More Positive Drill Results From Mining Co.

New findings bode well for Troilus Gold Corp.’s imminent mineral resource estimate and subsequent prefeasibility study.

Troilus Gold Corp. (TLG:TSX; CHXMF:OTC; CM5R:FRA) announced additional positive infill and expansion drill results from the Troilus project’s Southwest zone, reported Sprott Equity Research analyst Brock Salier in a May 4 research note.

The results are from 21 diamond drill holes, all of which Troilus Gold will incorporate into the upcoming mineral resource estimate, on track for completion as per guidance.

“With about 93 kilometer (93 km) of post 2020 mineral resource estimate drilling behind, we expect to see a lift in the mid-2022 mineral resource estimate that will feed the subsequent prefeasibility study,” Salier commented.

New noteworthy infill drill results from inside the existing pit shell consist of broad and narrow intercepts. Broad intercepts include 10 meters (10m) of 2.1 grams per ton gold equivalent (2.1 g/t Au eq) and 27m of 0.6 g/t (from 26m downhole). Examples of narrow, higher grade gold equivalent intercepts are 3m of 4.2 g/t and 1m of 4.6 g/t.

The average of these hits was 5m of 1.2 g/t Au eq, which is significant. As it is well above the 0.7 g/t in the preliminary economic assessment, noted Salier, the starter pit can be of a higher grade. 

Stepout holes also yielded positive results. They extended mineralization about 300m below the existing pit shell and about 100m to the west of it. Overall, this averages about 3.8m of 1.3 g/t Au eq, narrow but high grade. A 100m stepout to the northwest returned 14m of 1.3 g/t Au eq.

Highlights of the expansion component of drilling included 11m of 3.9 g/t Au eq, 3m of 13.6 g/t, 24m of 0.8 g/t, and 28m of 0.8 g/t. These intercepts are from outside and below the existing pit shell.

Salier pointed out what all of the ongoing and prospective drilling means for Troilus Gold. “All this, ahead of more satellite exploration on a prime, greater than 1,400 square kilometer land package, with upcoming near-mine 11 km Gap zone drilling (excluded from upcoming mineral resource estimate), showcases the company’s growth potential,” he wrote.

As such, Sprott has a Buy rating and a CA$2.80 per share price target on Troilus Gold. Its current share price, in comparison, is around CA$0.65.

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Disclosures for Sprott Equity Research, Troilus Gold Corp., May 4, 2022

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