Alexulf
6 months ago
Today`s News; Troilus Gold Corp Discovers New At-Surface Gold Zone 'West Rim' With Intercept of 1.37 g/t AuEq Over 11m Within 200m of Reserve Pit and Confirms Continuity of Zone X22 Mineralization to Depth of 550m
MAY 30, 2024, Montreal, Quebec – Troilus Gold Corp. (“Troilus” or the “Company”, TSX: TLG; OTCQX: CHXMF; FSE: CM5R) is pleased to announce the discovery of a new gold zone named the ‘West Rim Zone’ (“West Rim”) located within 200 metres west of the North Reserve Pit Shell (Zones 87, J & X22) (see Figure 1) in addition to assay results from Zone X22 (“X22”) at its Troilus Project, located in northcentral Quebec, Canada. The results herein are part of an ongoing 25,000m drilling campaign designed to expand and define select drill targets along the main mineral corridor and regionally.
Hole X22-24-080 Intercept Highlights:
Newly discovered “West Rim” intersected 1.37 g/t AuEq (1.32 g/t Au, 1.5 g/t Ag, 0.02% Cu) over 11 m within a broader intersection of 0.74 g/t AuEq (0.69 g/t Au, 1.78 g/t Ag, 0.02% Cu) over 32 m starting at just 21 m downhole (See Figure 2).
Zone X22 intersected 10.27 g/t AuEq (10.15 g/t Au, 0.50 g/t Ag, 0.07% Cu) over 1 m and 0.83 g/t AuEq (0.58 g/t Au, 1.45 g/t Ag, 0.15% Cu) over 30m incl. 13.85 g/t AuEq (12.55g/t Au, 9.10 g/t Ag, 0.76% Cu) over 1 m at 550 m depth (see Figure 2).
Justin Reid, CEO of Troilus Gold, commented, “After 5 years of systematic exploration, we are still making significant discoveries on the Troilus property. The West Rim target is a testament to the prospectivity and opportunity within proximity to the Troilus project’s mineral reserve pits defined in the recent Feasibility Study (see press release, May 14, 2024)*. Located just 200 meters from the North Reserve Pit and at surface, the West Rim is a highly prospective corridor spanning 4km in length, 1km of which has never been drilled and is open for follow up drilling and delineation of mineralization. Moreover, results from Zone X22 have extended mineralization past 500 meters depth, supporting the future potential of underground development. The geology team has continued to successfully discover and develop existing targets across the property, and we look forward to follow-up drilling in the coming months to build out the West Rim target and further extensions below the North Reserve Pit.”
* the completed NI 43-101 technical report associated with the Troilus Project FS will be available on SEDAR+ at www.sedarplus.ca under the Company’s issuer profile, as well as the Company’s website at www.troilusgold.com on or before June 28, 2024.
West Rim Zone
The West Rim Zone was discovered as part of an ongoing 25,000m drill program at the Troilus Property designed to test near-mine and regional priority drilling targets. The West Rim target is an exhalative stratigraphic horizon hosted within felsic to intermediate metavolcanic rocks along the north-west margin of the Troilus intrusion. This prospective sequence can be traced for more than 4 km from the hanging wall of the J Zone, continuing through the West Rim toward the Southwest hanging wall. The eastern boundary of the Troilus intrusion has been extensively explored, and reserves defined within the Z87 and SW Pits align along this eastern boundary. The western boundary of the diorite (West Rim) has been left un-explored and remains open to further drilling (see Figure 2 below).
Hole X22-24-080, reported today, was designed to test this horizon and to test X22 mineralization at depth. The West Rim horizon returned 0.74 g/t AuEq over 32 m including 1.37 g/t AuEq over 11 m starting at 21 metres downhole. This intercept is found within 200 metres to the southwest of the North Reserve Pit shell that includes Z87, ZJ and X22.
West Rim Zone Geology
Hole X22-24-080 shows a clear metallic zonation in the West Rim with a lower zinc-silver zone and an upper gold zone. Sulphide mineralization consists of disseminated, stringers veins, and small lenses of massive pyrrhotite, pyrite with accessory sphalerite and chalcopyrite transposed into the dominant foliation. The type of mineralization, alteration and the polymetallic signature suggests a gold-bearing VMS (Volcanogenic Massive Sulfides) system, which increases the prospectivity of the area to find larger and richer ore zones along strike and at depth. West Rim is a phase 1 target, which encompasses a combination of favourable volcanic/intrusive phases, geophysical anomalies, and attractive structural settings all located in proximity to the mine site, in areas with little drill coverage. Subsequent drilling phases include following up on high-grade trends at depth below the North Reserve Pit and drilling regional targets. An additional 1,700 metres of drilling has been allocated to follow up on the newly discovered West Rim trend.
