Newcore cuts best gold grades yet at Enchi project in Ghana
One hole cut 1 metres at 204 g/t from 59 metres depth, along with 2 metres of 1.46 g/t.
Troilus Gold (TSX: TLG) said on Wednesday it has secured preliminary approval for a $500 million loan guarantee from Germany to support its main copper and gold project in Quebec.
The letter of intent (LOI) was issued by Euler Hermes Aktiengesellschaft on behalf of Germany’s Ministry for Economic Affairs and Climate Action.
The guarantee is contingent upon Troilus signing an offtake agreement with German copper smelter Aurubis, one of the world’s largest recyclers of the metal.
The agreement would cover up to 15 years and is subject to standard due diligence, including economic, technical, environmental and social assessments.
Shares of Troilus surged 13.7% by 10:40 a.m. in Toronto, for a market capitalization of approximately C$105 million ($75 million).
“This LOI is a strong endorsement of the Troilus project’s significant economic potential and strategic value,” Troilus CEO Justin Reid said in a statement.
“With rising European demand for copper concentrate and our advantageous proximity to these markets, we are advancing through financing discussions from a solid strategic position.”
The Troilus mine began production in 1996 and reached commercial production the following year. During its life, the mine produced 2 million oz. of gold and about 154.3 million lb. of copper. The mill capacity was doubled to 20,000 t/d by 2005. The pits were mined out in April 2009, but milling continued to June 2010. The plant was sold three months later, and the camp was later dismantled.
The project’s feasibility study, released in May 2024, detailed plans for a 22-year open-pit operation with a processing capacity of 50,000 tonnes per day.
The mine is expected to produce an average of 303,000 gold-equivalent ounces (GEOs) per year, or 135.4 million lb. of copper-equivalent annually, with peak production reaching 536,400 GEOs or 237.6 million lb. of copper-equivalent per year.
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