Threegold Intersects High Grades on South Bay Gold Project Including 1.01 g/t Au Over 8.3 Metres and Up to 6.4 g/t
March 15 2012 - 11:56AM
Marketwired
March 15, 2012 - Threegold Resources Inc (TSX VENTURE:THG) is
pleased to announce assay results for gold from the phase 2 diamond
drilling program on its South Bay gold project located in the
prolific Abitibi Greenstone Belt, some 40 km east of Val-d'Or,
Quebec. Results for gold reveal the South Bay Property as very
prospective gold project and the Main Zone (including Nord 1 and
Nord 2 showings) as a promising gold mineralized system.
The 2011 phase 2 diamond drill program, totalling 1819 metres in
eighteen (18) holes, was designed to test the extensions along
strike over more than 250 m, laterally and at depth of the Main
Zone (North) defined by the Nord 1 and Nord 2. The best intercepts,
in core length, are summarized as follows :
Main Zone (North) including Nord 1 and Nord 2 showings
-- Hole SB-11-01 : 1.01 g/t Au over 8.3 metres (from 34.9m to 43.2m),
including sections grading at 2.10 g/t Au over 3.4 metres and 6,43 g/t
over 0.5 metre;
-- Hole SB-11-06 : 0.56 g/t Au over 1.0 metres (from 20.7m to 21.7m) and
1.33 g/t Au over 4.9 metres (from 72.3m to 77.2m);
-- Hole SB-11-02 : 0.82 g/t Au over 5.0 metres (from 34.0m to 39.0m),
including a section grading at 1.79 g/t Au over 2.0 metres;
-- Hole SB-11-03 : 0.87 g/t Au over 3.0 metres (from 55.5m to 58.5m),
including a section grading at 1.26 g/t Au over 2.0 metres;
-- Hole SB-11-08 : 0.97 g/t Au over 1.0 metres (from 34.0m to 35.0m),
including a section grading at 1.12 g/t Au over 0.5 metre; and 0.5 g/t
Au over 3.2 metres (from 42.0m to 45.2m);
-- Hole SB-11-10 : 0.66 g/t Au over 4.0 metres (from 23.0m to 27.0m),
including a section grading at 1.09 g/t Au over 1.0 metre; and 1.14 g/t
Au over 0.6 metre (from 38.0m to 38.6m);
Threegold has been exploring the South Bay property since the
fall of 2010 with the objective of testing historical gold
occurrences and assessing the near-surface context of the Main
(North) Zone mineralization. The 2010 trenching and drilling
program (phase 1) was highly successful in demonstrating the
continuity of the Main Zone and the potential for wider zones (up
to 1.73 g/t Au over 5.3 m including 6.76 g/t over 0.9 m; see press
release Sept 22, 2011). The 2011 drill program confirms the
presence of gold mineralization at shallow depth and highlights the
occurrence of an envelope of strong gold mineralization
recognizable over a minimum strike length of 250 m and a width
ranging from 50 to 100 m. This mineralized system is characterized
by disseminated pyrite in quartz veins with tourmaline, enclosed in
several, meter thick, shear zones straddling the contact between a
tonalite, feldspar porphyry dykes and mafic volcanics. The sheared
rock package is highly silicified and sericitized with chlorite and
biotite.
The new occurrence recently discovered at approximately 900 m
north of the Main Zone, and characterized by quartz veins in
sheared metavolcanics, was traced over 100 m and returned values in
gold of up to 1.71 g/t Au in grab samples (see press release Sept
22, 2011). Grab samples are selective by nature and are unlikely to
represent average grades. Further exploration is still required to
validate these results and assess the full gold potential of this
zone. In addition, the mineralized trend enclosing the Central Gold
and Silver -Zinc showings where high grade values in silver were
revealed (135 g/t Ag, see press release Sept 22, 2011) are also of
particular interest. Complete results for these latter areas are
still pending and will be released as soon as they will be
interpreted.
Victor Goncalves, President and CEO of Threegold Resources Inc.
stated: ''We are pleased and very encouraged to release this
successful set of drill results, which confirm the extension of
high grade gold over significant lateral and along-strike lengths
as well as at shallow depth. We are also excited about launching
phase 3 drilling program early this spring that will be designed to
assess the other promising and untested anomalies from the recently
completed IP survey. I am also very pleased to have Mr. Berclaz
really sink his teeth into this project as he has done his masters
in the area of South Bay".
Quality Control
Antoine Fournier, P.Geo has supervised the diamond drilling and
sampling program. Assay samples were taken from NQ core sawed in
half, with one half sent to Agat Laboratories, a commercial
laboratory in Mississauga, Ontario, and the other half retained for
future reference. A strict QA/QC program was applied to all
samples, which includes mineralized standards and blank samples for
each batch of 20 samples. The gold analyses were completed by fire
assay with an ICP-OES finish on 50 grams of material. Repeats were
carried out by fire assay followed by gravimetric finish on each
sample containing 3.0 g/t gold or more. Routine checks and
duplicates are also performed by Agat laboratory as part of their
internal quality control and quality assurance protocol. Alain
Berclaz, P.Geo., Vice-President Exploration for Threegold Resources
and a Qualified Person as defined by National Instrument 43-101,
has reviewed the technical content of this press release.
About Threegold
Threegold has established itself as one of the premier
exploration companies in Quebec. The Company has a highly qualified
technical team with extensive exploration experience, including
previous gold discoveries in Quebec, 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 Quebec. 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
Quebec.
You can also visit our website: www.threegold.ca
Neither the TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Threegold Resources Inc Mr. Victor Goncalves President
and CEO (204) 997-5517info@threegold.ca Threegold Resources Inc Mr.
Alain Berclaz, P. Geo. Vice President Exploration (514)
677-2229info@threegold.ca Threegold Resources Inc Mr. Sylvain
Laberge Investor Relations (514) 702-9841info@threegold.ca
www.threegold.ca