Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
Troilus Gold has added 230 sq. km of land holdings, or 422 claims, to its Troilus project in the province’s Frotet-Evans greenstone belt, Quebec, increasing its land position to a total of 1,073 sq. km.
“These new acquisitions, coupled with additional staking by our team, further consolidates our position at a minimal cost to shareholders,” Justin Reid, the company’s CEO, said in a release.
Troilus North claims will be a focus of this year’s exploration work.
Troilus’ stock was trading up 5.5% at Tuesday’s close on the TSX
The latest additions include an agreement with Globex Mining, adding 49.6 sq. km of claims south of the Troilus project, in exchange for 350,000 common shares of the company and a 2% gross metal royalty. Troilus may repurchase 1% of the royalty for C$1 million at any time. These claims cover several copper and gold showings, as well as geophysical anomalies.
The company is also acquiring 21 claims south of the Troilus project, covering 11.4 sq. km, from a private company for C$69,000 in cash and a 1% net smelter royalty (NSR). Half of the royalty may be repurchased at any time for C$500,000, and the remainder for C$1.5 million.
Troilus has also staked 310 new claims covering 169 sq. km; the company remains the largest landholder in the Frotet-Evans greenstone belt.
In addition, Troilus has also repurchased a 1.5% NSR on 113 sq. km of claims, known as Troilus North, which were acquired in 2018. In exchange, the company issued 150,000 common shares to the vendor.
According to Reid, the Troilus North claims will be a focus of this year’s exploration work.
The Troilus project features a past-producing gold and copper mine, which churned out over 2 million oz. of gold and almost 70,000 tonnes of copper between 1996 and 2010.
Last November, the company published an updated resource for the project, with total indicated resources of 159.1 million tonnes grading 0.78 g/t gold and 0.09% copper for a total of 4.7 gold-equivalent oz. Inferred resources add 52.7 million tonnes at 0.9 g/t gold and 0.08% copper for 1.8 million gold-equivalent oz. Cut-off grades range between 0.92 g/t gold-equivalent and 1.04 g/t gold-equivalent.
Troilus’ stock was trading up 5.5% at Tuesday’s close on the TSX. The company has a C$153 million market capitalization.