Deep Drilling below North Pit – Extending X22 Mineralization at Depth
Results from X22-24-080 equally confirmed continuity of the mineralized system to depth below Zone X22, with broad mineralized intercepts of 0.83 g/t AuEq over 30 m and 0.38 g/t AuEq over 26 m, and continuous high-grade trends with intersections of 10.27 g/t AuEq over 1 m and 13.85 g/t AuEq over 1 m. The results also show the tonalitic phase of the Troilus intrusion, which hosts X22, appears to be thickening at depth. Data from deeper extension holes like X22-24-080 will be used to inform and update the ongoing drill program with a focus on expanding high-grade trends.
Zone X22 was identified in late 2022 at the southwestern border of Z87 open pit. 23,256 metres were drilled at X22, which successfully expanded the zone's mineral footprint from 300 metres to approximately 1 kilometre and confirmed a consistent pattern of continuous high-grade near-surface structures along this strike length. Although X22 only accounts for a small portion of the 322,000 metres drilled at Troilus since 2018, it has contributed 1.19Moz AuEq (59.2Mt at 0.62 g/t AuEq) or 11% of total open pit Indicated mineral resources (see press release, October 16, 2023).
Previously Reported Highlights from open high-grade trends of X22:
(see Table 2 for breakdown by metal)
September 7th, 2023:
10.73 g/t AuEq over 10 m incl. 19.07 g/t AuEq over 3 m and 41.98 g/t AuEq over 1 m (X22-24-071), and 32.48 g/t AuEq over 0.8 m (X22-23-075).
July 11th, 2023:
104.12 g/t AuEq over 1 m from (X22-23-042), 15.57 g/t AuEq over 1 m, 26.14 g/t AuEq over 1 m (X22-23-059), 3.32 g/t AuEq over 11 m incl. 24.60 g/t AuEq over 1 m and 3.11 g/t AuEq over 17 m incl. 7.26 g/t AuEq over 3 m (X22-23-066), and 133.15 g/t AuEq over 0.7 m (X22-23-067).
May 9th, 2023:
3.54 g/t AuEq over 6m from hole X22-23-031, 8.73 g/t AuEq over 4m incl. 25.35 g/t AuEq over 1m (X22-23-032), 6.59 g/t AuEq over 3 m (X22-23-033), and 14.41 g/t AuEq over 1.2 m (X22-23-036)
April 25th, 2023:
6.74 g/t AuEq over 3 m incl. 15.58 g/t AuEq over 1 m (X22-23-006) and 131.86 g/t AuEq over 1 m (X22-23-030).
March 30th, 2023:
8.09 g/t AuEq over 2 m (X22-23-023)
March 23rd, 2023:
11.18 g/t AuEq over 6 m including 27.70 g/t AuEq over 2 m (X22-23-027).
Further drilling of underground targets is planned below the North Reserve Pit, near Zone 87, which has open high-grade shoots plunging with the dominant stretching lineation last drilled in October 31, 2018 and demonstrated extensions below the mineral resource pits. See table 3 for breakdown by metal.
