Threegold Ressources Inc.

Published : February 04th, 2010

Second phase of diamond drilling

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Keywords :   Canada | Copper | Diamond | Gold | Lead | Rare Earth | Silver | Zinc |
THREEGOLD RESOURCES INC.
PRESS RELEASE 2010-02

 

Second phase of Diamond drilling at Mercier rare earth element (REE) discovery

 

Val-d'Or, Quebec, Canada - February 2, 2010 - Threegold Resources Inc. (THG - TSX Venture Exchange) is pleased to announce that a second phase of drilling has commenced on its 100% owned Mercier Project. The goal of the 3,000-metre Diamond drilling program is to further develop rare earth element (REE) mineralization discovered by the company in 2008.

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

REE mineralization at Mercier was first discovered by Threegold following the company's 2008 Diamond drilling program. Considerable widths, up to 50 metres in core length, returned high-grade REE values (see assays in Table 1). Electron microprobe work identified the fluorocarbonate minerals bastnaesite, parisite and synchisite as the main REE-bearing phases. Along with monazite, these represent the most common REE minerals commercially produced worldwide.  

Table 1 - Highlights of rare earth element results for the Mercier project

Hole #

From

To

Width*

TREO
+ Y2O3 **

LREO

HREO
+ Y2O3

LREO

HREO
+ Y2O3

HREO+Y2O3
/LREO

 

(m)

(m)

(m)

(ppm)

(ppm)

(ppm)

(%)

(%)

(%)

MER08-04

112.42

113.87

1.45

9804

9546

222

0.95

0.02

2.27

 

118.01

118.37

0.36

15447

14722

579

1.47

0.06

3.75

 

144.25

144.60

0.35

21833

21336

422

2.13

0.04

1.93

 

214.48

215.75

1.27

2317

2199

93

0.22

0.01

4.02

 

327.50

329.00

1.50

2389

2267

95

0.23

0.01

3.99

 

331.00

334.32

3.32

13032

12594

349

1.26

0.03

2.68

including

331.93

332.74

0.81

30512

29906

538

2.99

0.05

1.76

 

339.23

340.23

1.00

8009

7815

165

0.78

0.02

2.06

MER08-07

196.00

209.00

13.00

1592

1432

124

0.14

0.01

7.82

 

246.75

247.49

0.74

2884

2610

221

0.26

0.02

7.66

MER08-08

121.80

150.91

29.11

1624

1400

176

0.14

0.02

10.83

 

156.61

162.00

5.39

2169

1856

244

0.19

0.02

11.24

 

172.09

175.28

3.19

1207

1051

121

0.11

0.01

10.04

 

178.22

195.00

16.78

1787

1572

173

0.16

0.02

9.69

 

205.00

237.00

32.00

2158

1940

172

0.19

0.02

7.96

MER08-10

362.00

375.00

13.00

1446

1288

124

0.13

0.01

8.55

 

385.00

432.29

47.29

2127

1897

180

0.19

0.02

8.44

MER08-13

94.76

108.00

13.24

2071

1896

144

0.19

0.01

6.97

 

110.43

117.00

6.57

2953

2762

164

0.28

0.02

5.56

 

119.00

133.29

14.29

2253

2072

151

0.21

0.02

6.70

 

147.00

197.00

50.00

2684

2435

197

0.24

0.02

7.35

*drill intercept length
**TREO= total rare earth oxides; LREO/HREO= light/heavy rare earth oxides; Y2O3= yttrium oxide

The current program will test the lateral and vertical extensions of the above intersections to determine the positions of higher grade zones within specific units. Other drill targets include REE anomalies outlined by an earlier MMI geochemical survey and associated with crosscutting structures based on magnetometric survey results. These features may represent late features in the system and are thus considered the most significant targets at Mercier.

The 3,000-metre program will comprise approximately 20 NQ-sized Diamond drill holes distributed over an area 6 kilometres long by 2 to 3 kilometres wide. Drilling is expected to continue until the end of February.

Prospectors and Developers Association of Canada International Convention

Core from the Mercier Project will be displayed during the upcoming Prospectors and Developers Association of Canada (PDAC) International Convention to be held at the Toronto Metro Convention Centre South Building on March 7-8. Threegold's exhibit will be at Booth 5022 in the Core Shack section on the 700 level.

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.

 

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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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