Troilus Gold Corp (TSX:TLG, OTCQX:CHXMF) has positioned the Troilus project as one of North America's largest undeveloped gold-copper deposits.
In October, the Toronto-based company unveiled an impressive and substantial increase in the indicated mineral resources at the Troilus project, nestled within the Frôtet-Evans Greenstone Belt.
The latest resource estimate showcases a substantial 126% surge in gold equivalent ounces, marking a monumental leap in the project's scale.
Total indicated mineral resources now stand at 11.21 million ounces of gold equivalent, reflecting an increase in both ounces and tonnes compared to the 2020 estimate. In addition, there are 1.8 million ounces of gold equivalent in inferred resources.
Those figures are higher than several projects being advanced by companies with far bigger market capitalizations than Troilus: Hammond Reef, currently in development by Agnico Eagle has about 5.6 million indicated ounces, while Kinross’s Great Bear project has 2.7 million.
Impressive resource growth
Of significant note, over 99% of the mineral resources in the indicated category are deemed amenable to open-pit mining, setting the stage for a promising feasibility study slated for completion in early 2024.
Justin Reid, the CEO of Troilus Gold, noted that most of the project’s gold ounces appear in the indicated category.
“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,” Reid told shareholders.
A new discovery's contribution
The remarkable growth in resources is attributed to zones such as Z87, J, X22, and Southwest. The definition of the Southwest Zone and the recently discovered X22 Zone have been especially rewarding, with these zones contributing close to 30% of the increased resource.
Zone X22, despite being found only in late 2022, contributes 11% of total open-pit indicated mineral resources. In addition, Z87 comprises 45% of open-pit indicated mineral resources, J Zone contributes 27%, and Southwest Zone adds almost 17%.
Feasibility study in the works
All told, the mineral resource estimate provides a strong foundation for the upcoming feasibility study anticipated for early 2024.
“The company has remained committed to the systematic advancement and de-risking of the Troilus project, supporting its overall strategy and primary goal of creating shareholder value,” Reid told Proactive.
“Since the inception of Troilus in 2018, major milestones have consistently been reached to enhance the quality of the asset, demonstrating its scale potential, economic potential, and underscoring a compelling opportunity for long-term value creation.”
With the future exploration activities focused on increasing the value of the mine site and regional targets, Troilus Gold is poised for significant growth and remains committed to its development plan to create long-term value for its shareholders. As the project advances towards becoming a producing asset, Troilus Gold looks forward to delivering on further major milestones in the coming months.