May 24, 2021 (Investorideas.com Newswire) The latest drill results from Troilus Gold’s Troilus property are discussed in a Red Cloud exploration update report.
In a May 12 research note, Red Cloud Securities analyst Timothy Lee reported that Troilus Gold Corp.’s (TLG:TSX; CHXMF:OTCQB) latest drill results from Troilus’ J zone “identified new broad gold zones that are near surface and directly adjacent to the former operation,” which are “quite positive for project economics.”
The analyst discussed the J zone results, of seven holes, pointing out two significant findings.
One, drilling identified a new gold zone with continuous mineralization over 68 meters (68m) and within 200 meters from surface, Lee relayed. This came to light via highlight hole TLG-ZJ21-226, which was placed 50 meters beyond any historical holes and hit higher grade zones of mineralization. The hole returned 1.1 grams per ton gold equivalent (1.1 g/t Au eq) over 68m, including 1.65 g/t Au eq over 10m, as well as 2.23 g/t Au eq over 3m.
This result extends the J zone at depth, below the past producing pit, so that J zone mineralization now spans 1.5 kilometers (1.5 km) x 1 km. It still remains open in all directions.
Two, Lee noted, drilling defined strong mineralization continuity to the northwest of the main zone, in an area that was classified in the 2020 preliminary economic assessment as waste. This was evidenced with hole TLJ-ZJ21-225, which showed 1.01 g/t Au eq over 34m and 2.12 g/t Au eq over 13m.
“This is quite positive for project economics, as areas that were considered waste within the proposed pit may now be converted to potential ore, reducing strip ratios,” commented Lee.
He pointed out that Troilus Gold is having success with defining the extent of J zone mineralization. The new hanging wall mineral extensions identified in the latest drill results seem to widen with depth, a trend the company saw in the Southwest zone and in the J zone’s lower levels. Further, the grade of the mineralization in the newly identified zone is higher than it was in previously defined J zone mineralization.
What is next for Troilus Gold, Lee indicated, is continued drilling ahead of its mineral resource update and prefeasibility study, expected in H2/21. The explorer plans to drill 10,000 meters each month during the summer.
Red Cloud has a Buy rating and a CA$3.50 per share target price on Troilus Gold. The stock is trading now at about CA$1.25 per share.
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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Disclosures from Red Cloud Securities, Troilus Gold Corp., Exploration Update, May 12, 2021
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