Troilus Launches 40,000 Metre Drill Program
TROILUS LAUNCHES 40,000 METRE DRILL PROGRAM
February 7, 2019, Toronto, Ontario – Troilus Gold Corp. (TSX: TLG; OTCQB: CHXMF) (“Troilus” or the
“Company”) initiates its 2019 Exploration Program on its 100%-owned Troilus property (the “Troilus
Project”) located near Chibougamau, within the Frotêt-Evans Greenstone Belt in Quebec, Canada.
The 2019 Exploration Program will include a drill program of at least 40,000 metres, to be carried out
in two phases, designed to continue to derisk and expand upon the already significant mineral resource
defined by Troilus in November of last year (see Table 1, or press release dated November 19, 2018).
The program will aim to continue expanding the potential open pittable mineral resources near-surface,
and also confirm and expand down dip and strike extensions of historic mineralization below the former
producing Troilus mine.
Justin Reid, Chief Executive Officer of Troilus Gold Corp., commented, “We are looking forward to
following-up on the tremendously successful exploration program of 2018, which resulted in a 90%
increase in our estimated mineral resources with just one season of drilling. A lot of growth
opportunities are presenting themselves to us as our geological understanding of the property
improves. We are very excited about the targets outlined for 2019.”
The Company has engaged the services of Forages Chibougamau Ltée, who have already mobilized two
drills to the property, with another one on the way.
2019 Exploration Program Targets (see Figure 1)
J Zone (J4 & J5) (see Figure 2)
▪ Approximately 50% of drilling
▪ Expand and solidify mineralization below and around the 2018 mineral resource envelope
▪ Focus on increasing confidence in the open pit potential
Z87 South (see Figure 2)
▪ Approximately 25% of drilling will be allocated to this zone, located southwest of Z87 Open Pit
▪ Focus on expansion of the near-surface open pit potential discovered in 2018
Z87 (see Figure 2)
▪ Approximately 15% of drilling will be allocated to this zone
▪ Outlining down dip and strike extensions
▪ Folding to the northeast of the open pit suggests potential high grade shoot
J4 North (see Figure 3)
▪ Approximately 10% of drilling will be allocated to this zone
▪ Follow-up on 1.8 kilometre mineralized trend from end of the J Zone leading onto newly acquired
land package to northeast identified in 2018
Property Scale Exploration
▪ Southwest and Z86 Zone, located approximately 3.5 kilometres from Z87 open pit. Follow-up on
strong gold results from sampling and historic drilling at surface.
▪ Newly acquired 11,300 hectare property on trend with Z87, J Zone, and J4 North
▪ Validate geological interpretations across the entire property
Figure 1: Troilus Property Geology and Exploration Targets
Figure 2: Troilus 2018 Mineral Resource Grade Distribution
Figure 3: J4 North Geology and Sampling Results
Troilus Mineral Zones Overview
J Zone (J4 & J5)
J4 and J5, two secondary historic open pits located 1.2 kilometres directly northeast of Z87 are
characterized by the same mineralization and geology as Z87; both remaining open at depth and along
strike. These areas have undergone a significant amount of deformation, and appear to potentially
represent a structurally hosted mineralization related to tight isoclinal folding, suggests folding could
represent excellent traps for gold. This is likely true at drill core scale, and as broadly as regional scale.
Near-surface mineralization at the J Zone defined during the 2018 exploration program signifies
promising open pittable resource opportunities. The objective of the 2019 drill campaign, will be to
expand open pit estimated mineral resources below the 2018 conceptual grade shell (whittle shell) with
the intent of recognizing material that could contribute to an early production scenario.
Z87 South
Z87 South and Z87 Open Pit are located on the surface flanks of the Z87 open pit. The objective of
drilling in these areas is to create new, near surface open pit opportunities directly adjacent to the Z87
pit, and to better understand the structural relationship between Z87 and the J Zone. The offset
between these two areas moving grid west has previously been interpreted as solely related to faulting.
More recent work carried out by the Company suggests that a large, regional fold system could be
accountable, at least in part, for the en echelon pattern moving northeast and grid west. The nature of
these structures could relate directly to high grade gold distribution, ultimately changing the approach
to property exploration completely.
