Troilus Gold Corp. (“Troilus” or the “Company”, TSX: TLG; OTCQX:
CHXMF; FSE: CM5R) announces that it has entered into an agreement
with Comet Lithium Corporation (“Comet Lithium”) for the
divestiture of its non-core properties, the Mercator, Monarch and
Elmer East projects located in the James Bay Region (“The
Transaction”) (See property locations in Figure 1). The Company
would also like to announce the resignation of Dr. Eric Lamontagne
and the appointment of Mr. François Biron, former General Manager
of the Troilus Mine, to the Board of Directors (the “Board”).
The sale of the non-core claims to Comet Lithium
supports the company’s goal to focus solely on the development of
its flagship Troilus Gold-Copper project located in North Central
Quebec while maintaining exposure to the exploration upside of
these properties.
Details of the Transaction:
Pursuant to an agreement dated July 12, 2024,
Comet Lithium has agreed to acquire the Mercator, Monarch and the
East Elmer projects from Troilus in exchange for 1,500,000
Consideration Shares to Troilus at an issue price of C$0.315 per
Share (the “Issue Price”). The transaction will result in Troilus
owning approximately 6% of Comet Lithium. In addition, Troilus has
been granted a 2% Net Smelter Royalty (“NSR”) on each of the
Mercator, Monarch and Elmer East projects. Comet Lithium will have
the right to repurchase 1% for $3 million on each of the projects
respectively.
In addition, Troilus has been granted a 24-month
participation right, allowing the Company to participate in any
equity financing to maintain its equity percentage in Comet
Lithium, subject to certain conditions, including Troilus Gold
holding 750,000 common shares of Comet Lithium at the time of the
equity financing.
Justin Reid, CEO of Troilus Gold Corp.,
commented, “The sale of these non-core properties to Comet Lithium
is a strategic step in our commitment to concentrate resources and
efforts on the Troilus Gold-Copper Project as we advance towards
production. We are confident in Comet Lithium's capabilities to
develop these assets and are keen to see their progress.”
Overview of Transferred
Properties
The three transferred properties total 100
mining claims covering 52.22 km2. Details of each group of
properties are as follows:
Mercator Project:
- 14.91 km² land
package (29 mining claims)
- Located
approximately 40 km southeast of Comet Lithium’s Liberty property
and Windsome Resources’ Adina project.
The Mercator Project is predominantly covered by
sediments with identified and mapped pegmatite dykes, in a
favorable geological environment for LCT pegmatites
Monarch Project:
- 20.61km² land
package (39 mining claims)
- Located
approximately 60km NE of the Whabouchi mine operated by Arcadium
Lithium
- Proximal and
along trend to Cygnus Metals Limited's Auclair Project, including
the Auriga, Lyra and Pegasus discoveries. The Pegasus discovery
hosts large pegmatites measuring up to 75m by 50m and 65m by 30m
wide (see Cygnus Metals press releases dated November 28, 2023,
January 10, 2024, and May 17, 2024)
- Troilus
previously completed geochemistry and prospection at Monarch as
part of its summer fieldwork programs in 2022 and 2023 as well as a
geophysical survey in early 2024, which returned strong soil
anomalies on trend with the Auclair pegmatite discoveries.
- The previous
owner of the claims, Virginia Mines, conducted geophysical magnetic
surveys and drilling campaigns from 1996 to 2010 focused on gold,
leading to the discovery of the Golden Butterfly showing in the
center of the property.
Elmer East Project:
- 16.7 km² land
package (32 mining claims)
- Located
approximately 20 km south of Allkem Limited’s James Bay Lithium
Project (4.3 Mt @ 1.30% Li2O Indicated, and 55.9 Mt @ 1.29% Li2O
Inferred) and north of Azimut Exploration Inc.’s Wapatik Project,
which has eight multi-kilometer target areas with multiple
outcropping targets likely corresponding to pegmatites.
- Potential for
nickel-copper and gold mineralization shown in previous exploration
programs (see Azimut Exploration press releases of December 7,
2021, June 29, October 3, and October 27, 2022, April 24, and
September 19, 2023).
Figure 1.
Location of Claims Transferred to Comet Lithium Corp.
A figure accompanying this announcement is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/e3af5f1f-b31a-4084-acae-eaa54c8fbe78
Board of Directors Update
The Company announces that Dr. Eric Lamontagne
has resigned from the Board for personal reasons, effective
immediately. Mr. François Biron, a seasoned mining engineer with
over 40 years of experience who previously served as General
Manager of the Troilus Mine, has been appointed to the Board in his
place.