Figure 1 – Plan View of West Rim Showing Current and Previously Reported Drill Holes
View Larger Image
Figure 2 – Geology Map of the Troilus Deposit Showing Current and Previously Reported Drill Holes
View Larger Image
Table 1 – X22-24-080 Drill Results
Hole From
(m) To
(m) Interval
(m) Inside/Outside
of FS Reserve Pit Au
Grade
(g/t) Cu
Grade
(%) Ag
Grade
(g/t) AuEq*
Grade
(g/t)
X22-24-080
21 53 32 outside 0.69 0.02 1.78 0.74
incl 32 43 11 outside 1.32 0.02 1.5 1.37
232 233 1 outside 0.66 0.77 27.5 2.22
270 273 3 outside 0.47 0.19 1.67 0.79
442 448 6 outside 0.17 0.09 0.33 0.31
478 479 1 outside 10.15 0.07 0.5 10.27
567 597 30 outside 0.58 0.15 1.45 0.83
incl 587 588 1 outside 12.55 0.76 9.1 13.85
628 629 1 outside 1.37 0.23 1.7 1.75
642 668 26 outside 0.28 0.06 0.76 0.38
incl 643 644 1 outside 1.2 0.21 1.3 1.54
incl 663 668 5 outside 0.56 0.15 2.42 0.83
* AuEq = Au + 1.5628 x Cu + 0.0128 x Ag
Table 2 – Previously Reported Results from Zone X22
Hole From
(m) To
(m) Interval
(m) Inside/Outside
of FS Reserve Pit Au
Grade
(g/t) Cu
Grade
(%) Ag
Grade
(g/t) AuEq*
Grade
(g/t)
X22-23-027 (March 23, 2023)
160 166 6 inside 9.42 0.88 30.10 11.18
incl 161 163 2 inside 23.22 2.21 80.30 27.70
X22-23-023 (March 30, 2023)
177 179 2 inside 7.75 0.19 3.00 8.09
X22-23-006 (April 25, 2023)
164.45 171 6.55 inside 3.24 0.02 5.46 3.35
incl 168 171 3 inside 6.59 0.02 9.30 6.74
incl 170 171 1 inside 15.35 0.03 14.60 15.58
X22-23-030 (April 25, 2023)
65 66 1 inside 126.50 2.85 71.00 131.86
X22-23-031 (May 9, 2023)
142 148 6 inside 2.04 0.37 72.03 3.54
X22-23-032 (May 9, 2023)
72 76 4 inside 8.22 0.24 10.45 8.73
incl 73 74 1 inside 24.10 0.59 25.80 25.35
X22-23-033 (May 9, 2023)
77 80 3 inside 5.86 0.38 10.63 6.59
X22-23-036 (May 9, 2023)
57 58.2 1.2 inside 14.25 0.08 2.80 14.41
X22-23-042 (July 11, 2023)
166 167 1 inside 102.50 0.82 26.80 104.12
X22-23-046 (July 11, 2023)
224 225 1 outside 15.55 0.01 0.25 15.57
X22-23-059 (July 11, 2023)
96 97 1 inside 25.90 0.10 6.20 26.14
X22-23-066 (July 11, 2023)
198 209 11 inside 3.20 0.06 2.16 3.32
incl 201 202 1 inside 24.40 0.07 6.90 24.60
343 360 17 outside 3.04 0.04 0.52 3.11
incl 351 354 3 outside 7.24 0.01 0.25 7.26
X22-23-067 (July 11, 2023)
171.6 172.3 0.7 inside 133.00 0.07 3.40 133.15
X22-23-071 (September 7, 2023)
379 389 10 outside 7.63 1.51 57.77 10.73
incl 379 382 3 outside 10.24 4.42 150.00 19.07
incl 388 389 1 outside 40.20 0.42 87.50 41.98
X22-23-075 (September 7, 2023)
104 104.8 0.8 outside 32.40 0.04 1.20 32.48
* AuEq = Au + 1.5628 x Cu + 0.0128 x Ag and has been updated since original release
Table 3 – Previously Reported Results from Zone 87 (October 31, 2018)
Hole From
(m) To
(m) Interval
(m) Inside/Outside
of FS Reserve Pit Au
Grade
(g/t) Cu
Grade
(%) Ag**
Grade
(g/t) AuEq
Grade
(g/t)
TLG-Z8718-017
643 685 42 outside 2.61 0.08 NA 2.74
incl 671 673 2 outside 42.30 0.12 NA 42.49
TLG-Z8718-018
675 727 52 outside 1.88 0.10 NA 2.04
incl 684 692 8 outside 4.49 0.18 NA 4.77
incl 700 712 12 outside 3.11 0.10 0.00 3.27
TLG-Z8718-035
689 770 81.00 outside 1.44 0.13 NA 1.64
incl 707 710 3.00 outside 8.25 0.54 NA 9.09
incl 755 765 10 outside 3.23 0.30 NA 3.70
TLG-Z8718-44W
832 899 67 outside 1.58 0.10 NA 1.74
incl 874 876 2 outside 10.03 0.35 NA 10.58
incl 881 887 6 outside 7.54 0.17 NA 7.81
* AuEq = Au + 1.5628 x Cu + 0.0128 x Ag and has been updated since original release
* NA = Not Analyzed. AuEq calculated using value of 0.00 g/t Ag
Quality Assurance and Control
During the drill program, one meter assay samples were taken from NQ core and sawed in half. One-half was sent for assaying at ALS Laboratory, a certified commercial laboratory, and the other half was retained for results, cross checks, and future reference. A strict QA/QC program was applied to all samples; which included insertion of one certified mineralized standard and one blank sample in each batch of 25 samples. Every sample was processed with standard crushing to 85% passing 75 microns on 500 g splits. Samples were assayed by one-AT (30 g) fire assay with an AA finish and if results were higher than 3.5 g/t Au, assays were redone with a gravimetric finish. For QA/QC samples, a 50 g fire assay was done. In addition to gold, ALS laboratory carried out multi-element analysis for ME-ICP61 analysis of 33 elements four acid ICP-AES.
