Dear Shareholders,
2022 was a year of incredible accomplishments for Troilus; our efforts in exploration and drilling, project engineering and strategic management have resulted in our company and project being in its strongest position yet. We have continued to systematically de-risk and advance our project, laying the foundation for what we believe will become a cornerstone Canadian mine for decades to come.
We experienced impactful technical developments on the exploration front, with consistent expansion of the ore bodies across all main zones, including new high-grade discoveries in proximity to the formerly mined pits, as well as the definition of exciting regional targets; results that continue to demonstrate the size and scale potential of the gold system in our district. Engineering of the project steadily advanced with the completion of feasibility-level pilot plant metallurgical testing, which we were very pleased to see confirm and exceed previous results.
In 2022, we officially initiated the permitting process for the
We enter 2023 in a robust financial position and look forward to delivering on major de-risking milestones this year, including an updated Mineral Resource estimate in the first quarter followed by a Feasibility Study and inaugural Mineral Reserve estimate planned in the second half of 2023. We will continue to progress our exploration programs, at the mine site and regionally, to follow-up on the exciting results obtained in 2022, while also working to advance our ESIA. We anticipate a busier year than ever as we continue to advance and de-risk our project with the aim to maximize value for our shareholders and stakeholders.
EXPLORATION SUCCESS
2022 yielded some of the highest grades ever drilled at Troilus. Approximately 83,000 metres were drilled on the property, which continue to improve our understanding of the project’s geology. We undertook drill programs that successfully targeted and expanded higher-grade mineralization across all our main zones: Southwest,
Furthermore, we began drilling the
The Company experienced tremendous success from its regional exploration program, marked by a new discovery at the Testard target, ~10 kms from the former mine site, where a maiden drill program intersected 4.6 g/t gold over 7.6 metres. The summer fieldwork program also revealed a 4.4 km gold trend in the southern portion of the property known as Pallador. This was marked by the discovery of a 1.5 g/t gold outcrop sample and several surrounding high-grade boulder samples returning up to 32.2 g/t gold, 25.4 g/t gold and 9.7 g/t gold. These exciting new regional discoveries reinforced our belief that our main mineral deposits are part of a district-scale gold system.
ENGINEERING PROGRESS
Our engineering team worked diligently in 2022, progressing all technical aspects of the
In Q4 of 2022, we made the decision to shift our engineering focus, proceeding directly to a Feasibility Study from the PEA completed in
STRATEGIC PORTFOLIO MANAGEMENT
In November of 2022, we completed a strategic transaction in which we sold a package of our non-core claims for
Transaction Highlights:
- Troilus sold claims covering 985 km2 in consideration for:
$40 million worth of Sayona shares- A 2% NSR on all mineral products from those claims, which can be repurchased for
$20M
~$10 million private placement by Sayona into Troilus (Sayona is now a 9.23% shareholder)
SUSTAINABLE DEVELOPMENT
The responsible development of our project remained a top priority in 2022 as we continued to expand on our sustainable practices with a long-term view of the project, impacted communities and the environment.
2022 marked the official start of the environmental permitting process of the project with the submission of the Initial Project Description to the
We continued to build on our commitment to mitigate our current and future environmental impacts, by engaging Tugliq Énergie Co. to conduct an inventory of our historical and current GHG emissions while developing a road map toward a future carbon-neutral mining operation.
In
We are fortunate to benefit from experiences gained at the former
LOOKING AHEAD TO 2023
We expect 2023 to be busier than ever as we work towards major de-risking milestones that we believe will provide compelling re-rate potential for our company. Here’s what you can expect from us this year:
- An updated mineral resource estimate in Q1 of 2023 which will capture the excellent results from our 2021 - 2022 drilling
- Completion of a Feasibility Study, including an inaugural Mineral Reserve estimate, in H2 of 2023
- Progression of our Environment and Social Impact Assessment
- Continuation of regional exploration activities, compiling results from last year’s surface work program and expanding on highly prospective targets across our land package
- Ongoing monitoring and evaluation of the evolving ESG landscape to ensure the Troilus project is developed in a responsible and sustainable manner for the benefit of all stakeholders
- Ongoing strategic analysis of new opportunities that could unlock value for Troilus shareholders.
We want to extend our heartfelt thanks to our institutional and individual shareholders, and all our stakeholders, who continue to support us. The developments of 2022 demonstrated to us the tremendous value that has yet to be unlocked at the Troilus project, and we look forward to delivering on a number of major milestones to make 2023 a pivotal year.
Kind Regards,
Chief Executive Officer and Director
Qualified Person
The technical and scientific information in this press release has been reviewed and approved by
About
For more information:
Chief Executive Officer
+1 (647) 276-0050 x 1305
justin.reid@troilusgold.com
VP Corporate Communications
+1 (647) 407-7123
info@troilusgold.com
Cautionary statements
This press release contains “forward‑looking information” within the meaning of applicable Canadian securities legislation. Forward‑looking information includes, but is not limited to, statements regarding, the outlook for 2023 and the likelihood that projected milestones will be achieved on the timeline predicted or at all. 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 (including without limitation on its employees and suppliers) 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 or programs of the Company will result in expanded mineral resources; risks and uncertainties inherent to mineral resource estimates; the high degree of uncertainties inherent to preliminary economic assessments and other mining and economic studies which are based to a significant extent on various assumptions; variations in gold prices and other precious metals, exchange rate fluctuations; variations in cost of supplies and labour; 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 Technical Report 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.
![](https://ml.globenewswire.com/media/OWU0MDllMTEtN2JmNC00YzNiLTljZGYtZDk5YzM0ZjFkOWEzLTExMDI2NjA=/tiny/Troilus-Gold-Corp-.png)
2023 GlobeNewswire, Inc., source