08:12 AM EDT, 03/28/2024 (MT Newswires) -- Troilus Gold Corp. ( CHXMF ) on Thursday provided an operational update related to the advancement of its gold-copper Troilus Project, located in northcentral Quebec; one of the largest undeveloped gold equivalent deposits in North America.

According to a statement, the Feasibility Study for the Troilus Project is "proceeding well", as the various components of the report approach finalization to "create a cohesive picture of the potential future operation". It said results from trade-off studies undertaken to finalize optimal size and scope of the future mine against expected CAPEX, generated outcomes that have presented an opportunity to reassess the proposed scale of the project while prioritizing the production of copper and higher-grade gold in the early years of contemplated production to align with the Quebec Government's Strategic Metals Initiative.

On the recommendation of the Feasibility Study Technical Team, Thursday's statement noted, Troilus' Senior Management and its Board of Directors have determined that these results are "expected to achieve the best outcome possible". It also noted the Technical Team has been applying this new information to the extensive work prepared to date for the Feasibility Study and projects a few more weeks to incorporate these results into the final design and mine plan. As such, the Feasibility Study is now expected to be released in May 2024.

Justin Reid, CEO of Troilus, in the statement said, "While we are all eager to achieve the major milestone of publishing the Feasibility Study and launching Troilus to its next stage of development, we know that the decisions we make now could have implications for decades to come. We believe we have identified an opportunity to further optimize the Troilus Project and that it is in the interests of all stakeholders to apply these new results to our existing body of work for the Feasibility Study. This includes ensuring alignment with the Quebec government's focus on the production of strategic metals since Troilus is the largest permitting-stage copper project in the province based on our current mineral resource estimate."

Also, Troilus reported a cash injection of approximately $3 million to date this month from the exercise of approximately 40% of the warrants issued as part of the bought deal financing completed in November 2023. Justin Reid, CEO of Troilus, said, "We see these exercises as a vote of confidence from some of our major shareholders. These warrant exercises infuse cash into our treasury, strengthening our financial position as we progress Troilus towards a construction decision."