Qualified Person
The technical and scientific information in this press release has been reviewed and approved by Nicolas Guest, P.Geo., Exploration Manager, who is a Qualified Person as defined by NI 43-101. Mr. Guest is an employee of Troilus and is not independent of the Company under NI 43-101.
AuEq Disclosure
The formulas used to calculate equivalent values for resources are as follows, for 87 Pit AuEq = Au + 1.5628*Cu +0.0128 *Ag, for J Pit AuEq = Au + 1.5107*Cu +0.0119 *Ag, for SW Pit AuEq = Au + 1.6823*Cu +0.0124 *Ag, for X22 Pit AuEq = Au + 1.5628*Cu +0.0128 *Ag. AuEq was calculated using metal prices of $1,850/oz Au; $4.25/lb Cu and $23.00/oz Ag.
About Troilus Gold Corp.
Troilus Gold Corp. is a Canadian development-stage mining company focused on the systematic advancement of the former gold and copper Troilus Mine towards production. Troilus is located in the tier-one mining jurisdiction of Quebec, Canada, where it holds a large land position of 435 km² in the Frôtet-Evans Greenstone Belt. A Feasibility Study completed in May 2024 supports a large-scale 22-year, 50ktpd open-pit mining operation, positioning it as a cornerstone project in North America.
For more information:
Caroline Arsenault
VP Corporate Communications
+1 (647) 407-7123
info@troilusgold.com
TradingCharts
2 years ago
TROILUS DRILLS 1.46 G/T AUEQ OVER 30M, INCL. 2.62 G/T AUEQ OVER 11M, AND 1.36 G/T AUEQ
OVER 18M IN ZONE X22
March 30, 2023, Montreal, Quebec – Troilus Gold Corp. (“Troilus” or the “Company”, TSX: TLG; OTCQX:
CHXMF; FSE: CM5R) is pleased to report assay results from Zone X22 (“X22”) at its Troilus Project, located
in northcentral Quebec, Canada. The results herein are part of an ongoing 7,800 metre drill campaign
designed to define and expand mineralization of Zone X22, initially identified in late 2022 (see October
17, 2022, press release). Since its discovery, the strike length of this zone has expanded to 1 kilometre,
originating at the western border of the formerly mined Z87 pit and extending southwest into the Gap
Zone (see Figure 1). The X22 delineation program is nearing completion, however over 4,000 metres of
assays are pending and will be reported as they become available.
The latest results have confirmed mineral continuity between previously drilled and reported holes in this
zone, which continue to return higher than average grades over large thicknesses. All results reported
herein lie entirely outside of the PEA pit shells and will be included in the upcoming Feasibility Study.
Zone X22 Drill Intercept Highlights:
Hole X22-23-021
• Intersected 1.36 g/t AuEq over 18m and 3.62 g/t AuEq over 3 metres within a broader intersection
of 0.94 g/t AuEq over 32m, extending down-dip mineralization by 50 metres beyond previously
reported hole X22-23-024, which intersected 1.49 g/t AuEq over 34.5m (see Figure 2).
Hole X22-23-023
• Confirmed 100 metres of up-dip mineralization with at-surface intersections of 2.07 g/t AuEq over 4
metres, including 6.10 g/t AuEq over 1 metre (31- 35m downhole), demonstrating mineral continuity
from previously reported hole 87-22-446 which intersected 1.79 g/t AuEq over 8 metres, incl. 7.57
g/t over 1 metre and 4.31 g/t over 1 metre (See Figure 3).
