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Highlights:
- The total estimated indicated mineral resource has increased to 4.96 Moz AuEq (177 Mt with an average grade of 0.87 g/t AuEq) and the total estimated inferred mineral resource has increased to 3.15 Moz AuEq (116.7 Mt with an average grade of 0.84 g/t AuEq)
- The open pit estimated mineral resources have increased by 601,000 ounces AuEq to 4.21 Moz (164.2 Mt with an average grade of 0.80 g/t AuEq) in the Indicated category and 1.49 Moz ounces AuEq in the Inferred category to 2.27 Moz (101.2 Mt with an average grade of 0.70 g/t AuEq), compared to the
December 20, 2019 mineral resource estimate - The newly discovered and recently drilled
Southwest Zone contributed 583,000 ounces AuEq to inferred mineral resources (22.6 Mt with an average grade of 0.80 g/t AuEq) - Total estimated indicated mineral resources have increased by 142% and inferred mineral resources have increased by 350% since the mineral resource estimate (effective date of
June 30, 2016 ) when theTroilus Project was first acquired
Table 1 – Mineral Resource Estimate – Effective as of
Classification | Tonnage (Mt) | AuEq (g/t) | Au (g/t) | Cu (%) | Ag (g/t) | Contained AuEQ (Moz) | Contained Gold (Moz) | Contained Copper (Mlb) | Contained Silver (Moz) |
Indicated | 177.3 | 0.87 | 0.75 | 0.08 | 1.17 | 4.96 | 4.30 | 322.60 | 6.66 |
Inferred | 116.7 | 0.84 | 0.73 | 0.07 | 1.04 | 3.15 | 2.76 | 189.73 | 3.91 |
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability; | ||
Summation errors may occur due to rounding; | ||
Open pit mineral resources are reported within an optimized constraining shells. | ||
Open pit cut-off grade is 0.3 gpt AuEQ where the metal equivalents were calculated as follows: | ||
Metal prices for the AuEQ formulas are: | ||
Metal recoveries for the AuEQ formulas are: | ||
The resource constraining shells were generated with: | ||
Metal Prices: Gold | ||
Mining Costs: | ||
Incremental cost | ||
Process and G&A Costs: | ||
Wall slopes: varied between 49.5 to 60 degrees depending on pit area and slope sector | ||
Metal Recoveries: | ||
Gold: 90% all zones except in lower grade (Au<1/2 g/t) portions of SW zone = 88% | ||
Copper: 90% all zones except in higher grade (Cu%>0.13%) portions of SW zone = 92% | ||
Silver: all zones 40% | ||
Underground cut-off grade is 0.9 AuEQ at |
This updated mineral resource estimate, prepared in accordance with
Table 2 –
Classification | Tonnage (Mt) | AuEq (g/t) | Au (g/t) | Cu (%) | Ag (g/t) | Contained AuEq (Moz) | Contained Au (Moz) | Contained Copper (Mlb) | Contained Silver (Moz) |
Indicated | 177.3 | 0.87 | 0.75 | 0.08 | 1.17 | 4.96 | 4.30 | 322.60 | 6.66 |
Inferred | 116.7 | 0.84 | 0.73 | 0.07 | 1.04 | 3.15 | 2.76 | 189.72 | 3.91 |
Indicated | 164.2 | 0.80 | 0.68 | 0.08 | 1.20 | 4.21 | 3.62 | 284.69 | 6.32 |
Inferred | 101.2 | 0.70 | 0.60 | 0.07 | 1.12 | 2.27 | 1.95 | 151.01 | 3.65 |
Indicated | 84.6 | 0.92 | 0.79 | 0.09 | 1.39 | 2.50 | 2.15 | 169.54 | 3.77 |
Inferred | 32.7 | 0.70 | 0.60 | 0.07 | 1.50 | 0.73 | 0.63 | 49.34 | 1.57 |
Total Open Pit J Zone (J4 & J5) | |||||||||
Indicated | 79.6 | 0.67 | 0.57 | 0.07 | 1.00 | 1.71 | 1.47 | 115.16 | 2.55 |
Inferred | 45.9 | 0.65 | 0.55 | 0.07 | 0.96 | 0.96 | 0.82 | 65.94 | 1.42 |
Inferred | 22.6 | 0.80 | 0.70 | 0.07 | 0.89 | 0.58 | 0.51 | 35.73 | 0.65 |
Total Underground | |||||||||
Indicated | 13.1 | 1.79 | 1.61 | 0.13 | 0.81 | 0.75 | 0.68 | 37.91 | 0.34 |
Inferred | 15.5 | 1.77 | 1.62 | 0.11 | 0.52 | 0.88 | 0.81 | 38.72 | 0.26 |
Indicated | 13.1 | 1.79 | 1.61 | 0.13 | 0.81 | 0.75 | 0.68 | 37.90 | 0.34 |
Inferred | 13.5 | 1.85 | 1.70 | 0.12 | 0.37 | 0.80 | 0.74 | 34.48 | 0.16 |
Total Underground J Zone (J4 & J5) | |||||||||
Indicated | 0.01 | 1.07 | 1.03 | 0.03 | 0.47 | 0.00 | 0.00 | 0.00 | 0.00 |
Inferred | 2.00 | 1.21 | 1.06 | 0.10 | 1.55 | 0.08 | 0.07 | 4.24 | 0.10 |
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability; | ||
Summation errors may occur due to rounding; | ||
Open pit mineral resources are reported within an optimized constraining shells. | ||
Open pit cut-off grade is 0.3 gpt AuEQ where the metal equivalents were calculated as follows: | ||
Metal prices for the AuEQ formulas are: | ||
Metal recoveries for the AuEQ formulas are: | ||
The resource constraining shells were generated with: | ||
Metal Prices: Gold | ||
Mining Costs: | ||
Incremental cost | ||
Process and G&A Costs: | ||
Wall slopes: varied between 49.5 to 60 degrees depending on pit area and slope sector | ||
Metal Recoveries: | ||
Gold: 90% all zones except in lower grade (Au<1/2 g/t) portions of SW zone = 88% | ||
