TROILUS GOLD, EXPLORATION UPDATE 2020-07-21

07/21/2020 (MT Newswires) -- Troilus Gold Corp. (TLG.TO) may see further improvement over yesterday's 16.5% surge after saying Tuesday that it expanded its namesake property in the Frotet-Evans greenstone belt in Quebec.

The company said it entered into a definitive agreement to acquire 91 claims south of the Troilus project from Globex Mining Enterprises Inc. (GMX.TO) in exchange for 350,000 shares and a 2% gross metals royalty, which can be halved for $1 million.

Troilus also entered into a definitive agreement to buy 21 claims south of the project from 9219-8845 Qc. Inc. dba Canadian Mining House.

Consideration comprises $69,000 and a 1% net smelter royalty, which can be halved for $500,000 while the remaining 0.5% can be repurchased for $1.5 million.

Finally, Troilus staked 310 new claims. In total, the company added 422 new claims to increase the project's size by 23,005 hectares to 107,326 hectares. Troilus said its geological team was already in the field in April to access the newly acquired area .

The company also bought back from Greg Exploration Inc. and certain individuals the 1.5% net smelter royalty on 209 claims known as Troilus North, which were previously acquired from EmGold Mining Corp. (EMR.V).

Price: 1.2700, Change: +0.1800, Percent Change: +16.51