Threegold Ressources Inc.

Published : June 05th, 2008

$2.83M EXPLORATION BUDGET

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Keywords :   Canada | Cobalt |
THREEGOLD RESOURCES INC.
PRESS RELEASE 2008-05

 

$2.83M EXPLORATION BUDGET APPROVED FOR LEMIEUX DOME, MERCIER AND ADANAC PROPERTIES. EXPLORATION UPDATE.

 

Val-d'Or, Qu�bec, Canada - June 5th 2008 -Threegold Resources Inc. (THG: TSX Venture exchange) is pleased to inform its shareholders that the company's Board of Directors has approved a $2,83M exploration budget to fund continuing exploration on its three main projects in Quebec. The largest expenditure will be on the Lemieux Dome to continue Diamond drilling and geochemical surveys on the known mineral occurrences. The company has recently completed a Diamond drilling program on the Mercier property and will commence exploration on the Adanac property in the Fall.
 
Lemieux Dome________________
During the Fall of 2007, Threegold completed its first Diamond drilling program on the Lemieux Dome. The program consisted of 7,431 metres of NQ drilling that targeted surface copper, zinc, lead and silver mineralization occurring at the Big Pioneer, V�ronique, Brandy South and the former Federal Mine on the Lemieux Dome in the Gasp� region. Preliminary assay results were announced previously (Press release April 22, 2008) and are summarized in the table below. Remaining results are expected shortly and will be released upon receipt.
 
Partial results from the Lemieux Dome Project
 

Hole #

showing

From

To

Length   (m)*

Cu (%)

Zn (%)

Pb (%)

 Ag (g/t)

DL07-01

Brandy South

89.7

91.0

1.3

 

1.51

 

1.0

DL07-02

Brandy South

95.4

95.8

0.4

 

1.34

 

1.3

 

 

152.0

152.5

0.5

 

3.46

 

1.5

 

 

53.0

68.0

15.0

 

4.62

1.38

4.3

 

 

133.25

133.65

0.4

 

5.67

2.46

3.8

 

 

166.0

167.0

1.0

 

5.48

2.85

7.4

 

 

191.5

192.0

0.5

 

0.42

3.40

15.2

 

 

204.5

205.5

1.0

 

2.68

0.22

1.5

 

 

223.0

224.3

1.3

 

1.77

2.40

13.7

 

 

227.3

228.0

0.7

 

1.59

0.69

1.7

 

 

245.3

246.5

1.2

 

1.32

0.21

0.7

DL07-03

Brandy South

85.3

86.0

0.7

 

1.75

0.93

1.5

 

 

101.5

102.2

0.7

 

1.50

0.52

1.6

 

 

130.0

142.95

12.95

0.11

1.83

0.99

4.2

DL07-05

V�ronique

32.9

34.2

1.3

2.32

 

 

 

FED07-02

F�d�ral

70.5

71.4

0.9

 

4.76

10.70

7.2

 

 

195.5

196.0

0.5

1.05

 

 

 

 

 

233.5

234.1

0.6

 

5.34

1.83

10.9

 

 

441.15

441.7

0.55

 

1.59

0.63

4.2

 

 

445.5

446.0

0.5

 

3.35

0.71

3.6

FED07-04

�lisabeth

202.75

204.0

1.25

2.12

 

 

 

BP07-02

Big Pioneer

75.0

76.0

1.0

 

2.09

 

 

 

 

114.2

115.0

0.8

 

 

1.03

 

 

 

289.1

289.6

0.5

1.05

 

 

 

BP07-05

Big Pioneer

150.2

153.4

3.2

0.90

 

 

 

 

 

199.5

201.0

1.5

1.20

 

 

 

BP07-06B

Big Pioneer

68.4

84.0

15.6

0.23

 

 

 

BP07-08

Big Pioneer

48.2

49.5

1.3

 

2.05

0.20

1.3

BP07-15

Big Pioneer

40.4

48.0

7.6

0.48

0.78

 

2.2

 

 

55.2

67.4

12.2

0.63

0.03

 

1.0

* longueur carotte totale

 
The company is finalizing its summer exploration program that will include a ground reconnaissance prospecting/mapping in addition to a 10 000 metre Diamond drilling program that will focus on the northern portion of the property that is currently under option from Appalaches Resources (Appalaches Resources - APP: TSX-V). Mineralization on the Mont-de-l'Aigle claims has been described as hematite-chalcopyrite-rich breccias akin to IOCG type deposits. Diamond drilling conducted by Appalaches returned significant cooper-mineralized intersections as outlined in the table below:

Hole #

From     (m)

To           (m)

Length  (m)

Cu         (%)

F02-07

52.0

52.85

0.85

2.43

F04-12

189.6

234.6

45.0

0.15

Including

191.8

192.3

0.5

2.08

F05-01

103

141.7

38.7

0.11

F03-20

46.8

96.3

49.3

0.12

Including

48.9

49.6

0.7

2.9

http://www.ressourcesappalaches.com
 
Exploration will also be conducted on three further copper occurrences located on Appalaches' claims this year - the Hatie, Ruisseau Anomalie and Eagle-Gasp�sie.
 
