc. – Head of Community Affairs/ Logistics Manager
Mr. Bergeron has been actively involved in Nord-du-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. Daniel has taken significant roles as head of community affairs within mining companies,
including Goldcorp, where he helped lead the Impact Benefit Negotiations. Before joining Troilus, Mr.
Bergeron sat on the Board of Eeyou Istchee James Bay Regional Government, where he actively worked
with Comex and Cofex, key organizations involved with permitting and economic development in
Northern Quebec. Daniel currently sits on the Board of the Natural Resources Commission of Nord-du-
Quebec as Territory Commissioner.
Nord-du-Quebec Infrastructure
Troilus Gold has established a local office, and full core logging facility in the town of Chibougamau,
Quebec. Core is delivered every day from site via truck where it is logged and processed. The Troilus
mine is located approximately 145 kilometres from the town of Chibougamau allowing for rapid ramp
up.
Troilus has begun the process of installing a 50 person camp at the project site as it prepares for
advanced exploration and expansion programs. Full camp facilities are expected to be functional in April
of this year. Troilus will maintain an office in Chibougamau and will move the technical team to site for
greater productivity and cost efficiency.
Additionally, Troilus is working closely with the Cree Nation of Mistissini to open an office in Mistissini
where the Company can work more closely with the community to provide updates on exploration and
development, as well as offer opportunities for continued learning and potential partnerships.
Justin Reid, Chief Executive Officer of Troilus, commented, “In two short months we have put in place a
fully mobilized team, technical and logistical infrastructure and completed our first 5,000 metres of
drilling. We look forward to releasing first results shortly as we work aggressively towards a revised
resource and PEA.”
Details of 2018 Winter/Spring Drill Program
87
Over 2 million ounces of gold and 70 thousand tons of copper were previously mined from 87, an open
pit striking approximately 900 metres to a depth of 350 metres. 87 remains the focus of the
underground estimated mineral resource representing over 1.6 million ounces of Indicated and 360,000
ounces of Inferred material (see notes at end of press release for mineral resource estimate details).
Mineralization at the Troilus Project is hosted within breccias and amphibolite grade metamorphic rocks
within a much broader, 4.5 kilometres by 400 metres, metamorphosed diorite, known as the Troilus
Diorite. Fine grained dissemination with zones of vein hosted mineralization represents the gold and
copper distribution at Troilus.
The broad geology and style of mineralization at 87 creates a large deposit area, nearly 1 kilometre
along strike and 30-50 metres wide, remaining open along strike and down dip. The 2018 Winter/ Spring
drill program at 87 is designed to:
• Confirm historic drilling adding additional confidence to the current underground resource
estimate
• Convert and upgrade Inferred material along the flanks and down dip extensions of the
underground resource to Indicated
• Expand the down dip resource and show potential to grow exponentially at depth
J4 & J5
J4 and J5 are two smaller historic open pits directly to the Northeast of 87. They represent the same
mineralization and geology as 87 and remain and untested.
Management believes existing historic drilling suggests the potential to increase the existing resource
from these two areas. J4 and J5 did not develop as deeply as 87 and could potentially provide near
surface resource expansion.
The objective of the Winter/Spring drill campaign at J4 and J5 is to confirm and expand upon current
open pit and underground estimated mineral resources below the historic pits.
Figure 2: Phase 1 Drill Targets (Source: Troilus Gold Corp.)
Southwest Zone
At the Southwest end of the Troilus Diorite, 3.5 kilometres Southwest of 87, successful historic drilling
(incl. 36m @ 1.23g/t Au, and 18m @ 1.06g/t Au) suggests the opportunity to explore and potentially
outline new mineralized material at surface. The large Troilus Diorite intrusion remains underexplored,
and management believes the Southwest Zone is a strong example of the exploration upside of the
Troilus Project.
Mineral Resource Estimates
OPEN PIT AND UNDERGOUND RESOURCE ESTIMATE AS OF JUNE 30, 2016
Pitchblack Resources Ltd. – Troilus Mine
Classification Tonnage
(Mt)
Au
(g/t)
Cu
(%)
AuEq
(g/t)
Contained
Gold
(000 oz)
Contained
Copper
(Mlb)
Contained
AuEq
(000 oz)
Indicated 44.0 1.27 0.120 1.45 1,789 116.5 2,054
Inferred 18.7 1.03 0.084 1.16 622 34.8 701
Prepared by Roscoe Postle Associates Inc.
Figure 3: Southwest & Z86 Historic Results (Source: Troilus Gold Corp.)
