{
  "id": 19563712,
  "title": "Troilus hits gold in Quebec ground marked as waste",
  "url": "https://urgent.news/2026/11/11/troilus-hits-gold-in-quebec-ground-marked-as-waste",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-11T17:14:14.000Z",
  "source": {
    "name": "Mining.com",
    "slug": "mining-com",
    "url": "https://www.mining.com/troilus-hits-gold-in-quebec-ground-marked-as-waste/"
  },
  "original_language": "en",
  "account": "Troilus Mining, a Canadian company traded on the TSX under the symbol TLG and on the US-OTC market under the ticker CHXMF, has announced the discovery of gold in previously treated waste material at its Quebec project. The company's exploration team uncovered the gold while drilling 34 metres in hole 87-26-524, located at a depth of 207 metres. The results included an average of 1.29 grams of gold per tonne, with the thickest interval reaching 3.04 grams over a span of 12 metres. This finding was made in the Z87 hanging wall, adjacent to the main mineralized zone.\n\nDesjardins Capital Markets mining analyst Bryce Adams expressed a positive outlook on the results, stating that they support potential resource conversion, lower stripping ratios, better early-year mill feed, and future pit optimization. The exploration work is taking place during Troilus's efforts to secure financing for a redevelopment project on the site of a former gold-copper mine. The site is situated approximately 170 km north of Chibougamau and 615 km north of Montreal.\n\nConverting waste material to ore could potentially reduce stripping and improve early mill feed. However, the resource and reserve estimates underlying the September development update still need to be modeled, as the study excluded all 2026 drilling. Troilus CEO Justin Reid reaffirmed the company's confidence in the existing mine plan while emphasizing their commitment to continual improvement and evaluating opportunities to strengthen it.\n\nThere were some historical drill core intervals that were never assayed, creating gaps in the geological model. Troilus is currently testing those intervals and inferred material around the proposed pit, with estimates suggesting that the true thicknesses would be 75%–90% of the reported drill lengths.\n\nIn September, Troilus received a credit-approved $850 million debt commitment from KfW IPEX-Bank and Société Générale. The package also included a potential $250 million from Export Development Canada, subject to final approvals. At the time of the announcement, Troilus's shares fell by 2.8% to C$1.56 in Toronto, valuing the company at around C$880 million ($629 million). The stock has fluctuated between C$1.20 and C$2.47 in the past year.",
  "summary": "The exploration work comes as Troilus assembles financing for a redevelopment on the site of a former gold-copper mine.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}