Z87
The broad geology and style of mineralization at Z87 creates a large deposit area, nearly 1 kilometre
along strike and 30-50 metres wide, which remains open both along strike and down dip. The 2019 drill
program in this area is designed to expand and infill certain areas of Troilus’ existing underground
estimated mineral resource. The program will also serve to increase the overall understanding on
geological orientation of mineralized material and use this to vector property scale exploration.
From 1996 to 2010, Z87 produced the majority of the over 2 million ounces of gold and 70,000 tonnes of
copper produced at the Troilus Project. The Z87 pit was ultimately 350 metres deep and had a strike of
approximately 900 metres. The Z87 zone is the focus of the current underground estimated mineral
resource, representing over 1.02 million ounces of indicated and 600,000 ounces of inferred material
(See mineral resource in Table 1).
Classification
Tonnage Au Cu AuEq Contained Contained Contained
(Mt) (g/t) (%) (g/t) Gold Copper AuEq
(Moz) (Mlb) (Moz)
Total Open Pit and Underground
Indicated 121.7 0.87 0.086 1.00 3.40 231.8 3.92
Inferred 36.1 0.88 0.083 1.01 1.02 66.2 1.17
Total Open Pit
Indicated 97.5 0.76 0.078 0.88 2.37 167.0 2.7
Inferred 21.7 0.60 0.062 0.69 0.42 29.7 0.5
Total Open Pit Z87
Indicated 56.6 0.83 0.096 0.98 1.51 119.4 1.8
Inferred 12.1 0.58 0.066 0.68 0.23 17.5 0.3
Total Open Pit J4-J5
Indicated 40.8 0.66 0.053 0.74 0.86 47.6 1.0
Inferred 9.6 0.61 0.058 0.70 0.19 12.2 0.2
Total Underground
Indicated 24.2 1.32 0.121 1.50 1.02 64.8 1.2
Inferred 14.4 1.31 0.115 1.49 0.61 36.5 0.7
Notes:
• CIM definitions were followed for Mineral Resources.
• Open pit Mineral Resources were estimated at a cut-off grade of 0.3 g/t AuEq and were constrained by a Whittle pit shell.
Underground Mineral Resources were estimated at a cut-off grade of 0.9 g/t AuEq.
• Mineral Resources were estimated using long-term metal prices of US$1,400 per ounce gold and US$3.25 per pound copper; and
an exchange rate of US$1.00 = C$1.25.
• AuEq = Au Grade + 1.546 * Cu grade
• A recovery of 83% was used for gold and 92% for copper.
• Figures have been rounded to the appropriate level of precision for the reporting of Mineral Resources.
• Due to rounding, some columns or rows may not compute exactly as shown.
• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral
Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other
relevant issues
Table 1: Troilus Estimated Mineral Resource Estimate, Effective November 19, 2018
J4 North
J4 North represents an area of mineralization running 1.8 kilometres from the end of the J Zone to the
former boundary of the Troilus gold property (see Figure 4). The excellent results obtained from surface
exploration in 2018, including outcrop samples returning over 100 g/t Au and 4 g/t Au, led to the
acquisition of over 11,000 hectares to the immediate northeast. This trend could represent the
extension of the J Zone or potential new gold deposits to the northeast.
Figure 4: Troilus Property Geology, Claim Contour and Mineral Zones
Southwest Zone
The Southwest Zone is located along the margin of the Troilus Diorite and surrounding volcanics, 3.5
kilometres Southwest of Z87 (See Figure 4). Historically this area exhibited significant mineralization
from drilling including intercepts as high as 36m @ 1.23g/t Au, and 18m @ 1.06g/t Au. Historic drilling in
this area is limited, leaving the opportunity to explore and potentially outline new mineralization at
surface.
The Southwest Zone exemplifies near term, blue sky opportunity at Troilus, and will be the initial focus
of a significant, property wide exploration program. The Troilus Diorite remains underexplored and
highly prospective. Surface mapping on recently uncovered bedrock show geology (lithology) resembling
the identical sequencing to Z87, over 3.5 kilometres to the northeast.
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 1997 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.
Qualified Person
The technical and scientific information in this press release has been reviewed and approved by Bruno
Perron, P.Eng., Senior Technical Manager, who is a Qualified Person as defined by National Instrument
43-101. Mr. Perron is an employee of Troilus and is not independent of the Company under National
Instrument 43-101
For more information:
Spyros Karellas
Director, Global Communications
+1 (416) 433-5696
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.