Threegold Acquires Mercier Copper Project and Provides an Update on the Lemieux Dome Drilling (2007-11-21)
VAL-D'OR, QUEBEC--(Marketwire - Nov. 21, 2007) - Threegold Resources Inc. (TSX VENTURE:THG) wishes to inform its shareholders of the acquisition of the Mercier Project. The project covers an alkaline intrusive with anomalous copper zones. The company is also pleased to report that the drilling program is proceeding as planned on the Lemieux Dome.
Threegold Resources has recently signed an agreement for the acquisition of the Mercier Project with Nievex Geoconsulting, a private company controlled by Antoine Fournier, the president of Threegold Resources. The project covers an alkaline intrusive body trending northeast and extending over approximately 6 kilometres in length by 2 to 3 kilometres in width.
The intrusive complex was initially discovered during a regional airborne magnetic survey along the Grenville-Superior transition zone. Quebec Cartier Mining Co. staked a bi-lobate area characterized by a high magnetic signature and subsequent drilling outlined zones with high magnetite content. Rio Tinto Canadian Exploration Ltd. optioned the project in 1974 and completed soil geochemistry, ground geophysics and a drill fence across the southern lobe of the intrusive outlining copper mineralization grading up to 0.6% over 1.5 metres. It is important to note that of the 3 diamond drill holes completed by Rio Tinto, only the last was sampled over selected intervals and assayed for copper.
The property was thereafter subjected to sporadic exploration, first in 1976 by International Minerals and Chemical Corporation for its phosphorus potential, then by Shell Canada Resources Inc. in 1980 to evaluate the theoretical potential of several geophysical conductors and last by Norcal Resources Ltd. and Gold Giant Minerals Inc. while evaluating the potential for gold of rocks from the Superior Province Formations extending into the Grenville Province.
The property was thereafter staked by Nievex in 2001 and the claims were maintained by carrying out selective exploration. In August of 2007, Threegold Resources, prior to the acquisition of the claims, carried out a due diligence MMI soil geochemistry on the project. The results from this survey outlined broad areas anomalous in copper, nickel and cobalt in two specific targets. The first stands out as a well circumscribed circular anomaly while the second traces a discontinuous linear anomaly along the northeastern flank of the complex. Both anomalies are continuous over several hundreds of metres. It is of interest to note that the only hole assayed by Rio Tinto intersected the anomalous linear MMI trend in an area characterized by a low MMI copper response.
Threegold will carry out a diamond drilling program on Mercier to test the MMI soil anomalies in early 2008. A compilation of previous geophysical surveys is currently being undertaken to see if the geochemical anomalies correlate with geophysics.
According to the terms of the acquisition, Threegold Resources will pay Nievex $25,000 in cash and will issue 100,000 shares of the company at signature. The property will then be subjected to a 2% NSR of which 1% can be bought back at any time for $1.5M at any time. The acquisition was approved by the Board of Directors of Threegold, Mr. Fournier having formally declared his interest and abstaining from voting on the resolution. The acquisition is subject to regulatory approval.
Threegold also wish to provide a drilling update on its Lemieux Dome Project. Diamond drilling began in mid-October on the project initially targeting the Big Pioneer zone. Drilling is proceeding as planned and according to schedule. A series of samples have been sent to the laboratory for assay, however due to the assaying backlog, results are not expected before year end.
Antoine Fournier, P. Geo. M. Sc. and president of the company is responsible for the technical content of this press release.
For further information, please contact:
Antoine Fournier, P.Geo.
Threegold Resources Inc
Tel.: (819) 825-3883
Fax: (819) 825-7545
Octavio Soares, FCA
Chief Financial Officer
Threegold Resources Inc
Tel.: (418) 999-8811
Fax: (418) 652-8149
S.D.N.L. Financial Communications
Tel: (514) 380-5610
You can also visit our website: 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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