Threegold Resources Inc.: Significant Gold Grades Discovered, Up to 26.7 Grams Per Tonne at South Bay Project, Val-d'Or, Quebec
11/22/2010 10:36:09 AM - Market Wire
VAL-D'OR, QUEBEC, CANADA, Nov 22, 2010 (MARKETWIRE via COMTEX News Network) --
Threegold Resources Inc. (TSX VENTURE: THG) is pleased to announce results from the surface channel sampling collected on the South Bay property, 40Km's east of Val-d'Or, Quebec . Significant gold values of up to 26.7 g/t were sampled and results confirm the potential of a high grade discovery in a prolific gold mining region of Canada.
Threegold management is highly enthusiastic with the initial results and has decided to mobilize a drill immediately to the project to verify the extension at depth and along strike of the surface discovery. The program will consist of a series of short holes aimed directly below the exposed mineralized zone. Surface magnetometric and Induced Polarization geophysical surveys will also be carried out to characterize the discovery area.
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Channel Sample - North Zone
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Channel Length Au
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(#) (m) (g/t)
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2.0 E 1.05 2.36
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3.5 E 0.50 4.01
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6.8 E 1.10 1.83
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11.6 E 4.30 1.88
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15.5 E 0.60 1.02
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16.5 E 0.75 26.69
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The company commenced its first work program on the South Bay property located some 40km due east of Val-d'Or, Quebec during the fall of 2010 to localize previous gold occurrences. Some historic trenches were localized cleared and stripped using a backhoe. The rocks exposed were felsic to intermediate intrusives exhibiting significant silicification and sericitation and were cut by folded quartz veins and veinlets carrying substantial pyrite mineralization. The surface was sampled by cutting channels at various intervals and collecting the material. Two (2) further sectors were stripped, channelled and sampled on South Bay and results for these are pending. These two additional sectors are believed to be part of the historical occurrences reported on the project but never properly located.
The fifty (50) channel samples were sent to Actlabs (Activation Laboratories Ltd) in Ste-Germaine-de-Boule for assaying using conventional Fire Assay with Atomic Absorption finish on a 30g pulverized split portion. Results exceeding 3000 ppm were reassayed with a gravimetric finish. Exploration and sampling of the project was carried out under the direct supervision of Robert Tremblay, P.Geo. Samples were delivered directly to the laboratory for treatment.
Private Placement
Threegold also wishes to announce that it has arranged a private placement to raise up to $1,000,000 by issuing 4,000,000 units at a price of
.25 per unit. Each unit is be comprised of one (1) common share of the company and one share purchase warrant entitling the holder to purchase one additional common share of the company at a price of
.35 for a period of one year following the closing The warrants include an acceleration clause to the effect that if at any time after four (4) months and one (1) day following the closing of the private placement the trading price of the common shares of Threegold on the TSX Venture Exchange is equal or exceeds
.45 for 20 consecutive trading days, Threegold shall be entitled to notify the holders of warrants of its intention to force the exercise of the warrants.
In connection with the private placement, a cash commission of up to 8% may be paid to agents and 8 percent brokers.
This press release was prepared by Antoine Fournier, P. Geo, vice-president exploration for Threegold Resources Inc. and Qualified Person as defined by NI43-101
ABOUT THREEGOLD
Threegold Resources is actively pursuing an gold discovery in three projects in prolific mining and exploration camps in Ontario and Quebec. The 100% owned Adanac project is immediately adjacent to GoldBullion's Granada discovery and west of Osisko's 12M ounce deposit on the Abitibi belt. The South Bay Project has made a significant surface discovery near Val-D'Or in the and the Company has recently acquired land in the Shining Tree Camp on the eastern extension of the Cadillac Fault Zone. Management is evaluating opportunities to create shareholder value with its recent Rare Earth Element discovery and its Base Metal project in Gaspe Peninsula.
You can also visit our website: www.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.
Contacts:
Threegold Resources Inc.
Mr. Victor Goncalves
President and CEO
204-997-5517
info@threegold.ca
www.threegold.ca
Threegold Resources Inc.
Mr. Antoine Fournier, P. Geo.
Vice-president Exploration
819-825-3883
info@threegold.ca
S.N.D.L. Financial Communication
Mr. Sylvain Laberge
Investor Relations
514-380-5610
slaberge@sdnlfinancial.com
SOURCE: Threegold Resources Inc.
mailto:info@threegold.ca https://www.threegold.ca mailto:info@threegold.ca mailto:slaberge@sdnlfinancial.com
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