October 21, 2021 (Investorideas.com Newswire) The explorer’s extensive drilling at its Troilus project has resulted in “mineral continuity and [a] new, structurally focused geological model,” noted a Laurentian Bank Securities report.
In an Oct. 19 research note, Laurentian Bank Securities analyst
Jacques Wortman reported that Troilus Gold Corp. (TLG:TSX; CHXMF:OTCQX) further extended the Southwest zone mineralization
at its Troilus project, which is “favorable,” and new drill results “indicate that the Southwest zone is the new ‘center of gravity'” there.
However, “at this point we do not know how much of the mineralization will be included in a new prefeasibility study (PFS) pit shell or what the implications might be on the new proposed mine plan,” Wortman added.
The latest set of drill results shows that Troilus Gold keeps expanding the Southwest zone, Wortman wrote. The six reported stepout holes extend the zone along strike by about 25%, to 1.85 kilometers. This extension is to the southwest to roughly 350 meters (350m) beyond known mineralization, included in the 2020 preliminary economic assessment (PEA).
All of the drill holes encountered mineralization, of which grades were equivalent to slightly higher than those in previous Southwest results. Visible gold was seen in hole TLG-SW21-510, which hit 4.9 grams per ton gold equivalent (4.9 g/t Au eq) over 4m, including 1.77 g/t Au eq over 4m and 12.77 g/t Au eq over 1m.
Hole TLG-SW21-530, placed the furthest from the PEA pit shell, hit 1.2 g/t Au eq over 19m and 1.51 g/t Au eq over 11m.
The mineralization encountered in holes TLG-ZSW21-510 and TLG-ZSW21-528 was deep. Thus, they will have to be drilled more to determine if the mineralization continues up to near surface.
Overall, “these results are favorable and again indicate that the Southwest Zone is the new ‘center of gravity’ at the Troilus project,” commented Wortman.
Yet, he pointed out, “We cannot estimate how many additional ounces of gold these results might add based on the available data.” A resource estimate is now expected in H1/22, rather than in Q4/21, along with a prefeasibility study (PFS).
Troilus Gold pushed back this report target date due to delays in getting drill results back from the lab and the need to keep drilling, specifically in the Southwest zone and the western extension of the J zone. The explorer is doing just that, drilling those areas with three rigs, completing about 7,000m per month.
Laurentian has a Buy rating and a CA$3 per share target price on Troilus Gold, the current share price of which is around CA$0.87. The investment firm plans to revise its valuation of the exploration company after the PFS comes out.
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 for Laurentian Bank Securities, Troilus Gold Corp., Oct. 19., 2021
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