Threegold Ressources Inc.

Published : April 30th, 2010

Preliminary results from second drilling program

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THREEGOLD RESOURCES INC.
PRESS RELEASE 2010-04

 

Preliminary results from second drilling program at Mercier confirm rare earth element (REE) discovery

Val-d'Or, Quebec, Canada - April 30, 2010 - Threegold Resources Inc. (THG - TSX Venture Exchange) is pleased to report preliminary results from the second drilling program on its rare earth discovery at the Mercier Project, 175 km northeast of Val-d'Or, Quebec. The results confirm the high-grade rare earth element (REE) potential of the project, yielding widths of up to 59.5 metres and laterally extending the original zones discovered during the 2008 program. With less than a third of the alkaline intrusive complex explored, Threegold is highly optimistic about the follow-up work program.

The first three Diamond drill holes of the current program tested targets in the northern extension of the complex, and other holes (Table I) investigated the near-surface and lateral extensions of the most significant REE-bearing zones from 2008 (50-m step-outs from holes MER08-13 and -08; see also Table II). The preliminary results of the 2010 program (Table I) clearly demonstrate the continuity and elevated rare earth content of the REE-bearing lithologies at Mercier. Of particular interest is hole MER10-20, which was drilled 150 metres off MER10-08 and intercepted an almost continuous 120-metre section of anomalous REE values in both the silicate (pyroxenite-amphibolite) and carbonate (carbonatite) facies.

Table I - Preliminary rare earth element results from the 2010 program at Mercier

Hole #

From

To

Width*

TREO**

TREO

LREO

HREO

 

(m)

(m)

(m)

(ppm)***

(%)

(%)

(%)

MER10-15

118.10

120.50

2.40

6920

0.69

0.68

0.01

 

85.32

101.00

15.68

1493

0.15

0.14

0.01

MER10-17

126.00

170.00

44.00

2731

0.27

0.26

0.02

including

149.00

160.00

11.00

4434

0.44

0.43

0.02

MER10-18

95.00

103.00

8.00

2279

0.23

0.21

0.01

 

114.00

124.00

10.00

1246

0.12

0.11

0.01

 

126.50

161.00

34.50

1965

0.20

0.18

0.02

MER10-19

15.00

21.00

6.00

1346

0.13

0.13

0.01

 

24.00

32.00

8.00

1247

0.12

0.11

0.01

 

38.66

52.00

13.34

1680

0.17

0.15

0.02

 

56.00

91.00

35.00

2083

0.21

0.19

0.02

 

167.00

177.80

10.80

2368

0.24

0.22

0.01

MER10-20

10.50

44.00

33.50

1477

0.15

0.13

0.01

 

53.80

83.00

29.20

1695

0.17

0.15

0.02

 

85.75

145.25

59.50

1817

0.18

0.17

0.01

MER10-22

151.60

154.14

2.54

8906

0.89

0.88

0.02

Including

152.36

153.64

1.28

20770

2.08

2.04

0.03

 

158.40

159.80

1.40

3336

0.33

0.33

0.01

 

226.30

228.04

1.74

7121

0.71

0.69

0.02

 

232.70

233.60

0.90

2945

0.29

0.28

0.01

MER10-23

68.50

72.40

3.90

7675

0.77

0.75

0.02


*drill intercept length
**TREO= total rare earth oxides; LREO/HREO= light/heavy rare earth oxides; Y= yttrium
***ppm = g/t

The above holes were successful in repeating the intercepts of the 2008 Diamond drilling program, thus demonstrating continuity in the zones. Additional holes tested other portions of the alkaline complex to locate higher-grade REE mineralization. Despite the mild winter that shortened the drilling season, Threegold was able to investigate several of these targets and results are pending. 

Table II - Highlights of rare earth element results from the 2008 program at Mercier

Hole #

From

To

Width*

TREO**

TREO

LREO

HREO

 

(m)

(m)

(m)

(ppm)***

(%)

(%)

(%)

MER08-08

121.80

150.91

29.11

1546

0.15

0.14

0.01

 

156.61

162.00

5.39

2057

0.21

0.19

0.02

 

172.09

175.28

3.19

1151

0.11

0.11

0.01

 

178.22

195.00

16.78

1719

0.17

0.16

0.01

 

205.00

237.00

32.00

2083

0.21

0.19

0.01

MER08-13

94.76

108.00

13.24

2020

0.20

0.19

0.01

 

110.43

117.00

6.57

2910

0.29

0.28

0.01

 

119.00

133.29

14.29

2205

0.22

0.21

0.01

 

147.00

197.00

50.00

2600

0.26

0.24

0.02

*drill intercept length
**TREO= total rare earth oxides; LREO/HREO= light/heavy rare earth oxides; Y= yttrium
***ppm = g/t

Management is greatly encouraged by these results and is planning follow-up work to investigate the remaining two thirds of the alkaline complex. Specifically, the entire northern lobe and the southeast flank of the southern lobe have yet to be explored. Not only is the background REE content of Mercier rocks very high, but there is the additional unusual feature that all lithologies (silicate- and carbonate-dominant facies) have the potential of carrying REE, and the HREO contents range considerably from a maximum of 1% in the carbonatite facies to 37% in the silicate facies. This suggests that differentiation occurred during the evolution of the complex and HREO were preferentially concentrated in the silicate rocks.

Given current market conditions for rare earths and the urgency to find alternative sources, Threegold is well positioned with its Mercier Project and its six (6) newly staked targets bearing comparable geophysical and geochemical signatures. Reconnaissance work on the new targets will begin this summer.

The Mercier Project is about 175 km from the town of Val-d'Or, Qu�bec, and consists of 61 designated cells with a surface area of 3,865 hectares. The property covers a bi-lobate alkaline intrusive complex measuring 6 km by 2-3 km, comprising alkaline syenite to ultramafic rocks with intercalated carbonatite facies in the western portion of the southern lobe.

The 2010 Diamond drill program consisted of fourteen (14) Diamond drill holes totalling 3,112 metres of NQ-sized core. Drilling operations were carried out in February and March, with holes irregularly distributed at intervals of about 500 metres. The main goal was to test coincident or near-coincident MMI gradient magnetometric anomalies. The core was logged on-site and transferred to Val-d'Or for sampling. Assaying was carried out on sawed half-core samples at Actlabs in Lancaster, Ontario, using broad spectrum ICP/ICP-MS for the rare earth element series and other major and trace element suites.

ABOUT THREEGOLD

Threegold Resources is a dynamic and active Quebec-based junior explorer with a diversified property portfolio. Threegold is pursuing exploration on three main projects in Quebec: Lemieux Dome on the Gasp� Peninsula for copper, zinc, lead, silver and gold; Mercier in the Abitibi region where the company recently made a rare earth element discovery with base and rare metals (see press release of August 6, 2009); and Adanac, a gold property located a few kilometres from downtown Rouyn-Noranda.  

 

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. Octavio Soares, FCA
Chief Financial Officer

Threegold Resources Inc.
Tel.: (418) 999-8811
Fax: (418) 652-8149
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.

 

- 30 -

 

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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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