Threegold Resources Begins Work on its Projects (2007-05-17)
VAL-D'OR, QUEBEC--(CCNMatthews - May 17, 2007) - Threegold Resources Inc. (TSX VENTURE:THG) is pleased to announce the commencement of its first field exploration program as a publicly listed company. A budget of $2.4 million for exploration has been allocated to develop the company's projects.
A field crew and drill rig are currently being mobilized to Chibougamau to carry out a trenching and short diamond drilling program on the company's Frotet-Robert gold-silver-copper-zinc Property. The property was acquired by way of an option agreement in July of 2006 (Press release July 14th 2006). A Mobile-Metal-Ion (MMI) geochemical soil survey was conducted in 2006 to better define the known zones of mineralization. This survey identified three new anomalous target zones for base metals and one for gold on the project. These new targets will be stripped with a backhoe during this work program to expose the underlying rocks. The current known mineralized areas will be drilled to evaluate their potential.
Work will also resume, as soon as weather permits it, on the Lemieux Dome Project which is comprised of the contiguous Vital, Gasse-Lemieux, Appalaches Option and Cascapedia properties (totaling 120 km2) which cover a strongly mineralized large-scale geological structure. Preliminary work carried out in 2006 to improve access to the property has resulted in the discovery of a number of previously unknown copper-silver and zinc showings in lesser explored areas of the property (Press release March 29th 2007). Work planned for 2007 will include reestablishing access to target areas on the project, geological mapping and a property-scale lithogeochemical survey to be followed-up by a diamond drilling program in the fall.
The company has retained several consultants that are now reviewing the project data as well as the recommendations put forth in a National Instrument 43-101 compliant technical report produced by Jean-Pierre Cloutier, P.Geo. in December 2006 (an independent consultant to the company). A work schedule is being designed prior to commencing exploration on the property.
The company believes that these work programs will assist in establishing our priorities and help with the development of our projects.
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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