‍Troilus Gold (TSX: TLG) has been able to de-risk the past-producing Troilus Gold mine and now has raised $56.15M through:

1. Bought deal placement of $45M led by Cormark Securities Inc. and including: Stifel GMP, Haywood Securities Inc., Laurentian Bank Securities Inc., Canaccord Genuity Corp. and BMO Nesbitt Burns Inc.
2. Non-brokered private placement of $11.15 million with the government of Quebec, through Investissement Quebec (IQ) through Fonds Capital Ressources Naturelles et Energie, Fonds de solidarite des travailleurs du Quebec (FTQ), and Fonds regionaux de solidarite FTQ SEC.

The company intends to use the net proceeds of the offering to continue engineering efforts and feasibility level studies for its Troilus gold project and for working capital and general corporate purposes.

"Following a significant period of extensive and detailed technical, financial and social due diligence, we are pleased to welcome the government of Quebec as a major shareholder of Troilus Gold. This initial investment, coupled with the continued support of the Fonds de solidarite FTQ, has placed the company on incredibly solid footing as we progress through continued feasibility and predevelopment work at our project. More importantly, Troilus and the government of Quebec, through Investissement Quebec, along with our other strategic Quebec-based institutional shareholders, have defined a long-term strategic framework focused on defining and establishing full project financing options for the development of the Troilus project as we move through feasibility. The overwhelming support of our Quebec-domiciled stakeholders is a significant de-risking milestone as we move towards an expedited development scenario. We thank the government of Quebec, the fonds and all of our stakeholders for providing the company with the ability to continue our aggressive development plans uninterrupted," said Justin Reid, president and chief executive officer.

"The mining potential of Nord-du-Quebec and our mining industry are key to the sustainable recovery of Quebec's economy. That's why we are helping Troilus carry out its gold project, which is expected to generate significant economic benefits and create good jobs in the region," said Eric Girard, Minister of Finance and Minister of Economy and Innovation.

"We are proud to support the development of this promising gold project, led by a strong team. Troilus activities have a significant impact on employment and on the economy of the Nord-du-Quebec region, and we are pleased to help solidify the financial health of the company to allow it to continue its activities and carry out its project," said Dany Pelletier, chief investment officer of the Fonds de solidarite FTQ.

Troilus Gold (TSX: TLG) has been aggressively moving the project along, most recently (July 7/21), announced additional results from the ongoing exploration and infill drill program. Results from this latest batch of holes included:

• 1.57 grams per tonne gold equivalent (AuEq) over 31 metres, including 4.72 g/t AuEq over 7 metres and 22.51 g/t AuEq over 1 m;
• 2.24 g/t AuEq over 8 m, including 5.06 g/t AuEq over 3 m

These new results have further expanded the western extension in the J zone by another 150 metres to the northeast. The strike length of this new mineralized zone has grown from 200 metres to 850 metres since it was initially identified in May, 2021 (see press releases dated May 12 and June 8, 2021). Additionally, several step out holes extended down dip mineralization approximately 60 metres beyond what was previously known, and up to approximately 90 metres below the pit shell proposed in the preliminary economic assessment (PEA) maintaining consistent and above-average grades and thicknesses.  

Figure 1: Plan View Map of J Zone with Location of New Drill Results

“We are very pleased with these additional great results from the J Zone, which continue to emphasize that there’s plenty of room for our deposit to grow. Step-out and step-down holes continue to extend and expand the deposit and we’re quite excited to see how these continued positive results will impact the upcoming new resource estimate and pre-feasibility study,” commented Justin Reid, President and CEO of Troilus Gold.

Troilus Gold (TSX: TLG) currently has 195.9M shares outstanding and last traded at $0.88, giving it a market cap of: $170M.

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Disclaimer: Troilus Gold is a paid marketing client*

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