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Troilus Gold Corp. (TSXV:TLG) – Notable News

May 18, 2021

Troilus Gold Corp. (TSXV:TLG, BUY, C$3.50 target, Timothy Lee) and UrbanGold Minerals Inc. (TSXV:UGM, Not Rated) announced that shareholders overwhelmingly voted to approve the previously announced acquisition by Troilus in an all-stock deal. Troilus is set to acquire all of the issued and outstanding UrbanGold shares it does not already own for consideration of 0.3004 of a common share of Troilus for each UrbanGold share. Troilus already owns 6,156,291 UrbanGold shares, or approximately 9.7% of the shares outstanding. The amalgamation is expected to close on May 18, 2021. UrbanGold holds a sizeable land package in the belt, including the 100%-owned 26,584.6 ha Pallador gold project and the 50%-owned 8,588.4 ha Bullseye gold project, a 50-50 JV with Argonaut Gold (TSX:AR, Not Rated). UrbanGold previously reported results from its initial 10-hole drilling program completed at its 100%-owned Pallador project in February and March 2021, with seven holes intersecting gold mineralization. This appears to be the continuation of high-grade gold-bearing veins being drilled on the adjacent Frotet project, held 65% by Sumitomo Metal Mining Canada Limted and 35% by Kenorland Minerals (TSXV:KLD, Not Rated). Troilus currently has two drill rigs focused on expansion and delineation drilling in advance of a mineral resource update and Pre-Feasibility Study planned for completion in the second half of 2021 at its namesake, past-producing Troilus gold-copper project. The company has completed 32,000m of drilling since January 2021 and intends to drill approximately 10,000m per month throughout the summer.  We see this acquisition as beneficial to Troilus as it allows it to further consolidate its large land position in the Frôtet-Evans Greenstone Belt of Quebec, including and surrounding the past-producing Troilus gold-copper mine. Read more

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