Notes:
1. CIM definitions were followed for Mineral Resources.
2. Open pit Mineral Resources were estimated at a cut-off grade of 0.3 g/t Au and were constrained by a
Whittle pit shell. Underground Mineral Resources were estimated at a cut-off grade of 0.8 g/t Au.
3. Mineral Resources were estimated using long-term metal prices of US$1,500 per ounce gold and
US$3.50 per pound copper; and an exchange rate of US$1.00 = C$1.1.
4. AuEq = (34.59 x Au grade + 54.02 x Cu grade)/ 34.59.
5. A recovery of 83% was used for gold and 92% for copper.
6. The quantity and grade of the reported estimated inferred mineral resources are uncertain in nature and
there has been insufficient exploration to define the inferred mineral resources as indicated or
measured mineral resources and it is uncertain if further exploration will result in upgrading them to an
indicated or measured mineral resource category.
7. Mineral resources are not mineral reserves and have not demonstrated economic viability.
8. The Troilus Project Mineral Resource Estimates were prepared by Luke Evans, M.Sc., P.Eng. and
Tudorel Ciuculescu, M.Sc., P.Geo., Qualified Persons under NI 43-101 who are independent of the
Company
UNDERGROUND MINERAL RESOURCES - JUNE 30, 2016
Pitchblack Resources Ltd. – Troilus Mine
Classification Zone Tonnage
(Mt)
Au
(g/t)
Cu
(%)
AuEq
(g/t)
Contained
Gold
(000 oz)
Contained
Copper
(Mlb)
Contained
AuEq
(000 oz)
Indicated 87 29.6 1.48 0.157 1.72 1,403 102.2 1,635
J4 - - - - - - -
J5 - - - - - - -
Total 29.6 1.48 0.157 1.72 1,403 102.2 1,635
Inferred 87 7.9 1.19 0.138 1.41 305 24.2 360
J4 4.4 1.15 0.040 1.21 163 3.9 172
J5 0.3 0.98 0.045 1.05 10 0.3 11
Total 12.6 1.18 0.102 1.33 478 28.4 543
Prepared by Roscoe Postle Associates Inc.
Notes:
1. CIM definitions were followed for Mineral Resources.
2. Mineral Resources were estimated at a cut-off grade of 0.8 g/t Au.
3. Mineral Resources were estimated using long-term metal prices of US$1,500 per ounce gold and US$3.50
per pound copper; and an exchange rate of US$1.00 = C$1.1.
4. AuEq = (34.59 x Au grade + 54.02 x Cu grade)/ 34.59.
5. A recovery of 83% was used for gold and 92% for copper.
6. Numbers may not add due to rounding.
7. The quantity and grade of the reported estimated inferred mineral resources are uncertain in nature and
there has been insufficient exploration to define the inferred mineral resources as indicated or measured
mineral resources and it is uncertain if further exploration will result in upgrading them to an indicated or
measured mineral resource category.
8. Mineral resources are not mineral reserves and have not demonstrated economic viability.
9. The Troilus Project Mineral Resource Estimates were prepared by Luke Evans, M.Sc., P.Eng. and Tudorel
Ciuculescu, M.Sc., P.Geo, Qualified Persons under NI 43-101 who are independent of the Company.
About Troilus Gold Corp.
Troilus Gold is a Canadian based development stage resource company focused on the potential restart
and mineral expansion of the former producing Troilus gold and copper mine. The 4,700 hectare Troilus
property is located Northeast of the Val-d’Or district, within the Frotêt-Evans Greenstone Belt in
Quebec, Canada. From 1997 to 2010, Inmet Mining Corporation operated the Troilus Project as an
open‐pit mine, producing more than 2 million ounces of gold and 70 thousand tons of copper.
Qualified Person
The technical and scientific information in this press release has been reviewed and approved by Blake
Hylands, P.Geo., who is a Qualified Person as defined by National Instrument 43 -101. Mr. Hylands is an
employee of Troilus and is not independent of the company under National Instrument 43-101.
For more information:
Spyros Karellas
Communications Manager
+1 (416) 433-5696
*Cautionary Notes
The potential to increase existing estimated mineral resources is conceptual in nature and it is uncertain
if further exploration will result in the target being delineated as a mineral resource.
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 and timing of the drill results, Troilus’ plans for developing its properties 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:; receipt of necessary approvals; general
business, economic, competitive, political and social uncertainties; future prices of mineral prices;
accidents, labour disputes and shortages and other risks of the mining industry. 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.