The company's exploration team, backed by experienced consultants, will commence exploration shortly and plans to expend $1.2M on the project this year.
 
Mercier_________________
The Diamond drilling program initiated earlier this year on its Mercier Project, located some 175km ENE from Val-D'Or, was completed in early April with the completion of 13 holes totalling 4916 metres of drilling (press release January 15, 2008). The property is comprised of 61 designated claims covering an alkaline intrusive where past exploration intersected up to 0.6% Cu in core samples. The drill program targeted MMI geochemical copper-nickel-cobalt anomalies that could not be explained due to poor geological surface exposure and where drilling was deemed necessary to provide an insight.
 
The drillcore is presently being logged and first samples will be shipped shortly for geochemical assay on sawed core samples. A $700 000 budget had been allocated to complete this program for 2008.
 
Adanac__________________
Earlier this year, MRB & Associates was mandated by Threegold to complete a property-scale compilation and modelization of previous exploration data. The Adanac project is comprised of 51 mining claims covering some 1,744 hectares adjacent to the former McWatters mining town and is underlain by clastic metasediments of the Temiscaming and Pontiac Groups that are crosscut by interpreted gold-bearing splays of the Cadillac break.
 
Underground development was carried out from the Adanac shaft between 1934 and 1936 on three levels (-36,- 72 and -150m levels) with 923 metres of drifting. Historical gold values reported from underground grab sampling ranged between 6.17 and 29.1 g/t Au. Also, grab sample grades ranging between 2.74 and 9.1 g/t Au are reported from the underground drifts (-28 and -49m levels) at the Clerno II shaft, located on the property some 2.5km NNE of the Adanac shaft.
 
Since 2006, Threegold has completed MMI surveys to cover the entire property with follow-ups on selected areas. The survey helped outline an anomalous gold corridor sub-parallel to the Cadillac Break coincident with interpreted discontinuous magnetic ridges. The company was confirmed by MRB & Associates that the compilation is now completed and the data is currently been modelized. A detailed report will be expected by mid-July.
 
This report will be used to reinitiate exploration on the property, the work program is planned to commence in the fall. An initial budget of $350 000 has been prepared for Phase 1 exploration and will be readjusted as necessary.
 
Other___________________
Finally in an effort to diversify and expand its exploration horizon, the company will proceed with a reconnaissance exploration over carefully selected Quebec targets.
 
The company is pleased with the increase and the progress in exploration activities and believes that the diversity and quality of its project will form the basis to a solid foundation for its investors.
 
Antoine Fournier, P. Geo. M. Sc. and president of the company is responsible for the technical content of this press release.
 
Threegold's common shares are listed on the TSX Venture Exchange under the symbol "THG". Investors are invited to visit our website at www.threegold.ca.

For further information, please contact:

Mr. Antoine Fournier, P. Geo,
President and CEO
Threegold Resources Inc.
Tel.: (819) 825-3883
Fax: (819) 825-7545
E-mail: info@threegold.ca

Mr. Daniel Duval
Chairman of the Board and
Chief Financial Officer

Threegold Resources Inc.
Tel.: (819) 825-3883
Fax: (819) 825-7545
E-mail: info@threegold.ca

Mr. Sylvain Laberge
Investor Relations

S.D.N.L. Financial Communications
Tel: (514) 380-5610

E-mail: slaberge@sdnlfinancial.com

You can also visit our website at: www.threegold.ca

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to United States Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This news release is not for distribution to United States newswire services or for dissemination in the United States.

- 30 -

 

Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Threegold Ressources Inc.

EXPLORATION STAGE
CODE : THG.V
ISIN : CA8857991068
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Threegold is a gold exploration company based in Canada.

Threegold holds various exploration projects in Canada.

Its main exploration properties are MERCIER, ADANAC, LEMIEUX DOME, FROTET-ROBERT and SOUTH BAY VAL D'OR in Canada.

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