Troilus Gold Corp. (TSX: TLG; OTCQX: CHXMF; FSE: CM5R) has entered into an agreement with Comet Lithium Corp. for the divestiture of its non-core properties, including the Mercator, Monarch, and Elmer East projects in the James Bay Region.

Details of the Transaction

Pursuant to an agreement dated July 12, 2024, Comet Lithium will acquire the properties from Troilus in exchange for 1,500,000 Consideration Shares at an issue price of C$0.315 per Share. This transaction will result in Troilus owning approximately 6% of Comet Lithium. Additionally, Troilus will receive a 2% Net Smelter Royalty on each of the projects, with Comet Lithium having the option to repurchase 1% for $3 million each.

Troilus has also been granted a 24-month participation right to maintain its equity percentage in Comet Lithium, subject to certain conditions.

Comments from the CEO

Justin Reid, CEO of Troilus, stated, “The sale of these non-core properties is a strategic step to focus our resources on the Troilus Gold-Copper Project. We are confident in Comet Lithium’s ability to develop these assets and look forward to their progress.”

Overview of Transferred Properties

Mercator Project

The Mercator Project covers 14.91 km² with 29 mining claims and is located southeast of the Liberty property and the Adina project.

Monarch Project

The Monarch Project spans 20.61 km² with 39 mining claims. It is located near the Whabouchi mine and along the trend of Cygnus Metals’ Auclair Project.

Elmer East Project

The Elmer East Project encompasses 16.7 km² with 32 mining claims, situated south of the James Bay Lithium Project and north of the Wapatik Project.

Board of Directors Update

The Company announces the resignation of Dr. Eric Lamontagne and the appointment of Mr. François Biron to the Board. Biron, a seasoned mining engineer, previously served as the General Manager of the Troilus Mine.

Diane Lai, Chairperson of the Board, commented, “We extend our gratitude to Eric for his contributions and welcome François whose expertise will be invaluable as we advance our goals.”

About Troilus Gold Corp.

Troilus Gold Corp. is focused on advancing the Troilus copper-gold project in Quebec. The project is supported by a Feasibility Study forecasting a large-scale 22-year mining operation.

About Comet Lithium Corp.

Comet Lithium is a lithium-focused exploration company active in Quebec’s James Bay District. Its flagship asset, the Liberty Property, is advancing to first-ever drilling.

Disclaimer:
The content presented on this page has not been manually verified by our team. While we strive to ensure accuracy, we cannot guarantee the validity, completeness, or timeliness of the information provided. Always consult with appropriate professionals or sources before making any decisions based on this content.

The image is randomly selected and doesn’t necessarily represent the company or the news below.

Click here for more Company News