Copper: 90% all zones except in higher grade (Cu%>0.13%) portions of SW zone = 92% | ||
Silver: all zones 40% | ||
Underground cut-off grade is 0.9 AuEQ at |
“The Troilus Team is incredibly pleased with the results of the new resource. We have materially added to the estimated inferred and indicated resource in every zone while maintaining essentially the same grade. In addition, we have discovered and added a new impactful inferred mineral resource in the
“Troilus continues to expand,” commented
The updated mineral resource estimate was completed by
Figure 1: Plan view of mineralized zones and Drill Hole locations
https://www.globenewswire.com/NewsRoom/AttachmentNg/6d23239c-6191-4ec2-9638-44a466ae6acb
Quality Assurance and Quality Control
During the
Qualified Person
The technical and scientific information in this press release has been reviewed and approved by
The updated mineral resource estimate disclosed in this press release was prepared by Mr.
About
Troilus is a
For more information:
Chief Executive Officer
+1 (647) 276-0050 x 1305
Justin.reid@troilusgold.com
President
+1 (416) 602-1050
paul.pint@troilusgold.com
Cautionary Note Regarding Forward-Looking Statements and Information
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability; the estimate of Mineral Resources in the updated Mineral Resource statement may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no certainty that the Indicated Mineral Resources will be converted to the Probable Mineral Reserve category, and there is no certainty that the updated Mineral Resource statement will be realized.
The mineral resource estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential development of such mineral resources. See the Technical Report, once filed, for more information with respect to the key assumptions, parameters, methods and risks of determination associated with the foregoing.
This press release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements regarding the impact and implications of the updated mineral resource estimate and drill results on the Company, the growth potential and possible economics of the project and the Company’s understanding of the project; the development potential and timetable of the project; the estimation of mineral resources; realization of mineral resource estimates; the anticipated timing of the Preliminary Economic Assessment; the timing and amount of estimated future exploration; the anticipated results of the Company’s planned 2020 drill program and their possible impact on the potential size of the mineral resource estimate; costs of future activities; capital and operating expenditures; success of exploration activities; the anticipated ability of investors to continue benefiting from the Company’s low discovery costs, technical expertise and support from local communities; and the anticipated timing of filing the Technical Report. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “continue”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are made based upon certain assumptions and other important facts that, if untrue, could cause the actual results, performances or achievements of Troilus to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Troilus will operate in the future. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, currency fluctuations, the global economic climate, dilution, share price volatility and competition. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of Troilus to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact the COVID 19 pandemic may have on the Company’s activities and the economy in general; the impact of the recovery post COVID 19 pandemic and its impact on gold and other metals; there being no assurance that the exploration program will result in expanded mineral resources; risks and uncertainties inherent to mineral resource estimates; receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future gold and other metal prices; accidents, labour disputes and shortages; environmental and other risks of the mining industry, including without limitation, risks and uncertainties discussed in the latest annual information form of the Company, in the Technical Report to be filed and in other continuous disclosure documents of the Company available under the Company’s profile at www.sedar.com. Although Troilus has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Troilus does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
Cautionary Note to U.S. Investors Concerning Estimates of Mineral Resources
These mineral resource estimates have been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of
Source:
2020 GlobeNewswire, Inc., source