• Intersected 2.62 g/t AuEq over 11 metres within a broader intersection of 1.46 g/t AuEq over 30m,
from 151 to 181 metres downhole, confirming an additional mineral extension by 100 metres up-dip
beyond previously reported hole 87-22-446, which intersected 1.52 g/t AuEq over 12m, incl. 10.51
g/t AuEq over 1m (see Figure 3).
Justin Reid, CEO of Troilus Gold, commented, “Drilling at X22 only began in late 2022, and results to date
have consistently attested to this shallow zone’s strong potential to positively impact the grade profile of
Troilusin early years of the mine life. Today’sresults have bridged existing gaps between previously drilled
intercepts and provide an increased level of confidence in the continuity of mineralization at higher grades
across X22. We look forward to releasing the remaining results of incoming assays in the coming weeks
and believe they will build on today’s positive results.”
https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00005620
TradingCharts
2 years ago
January 26, 2023, Montreal, Quebec – Troilus Gold Corp. (“Troilus” or the “Company”) (TSX: TLG; OTCQX:
CHXMF; FRA: CM5R) reports positive assay resultsfrom the Connector Zone, a target located between the
two previously mined Z87 and J4 open pits, at its gold-copper Troilus Project in northcentral, Quebec,
Canada. The results herein are part of an ongoing 5,000-metre drill program designed to target and
expand on shallow high-grade mineralization intersected in thiszone late last year(see November 8, 2022,
press release).
The latest results further demonstrate high-grade mineral continuity extending on a north, north-west
trend between the two formerly mined pits (see Figures 1 and 2). Highlights are reported below, with
results presented in Table 1.
Connector Zone Intercept Highlights:
Hole 87-449
? 2.07 g/t AuEq over 11.2m, including 4.07 g/t AuEq over 5m
This interval is located directly at surface; the hole collared into bedrock within this high-grade
mineralized zone.
? 1.22 g/t AuEq over 10.0m, including 1.49 g/t AuEq over 6.2m
? 1.31 g/t AuEq over 6m
Hole 87-451
? 4.33 g/t AuEq over 29m, including 6.37 g/t AuEq over 18m
? 5.5 g/t AuEq over 6m
? 1.01 g/t AuEq over 49m, including 1.99 g/t AuEq over 10m
Justin Reid, CEO of Troilus Gold, commented, “The latest drill results from this new and exciting target
further demonstrate the continuity of mineralized high-grade structures between the two formerly mined
open pits. Detailed structural work completed by the geology team has greatly contributed to the
understanding and successful targeting of these high-grade trends. These shallow high-grade zones exist
within and in close proximity to the PEA pit shells and we believe they could be brought into the mine
plan to positively impact the strip ratio and project economics. In the coming months our team will
continue to focus on maximizing opportunities for discovery and delineation of high-grade near surface
targets for inclusion in our upcoming Feasibility Study, expected in the second half of 2023.
https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00005620
conix
4 years ago
TROILUS FILES POSITIVE PRELIMINARY ECONOMIC ASSESSMENT
TECHNICAL REPORT FOR THE TROILUS GOLD PROJECT
October 15, 2020, Toronto, Ontario – Troilus Gold Corp. (TSX: TLG) (OTCQB: CHXMF) (“Troilus” or the “Company”) reports that it has filed the technical report supporting the Preliminary Economic Assessment (“PEA”) for the Company’s 100%-owned Troilus Gold Project, located within the Frôtet-Evans Greenstone Belt of northern Quebec (the “Technical Report”). The Technical Report, titled “Preliminary Economic Assessment of the Troilus Gold Project, Quebec, Canada” dated October 14, 2020 (the mineral resource has an effective date of July 20, 2020 and the PEA has an effective date of August 31, 2020) was prepared by Gordon Zurowski, P. Eng. Principal Mining Engineer, AGP Mining Consultants Inc. (“AGP”), Paul Daigle, P. Geo, Senior Associate Geologist, AGP and Mr. Andy Holloway, P. Eng. Principal Processing Engineer, AGP.
The positive PEA, announced August 31, 2020, demonstrates the potential for Troilus to rank among the top gold producing assets in Canada.
