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Threegold Resources Inc. (TSX VENTURE:THG - News) is pleased to announce results
from the surface channel sampling collected on the South Bay property, 40Km's
east of Val-d'Or, Quebec . Significant gold values of up to 26.7 g/t were
sampled and results confirm the potential of a high grade discovery in a
prolific gold mining region of Canada.
Threegold management is highly enthusiastic with
the initial results and has decided to mobilize a drill immediately to the
project to verify the extension at depth and along strike of the surface
discovery. The program will consist of a series of short holes aimed directly
below the exposed mineralized zone. Surface magnetometric
and Induced Polarization geophysical surveys will also be carried out to
characterize the discovery area.
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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 commenced its first work
program on the South Bay property located some 40km due east of Val-d'Or,
Quebec during the fall of 2010 to localize previous gold occurrences. Some
historic trenches were localized cleared and stripped using a backhoe. The
rocks exposed were felsic to intermediate intrusives exhibiting significant silicification
and sericitation and were cut by folded quartz
veins and veinlets carrying substantial pyrite
mineralization. The surface was sampled by cutting channels at various
intervals and collecting the material. Two (2) further sectors were stripped,
channelled and sampled on South Bay and results for
these are pending. These two additional sectors are believed to be part of
the historical occurrences reported on the project but never properly
located.
The fifty (50) channel samples were sent
to Actlabs (Activation Laboratories Ltd) in
Ste-Germaine-de-Boule for assaying using
conventional Fire Assay with Atomic Absorption finish on a 30g pulverized
split portion. Results exceeding 3000 ppm were reassayed with a gravimetric finish. Exploration and
sampling of the project was carried out under the direct supervision of
Robert Tremblay, P.Geo. Samples were delivered
directly to the laboratory for treatment.
Private Placement
Threegold also wishes to announce that it has
arranged a private placement to raise up to
$1,000,000 by issuing 4,000,000 units at a price of $0.25 per unit. Each unit
is be comprised of one (1) common share of the company and one share purchase
warrant entitling the holder to purchase one additional common share of the
company at a price of $0.35 for a period of one year following the closing
The warrants include an acceleration clause to the effect that if at any time
after four (4) months and one (1) day following the closing of the private
placement the trading price of the common shares of Threegold
on the TSX Venture Exchange is equal or exceeds $0.45 for 20 consecutive
trading days, Threegold shall be entitled to notify
the holders of warrants of its intention to force the exercise of the
warrants.
In connection with the private
placement, a cash commission of up to 8% may be paid to agents and 8 percent
brokers.
This press release was prepared by
Antoine Fournier, P. Geo, vice-president exploration for Threegold
Resources Inc. and Qualified Person as defined by NI43-101
ABOUT THREEGOLD
Threegold Resources is actively pursuing an gold discovery in three projects in prolific mining and
exploration camps in Ontario and Quebec. The 100% owned Adanac
project is immediately adjacent to GoldBullion's
Granada discovery and west of Osisko's 12M ounce
deposit on the Abitibi belt. The South Bay Project has made a significant
surface discovery near Val-D'Or in the and the
Company has recently acquired land in the Shining Tree Camp on the eastern
extension of the Cadillac Fault Zone. Management is evaluating opportunities
to create shareholder value with its recent Rare Earth Element discovery and
its Base Metal project in Gaspe Peninsula.
You can also visit our website:
www.threegold.ca
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
www.threegold.ca
Mr. Antoine Fournier, P. Geo.
Threegold Resources Inc.
Vice-president Exploration
819-825-3883
info@threegold.ca |