Threegold in Gold Completes First Stage Exploration and Acquires New Project (2011-08-09)
Val-d’Or, Québec, Canada – August 09, 2011 – Threegold Resources Inc. (“Threegold” or “the Company”) (THG: TSX Venture Exchange) wishes to inform its shareholders that the initial surface mapping and sampling programs have been completed on its Adanac, South Bay and Barraute properties in preparation for the upcoming diamond drilling programs scheduled to commence in early fall. Surface grab samples have been shipped to the laboratory and results are expected shortly. The results will help characterize surface alteration and gold distribution on the projects, which are essential elements for drill targeting. The company also wishes to announce it has acquired the Charlemagne Project — a new gold project in the Abitibi region.
Field exploration on the Adanac Project started in June of 2011 under the management of Osisko Mining Corporation (TSE: OSK) (see press release of June 28, 2011), notably with the relogging of some key holes, the characterization of known alteration and mineralization, and extensive surface sampling of outcrops on the property. Drilling is expected to begin once all the data has been entered into a comprehensive database that will include the results from the first phase of exploration. Osisko has committed to spending $750,000 in exploration during the first year of a four-year option agreement to earn a 51% interest in the project.
Threegold has also completed the first phase of exploration on its South Bay Project, which includes the Plato Gold (TSXV: PGC) Option comprising the Hop O’ My Thumb and Vauquelin properties. Surface outcrops were systematically located and mineralization was sampled when present. Many grab samples were collected during the three-week program and sent for gold and silver assaying at Techni Lab S.G.B. Abitibi Inc. This first phase of exploration will greatly improve our overall geological interpretation of the project and help predict the locations of more fertile environments where drilling should be carried out.
Preliminary reconnaissance was also conducted on the Barraute property and the newly acquired Charlemagne Project. The latter is located some 70 km northeast of Val-d’Or and is underlain by intrusive gabbroic rocks cut by porphyritic felsic dykes. Threegold may earn a 100% interest in the project by making cash payments of $32,000 ($16,000 upon signing and $16,000 on the second anniversary) and issuing 300,000 common shares (100,000 upon signing and two tranches of 100,000 on the first and second anniversaries), in addition to carrying out $200,000 in exploration work. A bonus of 250,000 common shares will be paid upon filing a 43-101-compliant resource estimate of 100,000 troy ounces on the project (measured and indicated). Following the acquisition, the seller will retain a 2% NSR of which 1% can be bought back at any time for $1,000,000.
Victor Goncalves, President and CEO of Threegold Resources, comments: “We are pleased with the way Threegold has evolved over the past year. We are now fully committed to gold exploration in a world-renowned gold mining camp and have over $2 million in working capital. In these uncertain times, we are now in a better position to fully benefit from the accrued interest in the gold markets.”
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 aims to create shareholder wealth through the discovery of new deposits with a focus on Canadian assets, mainly in Québec. Threegold offers investors a portfolio of high-quality exploration projects and the potential to take part in a major discovery.
With a strategic property portfolio and solid partnerships, like the one with Osisko Mining Corporation, Threegold’s goal is to discover a low-cost, multi-million ounce gold deposit in Québec.
For further information, please contact:
Mr. Victor Goncalves
Mr. Antoine Fournier, P. Geo.
You can also visit our website: threegold.ca
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.
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