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Troilus Gold Corp:  A Quebec Mining Company Setting the Standard for Sustainable Development

Updated: Feb 20

Troilus Gold Corp

The Troilus Mine:  An Overview and History

The Frotet-Evans Greenstone Belt is a broad geological system of favourable gold-bearing greenstone host rock extending laterally in Northeastern Quebec. Prolific mining districts located further south, such as the Cadillac Break or the Casa Berardi Deformation zone, captured most of the attention as Quebec mining companies prospered during bull market conditions. However, enterprising exploration companies also realized that highly prospective geology was being overlooked immediately to the north. This represented an opportunity, and the approach was validated as new discoveries were achieved outside the famous mining belts.

The main mineral deposit of the Troilus project was discovered in 1987 within the aptly named Zone 87 (Z87). Exploration work continued to expand this breakthrough in the following years, culminating with the development of an open-pit mining complex that commenced production in 1996. Inmet Mining Corp operated the Troilus Mine for fourteen years, contributing to the prosperity and economic growth for this relatively remote area of Quebec. The mining company produced more than 2 million ounces of gold and 70,000 tonnes of copper until operations were halted in 2010.

Troilus’ management team recognized the opportunity this brownfield exploration prospect held in establishing new resources around the previously mined pits. Troilus Gold Corp. acquired the property in 2017 and a 30,000m drill program was initiated in 2018 that delivered gold-copper discovery zones beyond the limits of the historical deposit area. 

Project Highlights and Technical Advancements

A key aspect to the success achieved by Troilus was the inherited database of geological information acquired from previous operators of the project. Troilus also engaged in collaborative research programs with Western University and Laval University to investigate geological processes specifically related to the emplacement of mineralization on the Troilus property. 

Approximately 322,000m of drilling has now been completed since 2018, which represents an exceptional achievement on its own merit. The most recent update for the project presented in 2023 outlined estimated resources of more than 11.2 million gold-equivalent (AuEq*) ounces Indicated. Another 1.8 million AuEq was estimated in the inferred category. This exceptional discovery success for Troilus has validated the potential in Quebec for a junior mining company to outline significant resources in a previously underexplored belt. The combined resource zones now compromise one of the largest undeveloped gold-copper deposits in all of Canada. 

* Indicated: 508.3 Mt at 0.69g/t AuEQ; Inferred: 80.5 Mt at 0.69g/t AuEQ. Cut off grades are based on $US 1850/oz Au, $4.25/lb Cu, and $23/oz Ag with a currency exchange rate of US$1.00 : CAD$1.30. Recoveries varied with an average of 90% gold, 92.5% silver and 91.8% copper, not including consideration from other metals. AuEQ formulas are calculated as follows:  

Z87 Zone: AuEQ = Au grade + 1.5628* Cu grade + 0.0128* Ag grade

J Zone: AuEQ = Au grade + 1.5107* Cu grade + 0.0119* Ag grade

X22 Zone: AuEQ = Au grade + 1.5628* Cu grade + 0.0128* Ag grade

SW Zone: AuEQ = Au grade + 1.6823* Cu grade + 0.0124* Ag grade

Environmental Stewardship and Social Priorities to Benefit Local Communities

The environmental conservation framework has become much more rigorous in the years following the original mine development at Troilus. Advanced projects must navigate a thorough process to address regulations to protect the surrounding land, water and air quality. Troilus has chosen a proactive approach that fully utilizes the highest standards of conservation and integrity. 

Quebec mining companies are recognized as important contributors to the regional economies of the province. This builds a favourable base of support for aspiring mine developers that demonstrate the sincere approach to proceed respectfully in line with the best interests of local communities. Troilus is currently engaged in consultations as part of the Impact Assessment process for the potential mine development plan which involves discussions with nearby communities including Chibougamau, Mistissini and Chapais, along with the Cree Nation government. Stantec Engineering has been selected to prepare the Environmental and Social Impact Assessment for the project. The consulting firm has a solid reputation in Quebec and has worked with many mining companies to complete similar reports.

Beyond the regulatory demands, Troilus understands the importance of building relationships with its local communities. Troilus supports community initiatives that promote youth development, healthy lifestyles, and cultural heritage with the goal of improving overall wellbeing. Additionally, Troilus provides some of the most enriching employment opportunities in northern Quebec and actively works with local mining contractors. The Company ensures the communities surrounding the operation may share in the economic benefits of a producing mine. 

Environmental responsibility is a core value for Troilus. The Company obtained ECOLOGO certification in 2020 for responsible development and mineral exploration. Troilus has also published yearly sustainability Reports since 2020 for the project and participates under the UN Global Compact Initiative for responsible business practices. Troilus sets the standard for compliance and social awareness among emerging Quebec mining companies.

The Future for Troilus Gold Corp

A secular bull market remains in play for the entire resource sector, and gold is currently trading very near its all-time highs. The outlook is particularly attractive for Quebec mining companies overall. The potential to achieve development of a robust mining operation at Troilus project remains a powerful catalyst to build shareholder value for the Company. Troilus expects to complete a Definitive Feasibility Study in early 2024 while simultaneously advancing the permitting process, drawing the company closer toward its objective of a potential mine restart. 

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