VANCOUVER — Troilus Gold (TSX:V TLG) wants to stage a revival at the dormant Troilus gold-copper mine, 175 km north of Chibougamau, Que., where it holds a two-year option agreement with First Quantum Minerals (TSX: FM; NYSE: FM) signed in 2016.
Troilus is the newly minted venture from the core team at Sulliden Mining, which combined with Rio Alto Mining in a $300-million merger back in mid-2014.
Troilus CEO Justin Reid and president Paul Pint effectively maintained the property option in Sulliden Mining Capital (TSX: SMC) for nearly two years in anticipation of bringing it back to market.
The company can purchase a 100% interest in the project subject to a net smelter returns (NSR) royalty that slides between 1.5% and 2.5%, depending on the price of gold. To exercise the option, Troilus must spend at least $1 million in engineering and technical studies and make three $100,000 cash payments.
Continue reading at The Northern Miner.