Threegold Resources Inc.: Exploration Update and Closing of Financing (2007-09-13)
VAL-D'OR, QUEBEC--(Marketwire - Sept. 13, 2007) - Threegold Resources Inc. (TSX VENTURE:THG) is pleased to provide its investors with an exploration update of its activities on its Gaspesie and Chibougamau projects. Field work resumed in the Gaspesie region, namely the Lemieux Dome Project in July and surface reconnaissance work outlined several new base metal occurrences. Grab samples from the new zones were collected and sent for analyses. Results are expected in the coming weeks. Trenching and detailed mapping extended other mineralized zones discovered in 2006. Exploration on the Frotet-Robert targeting a surface mineralized outcrop and MMI soil geochemical anomalies returned anomalous gold and copper values. The company also completed a 594,785$ private flow-through financing by issuing 1,699,642 shares.
Exploration recommenced in Gaspesie on the company's main project, the Lemieux Dome in July. Reinterpretation of available geophysical data outlined a number of additional base metal/gold targets on the existing property and an area to the south. The Property boundary was extended southwards to cover these potential epithermal base metal/gold targets resulting in the Lemieux Dome project now covers an area in excess of 150km2.
Field work, mainly trenching was focused on the Big Pioneer area. The Big Pioneer is a structurally controlled quartz veining system in a larger fault corridor. The original base metal showing was discovered in the 1920's and underwent underground development. Production was scheduled to commence in 1929 but was abandoned due to the Great Depression.
Initial trenching by Threegold in 2006 uncovered a large copper-bearing structure with individual grab samples assaying up to 4.16% Cu, 8.16% Zn and 41 g/t silver (press release March 29, 2007, trenches 2 and 4). In 2007 the mineralized zone was further exposed with five (5) additional trenches and the zone has now been traced for 1 kilometre on surface. The rocks are strongly weathered and mineralized with pyrite, chalcopyrite (commonly altered to malachite), sphalerite and galena.
Reconnaissance work and mapping around Trench 6 where the average of 32 grab samples produced 3.06% Cu and 5.17g/t Ag (press release March 29, 2007, trench 6) confirms that the area is part of a larger system of alteration with known mineral occurrences present at Pardiac with 8.8% Cu (http://www.ressourcesappalaches.com), Veronique, Elizabeth (results pending) and the Leclerc vein (unsampled). The mineralization is found in faults, breccias and veins with mineralized widths ranging from centimeters to tens of metres.
In addition reconnaissance exploration on the Vital and Gasse-Lemieux Properties outlined a number of mineralized occurrences in areas that had not been subjected to systematic exploration since the 1950's. These new occurrences will be fully exposed by stripping, sampled and evaluated in the coming weeks. They encompass various styles of base metal mineralization associated with either felsic to intermediate intrusives or sedimentary rocks and contain either chalcopyrite or sphalerite as the dominant sulphide mineral of interest.
A first phase exploration programme on the Mont-de-l'Aigle Property optioned at the beginning of the year (press release January 30, 2007) is scheduled to commence shortly.
During the month of May, exploration work commenced on the Frotet-Robert Property located to the NNE of Chibougamau. Bedrock underlying MMI geochemical anomalies was exposed, mapped and sampled. Minor shear zones injected with mineralized quartz veins containing anomalous copper (27 to 1300 ppm) and gold (5 to 399 ppb) were found in the exposures and partially explained the MMI anomalies. A five-hole diamond drilling program intersected disseminated pyrite and chalcopyrite lining the contact between volcanics and intermediate intrusives. Results for the core samples are pending.
Threegold also wishes to announce that it has completed a private placement by issuing 1,699,642 "flow-through common shares to investors in Ontario and Quebec at a price of $0.35 per share, for gross proceeds to Threegold of $594,875.
Under applicable securities legislation and the policies of the TSX Venture Exchange, the common shares issued pursuant to the private placement are subject to a hold period expiring on January 13, 2008.
All of the proceeds from the private placement will be will be used for exploration work on the company's existing mining exploration properties located in the Province of Quebec.
As a result of the private placement, there are 21,205,700 common shares of Threegold issued and outstanding.
Threegold is an innovative mineral exploration company focused on the exploration for gold and base metals in the Province of Quebec. The Company is now embarking on its first field season with exploration planned on the Lemieux Dome situated on its Vital, Gasse-Lemieux and Mont-de-l'Aigle Properties for copper, zinc and silver, on the Adanac Property for gold and on the Frotet - Robert Property for copper, zinc and precious metals. The field work will assist in establishing priorities for future exploration through systematic geological, geophysical and geochemical surveys.
Antoine Fournier P. Geo is the Qualified Person responsible for the technical contents 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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