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NI-43-101 Technical Report

Yellowknife Gold Project, Northwest Territories, Canada - 15 Feb 2018


Yellowknife Gold Project

Troy Energy's Yellowknife gold property (the "Property") is situated in the Yellowknife Gold Belt (the "YGB") and is accessible by winter road or aircraft at a distance of 90 kilometres north of Yellowknife (Figure 1). The YGB is an Archean age volcano-sedimentary belt that has yielded over 13 million ounces of gold from three main mines: the Con, Giant and Discovery mines. Other gold deposits and occurrences are known within and adjacent to the belt. Presently, three companies are actively exploring in the belt: Terrax Minerals Inc., GoldMining Inc. and New Discovery Gold Mines (Mon Gold Mine). The geology of the YGB is similar to that of gold districts in Ontario and Quebec such as found at the Kirkland Lake and Abitibi gold camps. However, the YGB is relatively young in exploration terms since gold was only found there in the late 1930’s and therefore it has not received as intensive exploration as the gold belts in eastern Canada.

The Property consists of three mining leases and seven recently staked mineral claims (JL 1 - 7) adjoining and contiguous with the leases. These leases and claims combined constitute the Property, which has an area of approximately 3,231 hectares. (Figure 2)

The Property is underlain by Archean age sediments and volcanics of the Burwash Formation that have been tightly folded and metamorphosed to greenschist and amphibolite facies (Figure 3). Gold, predominantly as native gold, is principally found in quartz veins within metavolcanics and metasediments as well as in altered wall rocks to the veins. The Property fits the model for classic Archean age "orogenic" gold deposits that have strong structural control on gold deposition.

Mineralization was first discovered by prospectors on the area covered by the Property in 1945; since that time a significant amount of diamond drilling, underground work and airborne geophysical surveys have been conducted on the property, resulting in the discovery of gold hosted in quartz veins in a shear zone extending over 2 kilometers in length on the leases. Troy's goal is to conduct additional work on the property to calculate a resource estimate as there are no NI 43-101 compliant resource calculations available. Discovery Mines in 1959 estimated "ore potential of the property had been calculated at 700 tons per vertical foot at an estimated grade of 0.6 ounces/ton." In 1989, Canamax geologists, based on drilling they conducted, concluded that “a minimum target of 500,000 tonnes grading 8 – 12 gm/tonne gold is realistic in the immediate shaft area over a strike length of 250 metres, a width of 4 metres and to a depth of 200 metres.” From 2004 to 2008 Viking Gold Exploration Inc conducted a further 7,330 metres of diamond drilling on the Main zone, bringing the total to 13,335 metres in 108 holes.

Troy has recently relocated a number of the drill hole locations and has recompiled the existing drill data in order to model the mineralized zone on the leases and develop a drill plan to determine gold resources there. In addition, the Company has flown a LiDAR survey combined with orthophotography over the whole Property to provide a base for future resource development. Confirmatory channel sampling over veins in the Main zone has also been undertaken as part of the Company’s due diligence test work.

In additional to the Main zone gold mineralization located on the leases, other previously drill tested gold occurrences are found at the Greenlee and Lucky Lake showings on the claims. These occurrences appear to be part of a zone extending for a length of 6 kilometres that includes the Main zone on the leases. Furthermore, the airborne geophysical survey data indicate that there are other areas on the Property that have similar geophysical signature to the Main zone and therefore warrant follow-up work.

Troy plans to initiate a 5,000 metre drill program to start the task of measuring gold resources for the Main zone during the winter season. Other targets on the property will be re-evaluated during summer programs. 

YGP History

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