- Troilus Gold Corp (TSX:TLG) is rolling back non-essential activities at its gold and copper project in Quebec, to limit the impact of COVID-19
- The company recently completed a 5000-metre drill program at the site and has chosen now to halt all on-site operations and close its two Canada-based offices
- Employees working from home will continue to progress the site’s preliminary economic assessment, which is expected mid-year
- The company recently completed a C$12 million private placement to fund the site’s development
- Troilus Gold Corp (TLG) is up 12.77 per cent, with shares trading at $0.53 and a market cap of $47 million
Troilus Gold Corp (TSX:TLG) is rolling back non-essential activities to limit the impact of COVID-19 on its operations and employees.
The company recently completed a 5000-metre drill program at its gold and copper property in Quebec. With the program completed, Troilus has chosen this moment to reduce operations and minimise actives at the site.
The company has also closed its Chibougamau and Toronto offices, with many employees now working from home. Those working from home can continue to develop the preliminary economic assessment for the Troilus Mine, which should be released this summer.
The shutdown is not expected to affect any project timelines, as the site is currently not operational and there are no further exploration activities planned.
Justin Ried, CEO of Troilus, stated that these are very challenging times.
“At Troilus we are taking all measures necessary to ensure the wellbeing of all our employees, contractors and stakeholders.
“Troilus believes we are well positioned with a robust balance sheet to execute on our Corporate plan, advance the Troilus project and deliver results to our shareholders,” he said.
Justin went on to thank the company’s investors for their strong support. He believes Troilus’s current balance sheet and a recently closed $12 million private placement will carry the company through a volatile market.
The gold price was initially performing well amid the COVID-19, as investors moved money from more volatile markets into well-regarded safe havens.
However, even gold wasn’t able to entirely escape the recent stock plunge. Data from Gold World Council show the gold price has been trending downward over the last week.
Troilus Gold Corp (TLG) is up 12.77 per cent, with shares trading for $0.53 at 11:18am EST.