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Mining Doc Latest Articles

Troilus Gold raising $22M for exploration historic mine

Troilus Gold raising $22M for exploration historic mine

In order to fund exploration at the defunct Troilus gold-copper mine near Val d’Or, Quebec, Troilus Gold (TSX: TLG; OTCQX: CHXMF) is seeking $22 million. The mine will eventually be reopened, the business hopes.

Haywood Securities and Desjardins Capital Markets are leading the purchased deal. The underwriters have agreed to pay $0.35 per unit for 48.6 million company units; $0.405 per share for 7.4 million traditional flow-through shares; and $0.42 per share for 4.8 million Quebec flow-through shares. One common share of the business and half of a share purchase warrant, exercisable for a period of 24 months at $0.45 per share after the offer closes, will make up each unit. Troilus Gold is expected to receive gross profits of about $22 million.

An option to over-allot up to an additional 15% of the issued securities, in any combination, has been granted to the underwriters.

Production at the Troilus mine started in 1996, and the following year it was brought to a commercial level. The mine yielded roughly 154.3 million pounds of copper and 2 million ounces of gold during its existence. By 2005, the mill’s capacity had risen to 20,000 t/d. Although the pits were cleared for mining in April 2009, milling carried on until June 2010. Three months later the camp was demolished and the plant sold.

In 2024, the business finished a feasibility study for a new open pit and mill. It sustains a 22-year-old open pit mine and a 50,000 t/d mill. During that period, 446,700 ounces of silver, 17.3 million pounds of copper, and 244,600 ounces of gold would be produced annually.

According to Troilus, there are 380 million tonnes of proved and probable deposits, or 7.26 million ounces of gold equivalent. 0.49 g/t gold, 0.058% copper, 1.0 g/t silver, or 0.59 g/t gold equivalent, is the average grade.

There will be $1.07 billion in pre-production capital costs and $276.6 million in sustaining capital.

More information regarding the Troilus mine can be found on http://www.TroilusGold.com.

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