​The Troilus North Property (“Troilus North” or the “Property “) consists of 209 contiguous claims totaling 11,309 ha.  It is now part of Troilus Gold Corporation’s (TSX: TLG) ("Troilus Gold") 85,600 ha Troilus Mine Property.  Troilus Gold owns 100% of the Property and Emergent retains a 1% Net Smelter Return (“NSR”) interest in the Property, which Troilus Gold can purchase at any time for C$1.0 million.

 

Emergent optioned the Troilus North Property in 2018 and acquired a 100% interest later that year.  Emergent filed a technical report titled, “Troilus North Property, Troilus-Frotet Volcano-Sedimentary Belt, Opatica Geological Sub-province, Quebec, Canada”, prepared for Emgold Mining Corporation (now Emergent Metals Corp.) by Donald Théberge, P.Eng., MBA, with Effective Date October 10, 2018 (the “Technical Report”).   The Technical Report summarized historical work on the Troilus North Property, discussed six exploration targets identified for exploration, and recommended exploration work proposed for the Property.  One of the main exploration targets identified was the “Troilus Mine Extension”, which was a target identified primarily from geophysics work, which shows the potential to expand mineralized zones from the adjacent Troilus Mine Property onto Troilus North.  Emergent conducted exploration on the Property in 2018 and at year-end, sold the Property to Troilus Gold for C$250,000 in cash and 3.75 million Troilus Gold common shares.

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Subsequently in December 2018, Emergent acquired an underlying 1% NSR on the Troilus North Property from Chimata Gold Corporation (now CAT Strategic Metals (TSXV:CAT).  Troilus Gold retains a first option to acquire 0.5% of this NSR for C$500,000. and a second option to acquire the remaining 0.5% for a further C$500,000.  

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The Property is adjacent to the former Troilus Mine, which Inmet Mining Corporation operated as an underground and open pit operation. From 1996 to 2009, Troilus Mine produced more than 2 million ounces of gold and 70,000 tonnes of copper. The main historic open pit is about two kilometers from the Troilus North boundary.  

 

Troilus Gold Corporation, formed in 2018, is completing exploration, engineering, and permitting at the Troilus Mine property, to bring the historic mine back into production.  Troilus Mine has a probable mineral reserve of 380 million tonnes at a grade of 0.39% CuEq containing 3.24 billion pounds of copper equivalent (or 0.59 g/t AuEq containing 7.26 million AuEq ounces) as outlined in their NI 43-101 Feasibility Study:  Troilus Gold - Copper Project, Quebec, Canada, Report Date June 28, 2024, Effective Date May 14, 2024 (the "Troilus Mine Feasibility Study").  For details, on this mineral reserve and other information on the Troilus Gold Copper Project, please refer to the Technical Report link below. 

 

Emergent geologists have not verified the information contained in this Troilus Mine Feasibility Study.  ​Note that the location of Troilus North adjacent to the Troilus Mine or other properties in the area does not ensure the success of exploration or the discovery of mineral resources and reserves at Troilus North. No mineral resources or reserves have yet been delineated at Troilus North.

 

The Property is located within the eastern segment of the Archean Frotet-Evans Greenstone Belt, in the Opatica Subprovince of the Superior Province in Quebec. The belt extends for more than 300 km between James Bay and Mistassini Lake and varies from a few kilometers up to 45 km in width. The belt is divided into two similar volcano-sedimentary domains, the west domain and the east domain. The east domain is known as the Frotet-Troilus Domain and hosts the Troilus deposit. The Frotet-Troilus Domain is underlain by a supracrustal sequence of submarine mafic volcanic rocks with intercalated cogenetic mafic intrusions.

 

From west to east, the geology of the Property consists of migmatite with biotite gneiss of the Opatica sub-province, ultramafic pyroxenite/peridotite layer, felsic to intermediary tuffs, and banded mafic and basalt rocks with some felsic to intermediary tuffs and gabbro and the Parker granite. Most of the mineralized occurrences lie in the Volcanoclastic Suite units between the gneiss/migmatite units and the Parker Intrusive.

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After acquiring the Property, Emergent completed geological mapping and rock chip sampling.  Subsequently, Troilus Gold acquired the Property and has completed exploration work that is outlined in Technical Reports and news releases they have published. 

 

Emergent management believes there is potential to extend mineralized zones from the Troilus MIne Property onto the Troilus North Property or for the potential discovery of satellite mineralized zones, subject to exploration success by Troilus Gold.  Should this occur, the royalty interest may be bought out by Troilus Gold or the royalty could produce cash flow as an NSR if production were ever to occur from the Property.