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Threegold Resources Inc (TSX VENTURE:THG - News) is pleased to announce
it is resuming work on its 100% owned Adanac
property located 8 km east of Rouyn-Noranda,
Quebec. A second phase of diamond drilling is currently being prepared to
help target mineralization, and a downhole IP
survey is currently underway.
ADANAC
The Adanac Project
is located in the heart of the Abitibi Greenstone Belt, directly south of the
Cadillac-Larder Lake Break. It is along strike and immediately adjacent to
Gold Bullion Development's Granada Project where a preliminary block model
shows a potential for 2.4 to 2.6 Moz(1)
(goldbulliondevelopmentcorp.com). Following geochemical and geophysical
surveys conducted from 2007 to 2009, Threegold
initiated a 4,474-metre, 22-hole diamond drilling program in the fall of 2009
to investigate the most significant targets on the project. Results from this
program were announced earlier this year (see press releases of January 18
and February 17, 2010) and were used to outline a 1.8-kilometre gold corridor
on the project.
The purpose of the 2009 Adanac program was to verify the lateral extent of the
anomalous geochemical gold trend defined by surface soil samples and to
obtain key information on the trend and geometry of the structure and
mineralization. Having successfully achieved the goal of this preliminary
phase, the Company will now be able to target the deeper sections where
higher grade gold is more likely to occur.
In preparation for the 2011 diamond
drill program, Threegold has contracted Abitibi
Geophysics to conduct a downhole IP survey on
paired holes and detect off-hole zones of polarizable
material that could reflect the presence of sulphide
mineralization. The 2009 drilling program demonstrated the preferential
association of gold with zones of disseminated sulphides,
mainly pyrite, pyrrhotite and arsenopyrite.
In conjunction with this work, Threegold is also
reviewing geochemical data in order to correlate drill core trace element
geochemistry with MMI data from surface surveys performed between 2007 and
2009. Lastly, some sections of the core are currently being re-assayed to
better evaluate the potential for low-grade gold envelopes enclosing the main
structures. Results are expected shortly.
The 2011 diamond drilling program will
consist of approximately 5,000 m of diamond drilling targeting the -250m level
along the 1.8-km gold trend. The objectives of the program are to test the
extension of the gold-bearing structure below the reach of the 2009 drilling
program, to better define the sulphide zonation observed along the corridor, and to explain the
strong geophysical magnetic signatures that appear to terminate at the -100
to -150m levels and may reflect the presence of felsic
intrusive dykes. The program is scheduled to begin during the second quarter
of 2011.
Victor Goncalves
states, "We are highly enthusiastic about the progress on the Adanac project. The discoveries made so far are the
direct result of our exploration efforts. We look forward to this next phase
of drilling that will target a level never before investigated".
SOUTH BAY
Fieldwork has resumed on the South Bay
project, located 40 km east of Val-d'Or, while results from the fall programs
are pending. Surface sampling of a newly exposed showing assayed up to 27.7
g/t over 0.75m and encouraged the company to initiate a small exploratory
diamond drill program. Results from the surface trenching were announced
previously (see press release of November 22, 2010).
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Channel Sample - North Zone
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Channel Length Au
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(#) (m) (g/t)
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2.0 E 1.05 2.36
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3.5 E 0.50 4.01
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6.8 E 1.10 1.83
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11.6 E 4.30 1.88
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15.5 E 0.60 1.02
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16.5 E 0.75 26.69
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The company added additional claims and
designated cells to the project. The project area has grown from the original
176 ha to the present 3,833 ha and now provides access to additional ground
on the Vauquelin and Hop O' My Thumb properties
(848 ha) under an option agreement signed with Plato Gold Corporation (PGC:
TSX Venture Exchange).
Prospectair Inc is currently flying a 1,125 line-kilometre airborne magnetic and electromagnetic survey
that will be complemented by an IP survey over the new gold occurrence
discovered in the fall of 2010. Threegold is
planning a follow-up diamond drilling program for the summer of 2011.
Management is pleased with the
exploration progress on its projects and intends on maintaining a high level
of activity, focusing on targets that could have a significant impact on the
company.
This press release was prepared by
Antoine Fournier, P. Geo., Vice-President
Exploration for Threegold Resources Inc and a
Qualified Person as defined by NI43-101.
ABOUT THREEGOLD
Threegold Resources is actively pursuing gold
discoveries on three projects in prolific mining and exploration camps in
Ontario and Quebec. The 100% owned Adanac project
is immediately adjacent to Gold Bullion Development's Granada discovery and
west of Osisko Corporation's 12M ounce deposit in
the Abitibi belt. The South Bay Project yielded a significant surface
discovery near Val-d'Or and the Company has recently acquired land in the
Shining Tree Camp on the western extension of the Cadillac-Larder Lake Fault
Zone. Management is evaluating opportunities to create shareholder value with
its recent Rare Earth Element discovery and its Base Metal project in the
Gaspe Peninsula.
(1) The potential quantity and grade of
gold at Granada is conceptual in nature. Exploration to date is insufficient
to define a mineral resource and it is uncertain if further exploration will
result in the discovery of a mineral resource.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contact:
Mr. Victor Goncalves
Threegold Resources Inc.
President and CEO
204-997-5517
info@threegold.ca |