Troilus Gold Project PEA Highlights (all results are reported in U.S. Dollars*):
After-tax IRR of 22.9% and NPV5% of $576 million based on $1,475/oz gold, increasing to 32.2% and $915 million at $1,750/oz gold
Projected average annual gold production of 220,000 oz for the first 5 years and 246,000 oz for the first 14 years
Open pit mine life of 14 years and total mine life of 22 years with future underground development
Initial capital of (“CAPEX”) of $333 million, including all mine pre-production costs, net of existing infrastructure (access road, power line, tailings facility, substation, camp, water treatment plant)
After-tax payback of 4.0 years at base case $1,475/oz gold
Average cash operating costs of $919/oz gold and all-in sustaining costs of $1,051/oz gold
Cumulative cashflow of $1.27 billion after tax and $2.04 billion pre-tax over 22 years on base case assumptions
Payable Gold of 3.8 million ounces, payable Copper of 265 million lbs and payable Silver of 1.5 million ounces
Average strip ratio for the open pit life of the mine estimated at 3.9:1
*Assuming a US$:C$ exchange of $0.74. All figures reported in US$ unless stated otherwise
The Technical Report can be found on the Company’s website at www.troilusgold.com and under the Company’s profile on SEDAR at www.sedar.com.
Qualified Person
Mr. Gordon Zurowski, P. Eng. Principal Mining Engineer, AGP Consultants, who is an independent Qualified Person as defined under NI 43-101, has reviewed and approved the technical information pertaining to the PEA disclosed in this press release.
Non-IFRS Financial Measures
The Company has included certain non-IFRS financial measures in this news release, such as Initial Capital Cost, Cash Operating Costs ,Total Cash Cost, All-In Sustaining Cost, Expansion Capital and Capital Intensity, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. As a result, these measures may not be comparable to similar measures reported by other corporations. Each of these measures used are intended to provide additional information to the user and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.
Non-IFRS financial measures used in this news release and common to the gold mining industry are defined below.
Total Cash Costs and Total Cash Costs per Ounce
Total Cash Costs are reflective of the cost of production. Total Cash Costs reported in the PEA include mining costs, processing & water treatment costs, general and administrative costs of the mine, off-site costs, refining costs, transportation costs and royalties. Total Cash Costs per Ounce is calculated as Total Cash Costs divided by payable gold ounces.
All-in Sustaining Costs (“AISC”) and AISC per Ounce
AISC is reflective of all of the expenditures that are required to produce an ounce of gold from operations. AISC reported in the PEAS includes total cash costs, sustaining capital, expansion capital and closure costs, but excludes corporate general and administrative costs and salvage. AISC per Ounce is calculated as AISC divided by payable gold ounces.
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 107,326 hectare Troilus property is located 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
conix
5 years ago
TROILUS CLOSES PRIVATE PLACEMENT OF FLOW-THROUGH SHARES AND COMMON SHARES FOR TOTAL PROCEEDS OF C$12,832,683
Not for distribution to United States newswire services or for dissemination in the United States
February 28, 2020, Toronto, Ontario – Troilus Gold Corp. (TSX: TLG; OTCQB: CHXMF) (“Troilus” or the “Company”) is pleased to announce that it has closed its previously announced non-brokered private placement of an aggregate of 6,449,188 common shares of the Company that will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the “Tax Act”) (collectively, the “Flow-Through Shares“).
The Flow-Through Shares were issued in three tranches as follows:
Tranche 1: 2,000,000 Flow-Through Shares issued to investors resident in the Province of Québec at an issue price of C$1.00 per Flow-Through Share for aggregate gross proceeds of C$2,000,000 (the “T1 Offering”);
Tranche 2: 2,070,617 Flow-Through Shares issued to investors resident in the Province of Québec at an issue price of C$0.81 per Flow-Through Share for aggregate gross proceeds of C$1,677,200 (the “T2 Offering”); and
Tranche 3: 2,378,571 Flow-Through Shares issued to investors resident outside of the Province of Québec at an issue price of C$0.77 per Flow-Through Share for aggregate gross proceeds of C$1,831,500 (the “T3 Offering” and, collectively with the T1 Offering and the T2 Offering, the “Flow-Through Offering”).
The Flow-Through Shares issued in connection with the T1 Offering and the T2 Offering also qualify as “flow-through shares” within the meaning of section 359.1 of the Taxation Act (Québec).
The Company is also pleased to announce that it has closed its previously announced non-brokered private placement of an aggregate of 11,267,667 common shares of the Company (the “Offered Shares”) which were issued at a price of C$0.65 per Offered Share for aggregate gross proceeds of C$7,323,983 (the “Common Share Offering”).
