Business
Troilus Provides Update on New Field Exploration Underway and Major Technical Milestones
TORONTO, July 16, 2020 (GLOBE NEWSWIRE) -- Troilus Gold Corp. (TSX: TLG; OTCQB: CHXMF) (“Troilus” or the “Company”) is pleased to provide an update on its activ
About this update from Troilus Mining Corp
[{"type":"text","content":" TORONTO, July 16, 2020 (GLOBE NEWSWIRE) -- Troilus Gold Corp. (TSX: TLG; OTCQB: CHXMF) (“Troilus” or the “Company”) is pleased to provide an update on its activities since restarting operations at site in May, exploration plans for this summer and the remainder of the year and major technical milestones to be delivered through the next few months. Justin Reid, Chief Executive Officer of Troilus commented: “2020 has been a time of unprecedented challenge and adjustment as the entire global economy shut down to slow the spread of COVID-19. Troilus closed its offices and operations in mid-March, but we have been able to continue to advance our development plans on all fronts and remain on track to deliver an updated mineral resource estimate that will incorporate the results from the successful drill campaigns in the Southwest Zone released earlier this year (see press releases dated January 28, 2020, April 14, 2020, April 21, 2020 and May 14, 2020), to be followed shortly thereafter by a Preliminary Economic Assessment targeted for completion in September. In May, we began a phased re-opening at site, with top priority on protecting the health of our employees, contractors and local communities. Activity has focused on infrastructure upgrades and our geological team has now been in the field for a month accessing the massive new area of claims we acquired and staked in April (see press release dated April 28, 2020), in many cases exploration is happening there for the first time in 50 years. Pre-existing logging roads have provided our team unprecedented access and exposure to these areas. Last month, Troilus closed an upsized, oversubscribed, bought-deal financing for $25 million, welcoming new investors to Troilus and substantially strengthening our balance sheet, providing the ability to execute on our development plans through 2021.” Phased Re-opening at Site The Troilus site reopened in May after the Province of Quebec authorized the resumption of activities in the mining sector. Prior to permitting staff and contractors back on site, Troilus implemented physical alterations to its camp to facilitate social distancing and create barriers to any potential spread of infection. Processes and procedures for hygiene and screening of any individuals who visit site, in line with best practices recommended by the government of Quebe...