Troilus Gold (TLG-T) Discovers New Goldfield Boulder Zone 36 Km From Troilus Mine With Samples up to 26.2 g/t Gold and 27.8 g/t Silver
Oct 8, '20 - NR
Troilus Gold is pleased to announce the latest results from its summer 2020 regional exploration program on its 100%-owned Troilus Project, located within the Frôtet-Evans Greenstone Belt of northern Quebec. The program focused on identifying high priority targets within the extensive land package Troilus acquired and staked earlier in the year (the “Troilus-Frôtet Property”) (see press releases dated April 28, 2020 and July 21, 2020). Initial results collected 28 km southwest of the recently announced Beyan Gold Zone Discovery (see press release dated September 30, 2020), have outlined another new zone of mineralization: the Goldfield Boulder Zone (“Goldfield”). Gold bearing boulders and outcrop can be traced and defined in situ over a minimum strike length of 4 km. Goldfield is accessible from the Route du Nord highway.
Highlights from the New Goldfield Zone:
Grab samples returned up to 26.2 g/t gold and 27.8 g/t silver in outcrop
Other sample highlights include: 6.51 g/t Au, 5.96 g/t Au, 4.31 g/t Au; 14.0 g/t Ag, 8.6 g/t Ag (see full results in Table 1)
Many geological characteristics linking Goldfield to the main mineralized zones over 36 km away
“The discovery of the Goldfield Zone this summer marks an exciting moment for Troilus,” said Justin Reid, CEO of Troilus. “Earlier this year we had the opportunity to significantly increase our land holdings through a combination of acquisition and staking. The addition of the Troilus-Frôtet Property increased our land holdings from 16,000 hectares to over 107,000 hectares. Our evolving geologic model, developed over the last couple of years through drilling and exploration around the main ore bodies of Z87, the J Zones and more recently the Southwest Zone, led us to believe that the region could have district scale potential and we believed that expanding our claim area had the potential to add significant value for shareholders via discovery. The Goldfield Zone, located on the western side of the Troilus-Frôtet Property, marks the furthest afield exploration conducted to date. We are thrilled to report newly discovered, near-surface gold occurrences with samples ranging up to 26.2 g/t gold and 27.8 g/t silver, 36 km from the main mineralized zones at the Troilus property. The Goldfield Zone results, combined with the recent Beyan Zone results, suggest that gold mineralization within the Frôtet-Evans Greenstone Belt is prolific and not constrained geographically as historically thought. We await further results from locations across the Troilus-Frotêt Property collected during the summer and believe that these showings could just be the beginning of what the district could host.”
During this initial bedrock mapping and boulder tracing, the Troilus Geological team located several mineralized boulders on the main Tortigny block assaying up to 26 g/t Au with the best results highlighted in the Table 1 below. The Tortigny deposit (see Figure 2), now 100% owned by Troilus, was discovered by Noranda in 1994 with an initial mineral resource estimate prepared in 1997. The latest NI 43-101 compliant mineral resource completed by Beaufield Resources in 2014, estimates measured and indicated resources of 1.1 million tonnes grading 1.8% Cu, 3.65% Zn, 48.51 g/t Ag and 0.35 g/t Au and inferred mineral resources of 99,000 tonnes grading 1.19% Cu, 1.23% Zn, 12.45 g/t Ag and <0.1 g/t Au. The Tortigny mineral resource includes 135 drill holes (34,581 metres) and covers a distance of approximately 600 metres. (The Technical Report for the Tortigny deposit titled: “TECHNICAL REPORT FOR THE TORTIGNY POLYMETALLIC PROJECT SOUTHERN JAMES BAY MUNICIPALITY QUEBEC, CANADA” and effective June 2, 2014, was completed by Micon International Limited and can be found on Beaufield Resources SEDAR profile at www.sedar.com). A qualified person has not done sufficient work to classify the historical estimates as a current mineral resource estimate. Troilus is not treating the historical estimates as current estimates and the historical estimates should not be relied upon as current mineral resource estimates. Further drilling would be required to verify the historical estimate.