The aggregate gross proceeds raised pursuant to the Flow-Through Offering and the Common Share Offering (collectively, the “Offering”) total C$12,832,683.
The gross proceeds from the issue and sale of the Flow-Through Shares will be used by the Company to incur eligible “Canadian exploration expenses”, within the meaning of the Tax Act, that will qualify as “flow-through mining expenditures” as defined in the Tax Act (the “Qualifying Expenditures”) related to the Company's Troilus gold project located within the Frotêt-Evans Greenstone Belt in Québec, on or before December 31, 2021. The Company will renounce the Qualifying Expenditures to the subscribers of the Flow-Through Shares with an effective date of no later than December 31, 2020.
The Company intends to use the net proceeds of the Common Share Offering to continue exploration and definition drilling at its Troilus gold project, and for general corporate purposes.
The Offering remains subject to final approval of the Toronto Stock Exchange (“TSX”). The Flow-Through Shares and Offered Shares issued under the Offering are subject to a hold period in Canada expiring four months and one day from the closing date of the Offering.
In connection with the Offering, the Company has paid financial advisory fees to Cormark Securities Inc., Stifel GMP, Canaccord Genuity Corp., Haywood Securities Inc., Laurentian Bank Securities Inc. and Red Cloud Securities Inc.. In addition, in connection with the Offering, the Company has paid finder’s fees in respect of certain subscriptions to Tamesis Partners LLP and other finders.
The securities offered have not been, nor will they be, registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
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 northeast of 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.
Golden Cross
5 years ago
News out -- Troilus Announces Intention to Complete up to C$6,000,000 Non-Brokered Private Placement of Flow-Through Shares
Press Release | 09/26/2019
Not for distribution to United States newswire services or for dissemination in the United States
TORONTO, Sept. 26, 2019 (GLOBE NEWSWIRE) -- Troilus Gold Corp. (TSX: TLG; OTCQB: CHXMF) (“Troilus” or the “Company”) is pleased to announce that it has entered into subscription agreements with funds managed by each of Sprott Asset Management LP (“Sprott”), Goodman & Company, Investment Counsel Inc (“Goodman & Company”) and Middlefield Group (“Middlefield”) in connection with a non-brokered private placement financing (the “Offering”) of an aggregate of up to 6,813,900 common shares of the Company that will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the “Tax Act”) and, in relation to FT Tranche Two (as defined herein), also qualify as “flow-through shares” within the meaning of section 359.1 of the Taxation Act (Québec)) (collectively, the “Flow-Through Shares”). The funds managed by each of Sprott, Goodman & Company and Middlefield will be participating in FT Tranche One (as defined herein).
The Flow-Through Shares will be issued in two tranches:
Tranche 1 will consist of an aggregate of 5,813,900 Flow-Through Shares to be issued to funds managed by each of Sprott, Goodman & Company and Middlefield (each resident outside of the Province of Québec) at a price of C$0.86 per share for aggregate gross proceeds of approximately C$5 million (“FT Tranche One”); and
Tranche 2 will consist of an aggregate of up to 1,000,000 Flow-Through Shares to be issued to investors resident in the Province of Québec at a price of C$1.00 per share for aggregate gross proceeds of up to C$1 million (“FT Tranche Two”).
The gross proceeds from the issue and sale of the Flow-Through Shares will be used by the Company to incur eligible “Canadian exploration expenses”, within the meaning of the Tax Act, that will qualify as “flow-through mining expenditures” as defined in subsection 127(9) of the Tax Act (the “Qualifying Expenditures”) related to the Company's Troilus gold and copper project located within the Frotêt-Evans Greenstone Belt in Québec, after the closing date of the Offering and prior to December 31, 2020. The Company will renounce the Qualifying Expenditures so incurred to the purchasers of the Flow-Through Shares with an effective date of no later than December 31, 2019.
The Offering is expected to close on or about October 7, 2019 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange. The Flow-Through Shares to be issued under the Offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the Offering.
In connection with the Offering, GMP Securities L.P., Cormark Securities Inc., Canaccord Genuity Corp., and Haywood Securities Inc. have acted as financial advisors to the Company for which an aggregate cash fee equal to 1.5% of the gross proceeds of the Offering will be paid by the Company.
The securities offered have not been, nor will they be, registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
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 northeast of the Val-d’Or district, 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
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