Past-producing gold/copper mine in the Abitibi region. Currently evaluating re-start potential.

2-year Option
Agreement to Acquire

Gold
Copper

Engineering
Stage

Overview

  • A former open-pit operation located in the Abitibi region of Quebec, Canada, that produced gold, copper and silver from 1996 to 2010.
  • The Troilus Mine produced over 2 million ounces of gold and almost 70,000 tonnes of copper.
  • The 4,700 hectare Troilus property is located within the Frotet-Evans greenstone belt.

Mine Development & Mineral Growth Opportunity

  • A NI 43-101 Technical Report completed by RPA in July 2014 (view it HERE) concludes that there are significant open pit and underground mineral resources remaining at Troilus.
  • Gold grades and thicknesses are very continuous and the mineralization is still open at depth.
  • The former mill was sold, however key infrastructure remains, including: Network of roads, permitted tailings pond, office building and garage, water treatment facilities, core storage area and electrical transformer station.

Underground & Open Pit Mineral Resources

The following mineral resource estimate, effective April 22, 2016, was completed by Roscoe Postle Associates Inc. (“RPA”). The calculation was based on high quality historical drill data and was generated with a focus on a potential underground mining scenario. Highlights include (see tables 1, 2, and 3 below for details):

Underground Indicated Mineral Resources:
29.6 Mt containing 1.4 Moz of gold grading 1.48 g/t and 102 Mlbs of copper grading 0.16%, resulting in 1.6 Moz gold equivalent grading 1.72 g/t gold equivalent.

Total (Open Pit and Underground) Indicated Mineral Resources:
44.0 Mt containing 1.8 Moz of gold grading 1.27 g/t and 117 Mlbs of copper grading 0.12%, resulting in 2.1 Moz gold equivalent grading 1.45 g/t gold equivalent.

Table 1 - Underground Mineral Resources (as at April 22, 2016)

Classification Zone Tonnage (Mt) Au (g/t) Cu% AuEq (g/t) Contained Gold
(000 oz)
Contained Copper (Mlb) Contained AuEq
(000 oz)
Indicated Z87 29.6 1.48 0.157 1.72 1,403 102.2 1,635
J4 - - - - - - -
J5 - - - - - - -
Total Indicated   29.6 1.48 0.157 1.72 1,403 102.2 1,635
 
Inferred Z87 7.9 1.19 0.138 1.41 305 24.2 360
J4 4.4 1.15 0.040 1.21 163 3.9 172
J5 0.3 0.98 0.045 1.05 10 0.3 11
Total Inferred   12.6 1.18 0.102 1.33 478 28.4 543
 

Table 2 - Open Pit Mineral Resources (as at April 22, 2016)

Classification Zone Tonnage (Mt) Au (g/t) Cu% AuEq (g/t) Contained Gold
(000 oz)
Contained Copper (Mlb) Contained AuEq
(000 oz)
Indicated 87 - - - - - - -
J4 12.2 0.84 0.044 0.91 329 11.8 356
J5 2.2 0.80 0.052 0.88 57 2.5 63
Total Indicated   14.4 0.83 0.045 0.90 386 14.3 419
 
Inferred Z87 - - - - - - -
J4 2.9 0.85 0.043 0.92 81 2.8 87
J5 0.7 0.78 0.059 0.87 18 0.9 20
J4 Low 2.5 0.56 0.049 0.64 45 2.7 51
Total Inferred   6.1 0.73 0.048 0.81 144 6.4 158
 

Table 3 - Total Open Pit and Underground Mineral Resources (as at April 22, 2016)

Classification Tonnage (Mt) Au (g/t) Cu% AuEq (g/t) Contained Gold
(000 oz)
Contained Copper (Mlb) Contained AuEq
(000 oz)
Total Indicated 44.0 1.27 0.120 1.45 1,789 116.5 2,054
 
Total Inferred 18.7 1.03 0.084 1.16 622 34.8 701

*Please see Sulliden’s press release dated May 25, 2016 for details related to the estimation methodology, assumptions and parameters

History

  • Between 1989 and 2005, 159,538 metres of drilling were carried out on the property.
  • The drilling outlined five main areas of gold mineralization (87, 87-deep, J4, J5, and Southwest)
  • In February of 1993, Metall (renamed Inmet Mining Corporation in 1995) acquired Troilus and completed a feasibility study. In October 1996, the mine started commercial production.

Development Strategy

  • An updated mineral resource estimate is underway by Roscoe Postle Associates Inc.
  • As part of the 2-year option agreement with First Quantum, a minimum of $1,000,000 will be spent on engineering and technical studies to evaluate the economic viability of the project.

The information related to the Troilus project was reviewed and approved by Sulliden’s Senior Geologist, Stéphane Amireault, P.Eng., who is a Qualified Person within the meaning of National Instrument 43-101.

Project Location

Troilus Mine
PAST-PRODUCER (1996-2010)