Troilus Gold Corp (TSX:TLG, OTCQX:CHXMF) has released details of an updated resource estimate for the Troilus project in northcentral Quebec, Canada, which lies within the Frôtet-Evans Greenstone Belt.
Total indicated mineral resources now amount to of 11.21 million ounces of gold equivalent, an increase of 126% in ounces and a 187% increase in tonnes compared to the 2020 estimate.
Inferred resources amount to 1.8 million ounces of gold equivalent.
Over 99% of the mineral resources in the indicated category are classified as amenable to open pit mining.
A feasibility study is expected to be complete in early 2024.
“The significant growth of this mineral resource estimate reflects the focused and dedicated efforts of our exploration team over the past three years, with a remarkable 126% increase in ounces and a 187% surge in tonnes compared to our 2020 estimate,” said Justin Reid, chief executive of Troilus Gold.
“With an 11.21 million ounce gold equivalent indicated resource, we believe our project is firmly positioned among North America's largest undeveloped gold-copper deposits. The definition of the Southwest Zone and the recently discovered X22 Zone has been especially rewarding, with these zones contributing close to 30% of the increased resource. We are also gratified with the excellent quality of the resource, with most of our ounces appearing in the indicated category.”