- Recent surface sampling yielded up to 27 g/t Au in channel samples
- Land position enlarged by collecting 53 claims from Plato Gold and additional claims by ground staking
- Located in the eastern and most active part of the Val-d’Or camp
|Claims: 129||Plato option: 53|
|Acres: 13,184.83 (20.60 mi2)||Plato option: 2,288.74 (3.58 mi2)
|Hectares: 5335.55 (53.36 km2)||Plato option: 926.22 (9.26 km2)|
Property center point coordinates:
|Long. 77.209451 W||Lat. 48.077942 N|
|UTM||Zone 18||335437.63 m E||5327324.61 m N|
Activity in the areaExploration companies in the area:
- Plato Gold Corp
- Pro-Or Resources
- Adventure Gold
- Galahad Metals
- Alexis Corp
Adjacent Claims to properties:
- Plato Gold Corp
- Pro-Or Resources,
Known deposits in the Area:
- Blue Note Mining - Croinor Project (1,4Mt @6.31g/t)
The South Bay Project comprises three separate properties: South Bay, Hop O’ My Thumb and Vauquelin. The latter two are optioned from Plato Gold Corporation. The South Bay property covers three individual mineral occurrences that were discovered and worked in the 1950s, but remained relatively untouched until some local prospectors picked up the claims in 2007. Threegold recognized the potential of the eastern portion of the Val-d’Or formation and optioned the claims in 2009.
Terms of the Plato Gold option
Threegold signed an option agreement with Plato Gold Corporation for the Hop O’ My Thumb and Vauquelin properties. Under the terms of the agreement announced November 16 2010, Threegold paid an initial cash amount of $50,000 to Plato Gold and is required to pay $50,000 in cash or stock on each of the anniversaries for the remaining 4 years. In addition, Threegold will have to complete a $500,000 work program during the second and third years of the agreement, and deliver a NI 43-101 Technical Report on the two properties after the fourth year.
Once Threegold obtains a 75% interest, Plato will retain a 2% NSR, half of which may be bought back at any time by Threegold for an amount of $1M.
The property is underlain by a sequence of alternating intermediate and felsic volcanic rocks of the Val-d'Or Formation intruded by irregular felsic intrusives. The intrusives on the property are crosscut by WNW- and NNW-trending shear zones locally mineralized with gold (Au) and/or silver-zinc (Ag-Zn).
In the fall of 2010, Threegold located and exposed through trenching the historical North Zone showing, which had reportedly been exposed over a maximum width of 14.75 feet (4.5 m) by the previous owners in the 1950s. Five (5) short diamond drill holes were sunk directly below the main occurrence to confirm the extension and orientation of the mineralization. Historical drilling results from 1945 include 0.63 oz/t Au over 2 ft (21.6 g/t Au over 0.61 m), 0.12 oz/t Au over 2 ft (4.11 g/t over 0.61 m), and 0.92 oz/t Au over 2.5 ft (31.54 g/t Au over 0.76 m). Results from Threegold’s drilling program are pending.
Located 900 metres from the North Zone, the South Zone was stripped in 1992 by the previous owners. Continuous channel sampling across the exposed NW-trending structure yielded assays of 0.172 oz/t Au over 11 ft (5.9 g/t Au over 3.35 m), 0.245 oz/t Au over 8 ft (8.4 g/t over 2.44 m), 0.465 oz/t Au over 3 ft (15.94 g/t over 0.91 m), and 0.27 oz/t Au over 2 ft (9.26 g/t Au over 0.61 m). These results confirmed historical gold values.
The Silver Zone is located about 150 metres south of the South Zone. Grab samples collected in 1945 returned 394 oz/t Ag (13,509 g/t Ag) and drilling yielded 124 oz/t Ag over 2 ft (4,252 g/t Ag over 0.61 m).
Threegold will continue stripping the South and Silver zones to better understand the structural context and to carry out systematic channel sampling before drilling.
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