Several of these boulders are large (up to 3m in length) and sub-angular, indicating a possible nearby source. These blocks were collected over a distance of 4 km from north to south. There is denser vegetation in this area so outcrops are not as exposed. Nevertheless, one nearby outcrop, located 200m north of the Goldfield Zone ran 1.8 g/t Au, suggesting further exploration is warranted beyond the current boundaries of this new zone. Mafic intrusive and felsic volcanic rocks are the main lithologies hosting these gold and silver gold showings. These units are strongly deformed and altered.
Results for approximately 85 samples are still pending from a total 440 samples that were collected in the vicinity of the Goldfield showing. The Troilus Geological team shipped over 1000 soil samples (B-Horizon) to the lab and results for these are also pending.
Troilus remains underexplored and highly prospective. Extensive field exploration work undertaken this summer across the +107,000 hectare Troilus property is currently being compiled to identify new prospective targets. Further assays of samples collected in the field are pending and will be updated in due course.
Figure 1 – Troilus Property, Regional Geology and Location of the New Goldfield Zone
globenewswire.com
Figure 2 – Close-up of the Goldfield Boulder Zone
globenewswire.com
Table 1 – New Goldfield Boulder Zone Initial Surface Sample Results
| New Discovery - Goldfield Boulders Zone | | Sample | Type | Au g/t | Ag g/t | Cu % | Zn % | | Y937167 | Block | 26.20 | 27.8 | 0.161 | 0.003 | | Y940169 | Block | 6.51 | 7.8 | 0.152 | 0.025 | | Y939429 | Block | 5.96 | 5.7 | 0.008 | 0.007 | | Y941511 | Block | 4.31 | 14.0 | 0.003 | 0.009 | | Y937087 | Outcrop | 1.83 | 2.3 | 0.018 | 0.060 | | Y937086 | Outcrop | 1.82 | 3.9 | 0.031 | 0.142 | | Y938745 | Block | 1.13 | 8.6 | 0.003 | 0.011 | | Y940167 | Block | 0.89 | 3.6 | 0.174 | 0.018 | | Y951515 | Blocks | 0.52 | 0.9 | 0.415 | 0.022 | | Y938822 | Block | 0.27 | <0.5 | 0.004 | 0.000 | | Y346818 | Block | 0.16 | <0.5 | 0.004 | 0.008 | | Y939203 | Block | 0.16 | 1.3 | 0.058 | 0.023 | | Y939201 | Block | 0.14 | 2.3 | 0.078 | 0.017 | | Y940173 | Block | 0.12 | 6.9 | 0.033 | 0.048 | | Y937172 | Block | 0.11 | <0.5 | 0.003 | 0.000 | | Y940172 | Block | 0.10 | 7.5 | 0.061 | 0.012 | | Y346788 | Block | 0.10 | 0.6 | 0.007 | 0.004 | | Y936634 | Block | 0.10 | 5.1 | 0.166 | 0.014 |
Quality Assurance and Control
All grab and ship samples were collected by hand and were located by hand-held GPS, bagged and sealed, and sent for assaying at ALS Laboratory, a certified commercial laboratory. 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. In addition to gold, ALS carried out multi-element analysis for ME-ICP61 analysis of 33 elements four acid ICP-AES.
Qualified Person
All technical and scientific information, in this press release has been reviewed and approved by Bertrand Brassard, M.Sc., P.Geo., Chief Geologist, who is a Qualified Person as defined by NI 43-101. Mr. Brassard is an employee of Troilus and is not independent of the Company under NI 43-101.
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.
For more information:
Justin Reid
Chief Executive Officer
+1 (647) 276-0050 x 1305
Justin.reid@troilusgold.com
Paul Pint
President
+1 (416) 602-1050
paul.pint@troilusgold.com |
