Threegold Acquires 11,854 Meters of Historical Diamond Drilling Hole Core at Standard Gold, Including Five Unfiled Drill Holes totalling 2,137 Meters With Intersections in Gold Over up to 531 Meters and Grades of up to 71.31 g/t Au Over 0.9 Meters
VAL-D'OR, QUÉBEC--(Marketwire - Dec. 14, 2012) - December 14, 2012 - Threegold Resources Inc (TSX VENTURE:THG) ("Threegold" or the "Company") is pleased to announce that it has recently acquired a data base of 11,854 meters of diamond drilling hole core that was drilled on the Standard Gold property in the early 1980's (see appended map 1 and appended map 2). Of additional and particular interest, the data base contains detailed logs of unfiled cores totalling 2,137 meters.
All the best historical intersections (>0.5 g/t Au) are summarized in tables 1 and 2 (see appended tables). Note that the resources reported in tables 1 and 2 are provided as historical data and the Company will not be relying the data until they have been verified.
Among the intersections of the unfiled 2,137 meters of core, the data base highlights significant mineralized sections with the following low rates of core sampling :
- S-42 : 531.0 meters with a sampled length of 172.9 meters or 32.6%;
- S-42W3 : 322.0 meters with a sampled length of 145.5 meters or 45.2%;
Among the intersections of the other recovered cores, the data base also highlights significant mineralized sections with the following relatively low rates of core sampling :
- S-84-4 : 445.0 meters with a sampled length of 65.8 meters or 14.8%;
- S-84-2W3 : 365.0 meters with a sampled length of 37.1 meters or 10.2%;
- S36 : 200.6 meters with a sampled length of 127.2 meters or 63.4%;
- S38 : 176.6 meters with a sampled length of 153.9 meters or 87.1%;
- S-87-1 : 162.9 meters with a sampled length of 43.6 meters or 26.7%;
- P7 : 155.4 meters with a sampled length of 114.9 meters or 73.9%;
- P1 : 69.7 meters with a sampled length of 62.0 meters or 89.0%;
- P2 : 50.6 meters with a sampled length of 28.8 meters or 56.8%;
- S59 : 46.5 meters with a sampled length of 22.2 meters or 47.8%.
The core has been safely stored in core shacks and is in good shape since it was drilled in the 1980's in the immediate vicinity and at different underground levels of the historical mine. Historical assay logs and a strong data base of information come along with the core. Forthwith upon the acquisition, Threegold matched the core holes with the drill collars and geo-referenced them. The core, which has been stored in Val-d'Or is being transferred to Malartic, Québec where a re-logging and re-assay program for gold and multi-elements is underway by the management of Bowmore Exploration, Threegold's option partner.
Several things stand out in this such as the fact that achieving almost 12,000 meters of drilling is time consuming and costly for an exploration company and to acquire this core and data for a nominal cost is of huge benefit to Bowmore and Threegold's shareholders. Secondly, this drill core will allow the Company to better understand the highly prospective geological context of the area. Thirdly, with re-analysis of the full mineralized sections, this data would be conclusive for a future NI43-101 technical report. Fourth, previous work done by Bowmore Exploration, the Company's option partner, have already demonstrated the strong potential of the area by defining extension of the historical gold mineralized corridor (see press release March 29th 2012).
Victor Goncalves, President and CEO of Threegold Resources Inc. stated: «We are pleased to have been fortunate enough to get our hands on well over one million dollars worth of drilling. The Company will commence the necessary work to maximize the data at hand».
Alain Berclaz, P.Geo., Vice-President Exploration for Threegold Resources and a Qualified Person as defined by National Instrument 43-101, has reviewed the technical content of this press release.
Threegold has established itself as one of the premier exploration companies in Québec. The Company has a highly qualified technical team with extensive exploration experience, including previous gold discoveries in Québec, and management with financing and public company expertise.
Threegold offers investors a portfolio of high-quality exploration projects focussing on Canadian assets primarily in Québec; and the potential to create shareholder wealth through discoveries of new, low-cost multi-million ounce gold deposits.
Threegold's strategy is to mitigate shareholder risk through partnerships with the likes of Bowmore Exploration.
Except for statements of historical facts, all statements in this news release regarding, without limitation, new project acquisitions, future plans and objectives are forward-looking statement which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements.
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.