Quebec-focused exploration and early-development company Troilus has significantly expanded its land position through the acquisition of the Troilus North project, located north-east of the Val-d’Or mining district.
The Toronto-based company is focused on restarting the former Troilus mine, which Inmet Mining operated as an openpit between 1997 and 2010, producing more than two-million ounces of gold and almost 70 000 t of copper.
TSX-listed Troilus will acquire the Troilus North project from Emgold Mining for 3.75-million shares and C$250 000 in cash. The cash component will absolve a bridge loan previously advanced.
The Troilus North project is an 11 300 ha property, comprising 209 mineral claims and is north-east of the Troilus mine.
“The acquisition of Troilus North adds a significant strategic land position and focuses our 2019 exploration drilling on extending the J Zone to the north-east,” commented senior VP for corporate development, Michael Timmins.
“Our new multi-million ounce resource, several mineralized outcrops, positive channel sampling and high-grade boulder occurrences help define what amounts to over 10 km of surface mineralisation,” he added.
A portion of the 2019 exploration spending will be directed towards activities at Troilus North. The integration of historical information, plans for surface mapping and sampling, as well as target prioritisation for future diamond drilling have already started.
Troilus' stock closed 1.47% higher at 69c apiece on Wednesday.