In a news release, Troilus Gold Corp. (TLG:TSX; CHXMF:OTCQB) announced that it further consolidated its Troilus land package in Quebec's Frôtet-Evans Greenstone belt by adding 422 new claims over 23,005 hectares.
Of the additional claims, the Toronto-based mining firm staked 310 claims covering an area of approximately 16,905 hectares and acquired the remaining 112 from two companies.
Troilus Gold acquired from Globex Mining Enterprises 91 claims over 4,960 hectares that are located south of the existing Troilus project and including the Rosario, Lac Testard Ouest, Pyrox, Claudette Zone, Boulder Lake, Boulder Gold and Lac Chix properties. For the claims, the company issued 350,000 common shares and granted a 2% gross metals royalty on those claims.
Troilus Gold acquired from Canadian Mining House 21 claims covering 1,140 hectares, which also are south of Troilus. For them, the company paid CA$69,000 in cash and granted a 1% net smelter returns (NSR) royalty on the claims.
Now, with its Troilus property at 107,326 hectares in size, Troilus Gold is the largest claims holder in the Frôtet-Evans Greenstone belt.
The company also announced that it completed a buyback of the 1.5% NSR returns royalty on the 209 claims comprising Troilus North, which was held by Greg Exploration and others.
Troilus CEO Justin Reid commented, "In April, we acquired 627 claims from O3 Mining Inc. and staked another 629 new claims, making us the largest claim holder in the Frôtet-Evans Greenstone Belt with the addition of more than 67,000 hectares to our property. These new acquisitions, coupled with additional staking by our team, further consolidates our position at a minimal cost to shareholders.
"Our geological team has already been in the field accessing the newly acquired area in April and we believe the ground picked up as part of today's announcement further add to the potential we hope to uncover in this underexplored area," Reid added. "In addition, we have completed a non-cash buy back and cancellation of a 1.5% NSR on the Troilus North claims which we acquired from EmGold in late 2018, an area that we expect to be a major exploration focus this year."
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