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Troilus Gold exercising option to acquire namesake project from First Quantum

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Troilus Gold exercising option to acquire namesake project from First Quantum

Troilus Gold Corp. formally notified First Quantum Minerals Ltd. that it expects to exercise its option to acquire the past-producing Troilus gold-copper project in Quebec.

Troilus Gold said it completed all required payments under the deal and is working with First Quantum to formally transfer the title, a process that is expected to take about 60 days.

In May 2016, First Quantum entered into a two-year option agreement with a unit of Sulliden Mining Capital Inc. allowing the latter to acquire the Troilus gold project and the former to retain a sliding net smelter royalty.

Troilus Gold, formerly known as Pitchblack Resources Ltd., acquired the option on the property and restructured the deal in late 2017.

The acquisition will include all infrastructure, including power lines, camp buildings, permitted tailings pond and associated water treatment facilities. The Troilus mill, however, was removed from the project during the first phase of reclamation.

Troilus Gold recently began a 30,000-meter drill program at Troilus targeting the Z87, J4 & J5 and Southwest Zone deposits.