Threegold Acquires 100% Interest in Shining Tree Claims (2010-10-20)
VAL-D'OR, QUEBEC, Oct. 20, 2010 (Marketwire) -- Threegold Resources Inc. (TSX VENTURE:THG) is pleased to announce that it has purchased a 100% interest in 12 claims in the Shining Tree district.
The Shining Tree area is strategically located in the Larder Mining Division, District of Sudbury, Ontario between Timmins, Sudbury and Kirkland Lake along the extension of the well-known Cadillac-Larder Lake Break host to numerous gold mines in Ontario and Quebec. It lies within the Abitibi Greenstone Belt where the geology is characterized by ultramafic to mafic volcanics with lesser pyroclastics and metasedimentary rocks of Huronian and Temiscaming age all of which are intruded by numerous felsic to mafic dykes. The rocks in the area are folded in a synclinal with a moderate northwest plunge that is observed in the steeply dipping, rapidly turning structures. The gold mineralisation is associated with quartz veins of various nature either as shear-hosted or tension veins.
The claim blocks are immediately adjacent to the Creso Resources Inc. and Goldeye Explorations Limited properties between the Duggan, Tyranite and Minto occurrences in the Tyrell and Knight townships. The area has been seeing increasing activity with high grade assays being reported by Creso Resources near to the Threegold properties. These assays include hole M_09-02 drilled by Creso grading 18.2 g/t Au over 65.7 meters including a section of 25.7 meters grading 33.2 g/t Au.( see CXT NR dated 2010-06-10)
The terms of the agreement are as follows: $150,000 and 3.3 million shares of the company which will be subject to a 4 month hold. The property is subject to a total 3% NSR of which 1% of it can be bought for $1 million. A finders fee of 330,000 shares was paid in connection with this property acquisition. The acquisition is subject to regulatory approval.
Threegold Resources is a dynamic and active Quebec-based junior explorer with a diversified property portfolio. Threegold is pursuing exploration on three main projects in Quebec: Lemieux Dome in the Gaspe Peninsula for copper, zinc, lead, silver and gold; Mercier in the Abitibi region where the company recently made a rare earth element discovery containing base and rare metals (see press release of February 2, 2010); and Adanac, a gold property located a few kilometres from downtown Rouyn-Noranda.
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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