Dr. Eric Lamontagne commented, “I am honoured to
have worked with Troilus through the recent completion of its
Feasibility Study; Troilus is an excellent project which the entire
team should be proud of.”
Diane Lai, Chairperson of the Troilus Board
commented, “The Board extends its gratitude to Eric for his
contributions to the Company and wishes him all the best in his
future endeavors. We are pleased to welcome Mr. François Biron to
our Board, whose extensive operational experience and innovative
mining practices will support our development goals. He has a
strong local involvement in the Quebec mining industry, having
served as the President of the Board of l’Institut national des
mines de Quebec (National Institute of Mines of Quebec) for over a
decade. Notably, he previously served as the General Manager of the
Troilus Mine when it was in operation and this firsthand knowledge
and history with the former mine will be invaluable as we advance
towards a mine restart, ensuring we leverage past successes to
drive our future growth efficiently and responsibly.”
Mr. Biron is a senior professional mining
engineer with over 40 years of experience in the mining industry.
He specializes in mining operations and has held several senior
site-based roles with leading international mining companies, along
with executive management positions. Notably, Mr. Biron served as
the General Manager of the Troilus Mine for Inmet Mining
Corporation from 2005 to 2010 and as the President of the Board of
Directors of l’Institut national des mines de Quebec from 2010 to
2021. He has been instrumental in managing major open pit mines,
consistently applying the highest standards to achieve corporate
objectives. Additionally, Mr. Biron advocates for the social
acceptability of mining projects, integrating the latest automation
technologies to enhance mining processes and emphasizing the
importance of public consultations with local communities.
About Comet Lithium Corp.
Comet Lithium is a dynamic lithium-focused
exploration company active in the prolific James Bay District of
Quebec. Comet Lithium’s flagship asset is its 100%-owned Liberty
Property contiguous to Winsome Resources’ Adina lithium deposit, a
growing high-grade lithium discovery. Comet Lithium is advancing
its Liberty Property to first-ever drilling.
About Troilus Gold Corp.
Troilus Gold Corp. is
a Canadian development-stage mining company focused on the
systematic advancement of the former gold and copper Troilus Mine
towards production. The Troilus copper-gold project is located in
the tier-one mining jurisdiction of Quebec, Canada, where it holds
a large land position of 435 km² in the Frôtet-Evans Greenstone
Belt. A Feasibility Study completed in May 2024 supports a
large-scale 22-year, 50ktpd open-pit mining operation, positioning
it as a cornerstone project in North America.
For more information:
Caroline ArsenaultVP Corporate
Communications+1 (647) 407-7123info@troilusgold.com
Cautionary Note Regarding
Forward-Looking Statements and Information
This press release
contains “forward-looking statements” within the meaning of
applicable Canadian securities legislation. Forward-looking
statements include, but are not limited to, statements regarding,
the impact of the resignation and the appointment on the Company,
the impact of the divestiture of the claims on the company and the
likelihood that the transaction will close on the timeline
estimated or at all, the results of the FS, including, without
limitation various project economics, financial and operational
parameters such as the timing and amount of future production from
the Project, expectations with respect to the IRR, NPV, payback and
costs of the Project, anticipated mining and processing methods of
the Project; proposed infrastructures, anticipated mine life of the
Project, expected recoveries and grades, timing of future studies
including the environmental assessments (including the timing of an
environmental impact study) and development plans, opportunity to
expand the scale of the project, the project becoming a cornerstone
mining project in Noth America; the development potential and
timetable of the project; the estimation of mineral resources and
reserves; realization of mineral resource and reserve estimates;
the timing and amount of estimated future exploration; costs of
future activities; capital and operating expenditures; success of
exploration activities; the anticipated ability of investors to
continue benefiting from the Company’s low discovery costs,
technical expertise and support from local communities, the timing
and amount of estimated future exploration; and the anticipated
results of the Company’s 2024 drill program and their possible
impact on the potential size of the mineral resource estimate.
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: 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 and reserve estimates; the high degree of
uncertainties inherent to feasibility studies and other mining and
economic studies which are based to a significant extent on various
assumptions; variations in gold prices and other metals, exchange
rate fluctuations; variations in cost of supplies and labour;
receipt of necessary approvals; availability of financing for
project development; uncertainties and risks with respect to
developing mining projects; 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
Company’s latest Annual Information Form, its technical reports and
other continuous disclosure documents of the Company available
under the Company’s profile at www.sedarplus.ca. 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.
Troilus Gold (TG:CM5R)
過去 株価チャート
から 7 2024 まで 8 2024
Troilus Gold (TG:CM5R)
過去 株価チャート
から 8 2023 まで 8 2024