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September 11, 2023, Montreal, Quebec – Troilus Gold Corp. (“Troilus” or the “Company”, TSX: TLG; OTCQX: CHXMF) announces the following leadership transitions.
Justin Reid, CEO and Director of Troilus commented, “On behalf of everyone at Troilus, we would like to thank Blake Hylands for the invaluable contributions he has made to the Company during his tenure, and for his unwavering commitment towards the Project’s success. I’m confident that he will excel in his future endeavors, and I look forward to our continued future collaboration and partnerships. Jacqueline Leroux has been instrumental in the advancement of the project since 2018. Her technical background, intimate understanding of Quebec’s regulatory framework and exemplary leadership and dedication make her the ideal candidate to oversee Quebec operations. Daniel Bergeron’s new role will allow us to leverage his expertise with infrastructure and government in Northern Quebec, working closely with the Engineering team to ensure we develop a Project that is sustainable and functional in a remote environment. I would also like to congratulate Kyle Frank and Nicolas Guest on their well-deserved promotions; they have both played instrumental roles in our exploration successes over the last few years and we look forward to their ongoing contributions and leadership as we continue to unlock value from this prospective district.”
Troilus is pleased to provide an update on its current activities and upcoming milestones. While the junior mining market has proved tumultuous for some time, the Company remains in a good position with one of the largest permitting-stage gold/copper deposits in Canada. Recognizing Troilus’ favourable standing, the Company has proactively taken the decision to implement cost-cutting measures by carefully evaluating operational efficiencies and identifying non-essential expenditures. This decision will allow for the efficient allocation of capital resources, ensure sustained financial resilience and agility, and bolster the Company’s long-term competitive edge.
The exploration team has completed the last of the drilling this month, to be included in an updated mineral resource estimate (“MRE”) expected for completion at the end of the 3rd quarter 2023. This slightly extended timing is a result of the prolonged duration of the forest fires in Quebec this summer which halted exploration activities for six weeks. With the completion of the remaining drill program, the Company will focus on mine development, permitting and project financing. Future exploration activities will proceed with a focused, detailed approach, to continue increasing the value of the mine site and surrounding regional targets.
Troilus’ engineering team has continued to work diligently toward the completion of a Feasibility Study, anticipated for completion at the end of the 2023 calendar year or within the first weeks of 2024, aligning with the updated timing of the MRE. The Federal and Provincial permitting processes continue to progress. Most recently, as part of the planning phase in the Impact Assessment process, the Impact Assessment Agency of Canada and the Cree Nation Government conducted public consultations with the communities of Chibougamau, Mistissini and Chapais, inviting the public and Indigenous groups to review and provide feedback on the draft Tailored Impact Statement Guidelines and draft Public Participation Plan of the Troilus Project for the Federal Impact Assessment; additional consultations will take place in the coming months. Moreover, the Company recently engaged Stantec to complete its Environmental and Social Impact Assessment (“ESIA”), anticipated for completion before the end of the 2024 calendar year, which will be supported by the comprehensive baseline studies already gathered at Troilus over the last few years and will outline the responsible development of the Troilus project.
The Company has remained committed to the systematic advancement and de-risking of the Troilus project, supporting its overall strategy and primary goal of creating shareholder value. Since the inception of Troilus in 2018, major milestones have consistently been reached to enhance the quality of the asset, demonstrating its scale potential, economic potential, and underscoring a compelling opportunity for long-term value creation. Troilus looks forward to delivering on further major catalysts in the coming months, aligned with its development plan towards a producing asset.
About Troilus Gold Corp.
Troilus Gold Corp. is a Canadian-based junior mining company focused on the systematic advancement and de-risking of the former gold and copper Troilus Mine towards production. From 1996 to 2010, the Troilus Mine produced +2 million ounces of gold and nearly 70,000 tonnes of copper. Troilus is located in the top-rated mining jurisdiction of Quebec, Canada, where it holds a land position of 435 km² within the prospective Frôtet-Evans Greenstone Belt. Since acquiring the project in 2017, ongoing exploration success has demonstrated the tremendous scale potential of the gold system on the property with significant mineral resource growth. The Company is advancing engineering studies following the completion of a robust PEA in 2020, which demonstrated the potential for the Troilus project to become a top-ranked gold and copper producing asset in Canada. Led by an experienced team with a track-record of successful mine development, Troilus is positioned to become a cornerstone project in North America.
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