Drilling Results at Quebec Project ‘Quite Positive for Project Economics’

May 24, 2021 ( 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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5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Troilus Gold, a company mentioned in this article.

Disclosures from Red Cloud Securities, Troilus Gold Corp., Exploration Update, May 12, 2021

Part of Red Cloud Securities Inc.’s business is to connect mining companies with suitable investors. Red Cloud Securities Inc., its affiliates and their respective officers, directors, representatives, researchers and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally, Red Cloud Securities Inc. may have provided in the past, and may provide in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services.

Company Specific Disclosure Details

3. In the last 12 months preceding the date of issuance of the research report or recommendation, Red Cloud Securities Inc. has performed investment banking services and has been retained under a service or advisory agreement by the issuer.

4. In the last 12 months, a partner, director or officer of Red Cloud Securities Inc., or the analyst involved in the preparation of the research report has received compensation for investment banking services from the issuer.

Analyst Certification

The Red Cloud Securities Inc. Analyst named on the report hereby certifies that the recommendations and/or opinions expressed herein accurately reflect such research analyst’s personal views about the company and securities that are the subject of this report; or any companies mentioned in the report that are also covered by the named analyst. In addition, no part of the research analyst’s compensation is, or will be, directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.

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