Troilus Gold Corp (TSX:TLG, OTCQX:CHXMF) has announced assay results from the X22 Zone at its Troilus Project in Quebec, which included 10.13 grams per tonne (g/t) gold equivalent over 10 metres (m).
The junior mining company said the reported drill holes have further demonstrated continuity of mineralization between the high-grade trends of the X22 Zone.
Shares of Troilus Gold rose as much as 11% to $0.38 in Thursday's trading session.
"The now completed X22 drill program has rapidly delineated and expanded this zone and returned extremely positive results with some of the highest grades and most continuous intercepts that Troilus has seen to date, supporting our goal of creating value through near-pit drilling for resource growth and conversion," Troilus Gold CEO Justin Reid said in a statement.
"X22 accounts for a small fraction of the drilling at our project, however, has returned exceptionally high grades, which we believe will present compelling opportunities for mine sequencing and project payback," he added.
Troilus noted that all results reported, representing the final set of drill holes from the X22 definition drill program, lie entirely outside of the preliminary economic assessment (PEA) pit shells and will be included in the upcoming mineral resource estimate (MRE), which is on track for completion in the coming weeks.
The X22 expansion and infill drilling program has defined and expanded the mineralization trend, which now has a strike length of about one kilometre, having drilled 80 drill holes for a total of 23,256m since its initial discovery in 2022, according to the company.
It added that the most recent results from X22 continue to demonstrate the zone’s typical pattern of near-surface mineralization over wide intervals and showcase the continuity of mineralization between the previously reported holes.
Troilus also stated that today’s results will be included in a Feasibility Study, expected to be complete by the end of 2023 or early 2024.
Troilus Gold is focused on the systematic advancement and de-risking of the former gold and copper Troilus Mine towards production. From 1996 to 2010, the Troilus Mine produced 2 million-plus ounces of gold and nearly 70,000 tonnes of copper.
Contact Sean at sean@proactiveinvestors.com