VANCOUVER, British Columbia, May 18, 2022 (GLOBE NEWSWIRE) -- Trailbreaker Resources Ltd. (TBK.V) (“Trailbreaker” or “the Company”) is pleased to announce the acquisition of the Eagle Lake property in south-central BC (British Columbia). The property was acquired through a combination of staking and a sale agreement with Teck Resources Limited (“Teck”) on their Takomkane property.
Eagle Lake Location Map (See high resolution version)
Highlights of the new Eagle Lake property
- Situated directly adjacent to Consolidated Woodjam Copper Corp.’s Woodjam Cu-Au (copper-gold) porphyry project which hosts an inferred resource of 1.7B lbs copper and 968,100 oz gold with an aggressive 2022 exploration program planned.
- Results of limited historic exploration at the Eagle Lake property include a drill intercept of 3.52 g/t Au over 9.9 metres which remains to be followed up.
- Covers 18,990 hectares of prospective ground with potential for porphyry copper-gold and mesothermal gold discoveries.
- 100%-owned by Trailbreaker Resources, with a portion of the claim package subject to a 1% Net Smelter Royalty (NSR) held by Teck.
- Located 55 km east of Williams Lake, BC in the Caribou Mining district.
- Excellent road accessibility via an extensive network of well-maintained forest service roads.
- Situated within the Quesnel terrane which is host to several of BC’s large tonnage Cu-Au porphyry deposits.
Daithi Mac Gearailt, CEO of Trailbreaker, commented, “This is a landmark acquisition for Trailbreaker Resources and we are very thankful to Teck who clearly understood our vision to consolidate this land package and increase our chances of making a new discovery in this underexplored area of BC.”
About the Eagle Lake property
The 18,990-ha Eagle Lake property is an early-stage porphyry copper-gold and mesothermal gold prospect located in the Cariboo Mining district, approximately 55 km east of Williams Lake in south-central BC.
(see Overview Map). The property is road accessible by an extensive network of well-maintained forest service roads. The Eagle Lake property is 100%-owned by Trailbreaker, with a portion of it subject to an underlying 1% NSR to Teck.
The newly consolidated Trailbreaker claims are situated within the Quesnel terrane which is host to several of BC’s large tonnage copper-gold porphyry deposits. These include New Gold’s Afton mine, Imperial Metals’ Mount Polley mine, Taseko’s Gibraltor mine, and Centerra Gold’s Mount Milligan and Kemess mines. The Quesnel terrane also hosts numerous advanced-stage gold projects, such as the Spanish Mountain Gold project (measured and indicated resource of >4.5 M oz Au) located 45 km north of Eagle Lake, and Karus Gold’s FG gold project, located 35 km to the east.
The property is underlain by Late Triassic to Early Jurassic intrusive rocks of the Takomkane Batholith, with minor late Triassic volcanic rocks of the Nicola Group (see Regional Geology Map). The Eagle Lake property is contiguous to the advanced-stage Woodjam Cu-Au project and shares a similar geological setting. The Woodjam project covers a Cu-Au porphyry deposit with an inferred resource of 1.7 billion lbs copper and 968,100 oz gold.
Trailbreaker’s team believes the gold potential of the property has been overlooked in the past, as copper porphyry-style mineralization was the focus of all previous exploration conducted on the property. For example, in 2010, a small diamond drill program targeting Cu-Au porphyry mineralization (the “Moffat zone”) at the south end of the Eagle Lake property encountered significant gold-only mineralization. At the Moffat zone, drilling returned an intercept of 3.52 g/t Au over 9.9 m, (commencing at 253 m) within quartz stockworks and breccias (see Moffat Zone Map). No follow-up work was ever done. A regional-scale till sampling program executed in 2019 demonstrated that anomalous gold-in-till values were returned from the southern portion of the Eagle Lake property hosting this drill hole.
2022 exploration at Eagle Lake
Trailbreaker is planning to focus exploration efforts at the Moffat zone with a detailed mobile metal ion (MMI) soil geochemical survey. MMI geochemistry is a proven surficial exploration technique that has a track record of discovering deeply buried mineral deposits worldwide. Unlike conventional soil geochemical surveys, MMI analysis measures metal ions that travel upward from the bedrock and accumulate in the surface soil, allowing this method to detect deeply buried mineralization and to provide more focused anomalies. The planned MMI survey will be tightly spaced, and is designed to provide focused drill targets for potential future drill campaigns.
Terms of the agreement with Teck
The sale of the claims held by Teck is subject to the following terms:
- Trailbreaker shall issue 125,000 common shares within 7 business days of receipt of TSX Venture Exchange approval. Concurrent with the share issuance, Teck will transfer the title of the Property to Trailbreaker
- Teck shall retain a 1% NSR on the Property.
For more details and maps on the Eagle Lake property, see the dedicated section on Trailbreaker’s website.
Message from the President
“I am very excited about the addition of the Eagle Lake property to our growing portfolio of projects. We are all looking forward to a busy exploration season that has now been substantially enhanced with the addition of our new southern BC projects. The Eagle Lake property could be a real game changer for Trailbreaker.
There is a lot of ground here to explore, with great access and infrastructure, and with a neighbour like the Woodjam copper-gold project, it’s easy to envision the potential of this area.
As always, stay tuned for further updates!”
ON BEHALF OF THE BOARD
Daithi Mac Gearailt
President and Chief Executive Officer
Carl Schulze, P. Geo., Consulting Geologist with Aurora Geosciences Ltd, is a qualified person as defined by National Instrument 43-101 for Trailbreaker's BC and Yukon exploration projects, and has reviewed and approved the technical information in this release.
For new information about the Company’s projects, please visit Trailbreaker’s website at TrailbreakerResources.com and sign up to receive news. For further information, follow Trailbreaker’s tweets at Twitter.com/TrailbreakerLtd, use the ‘Contact’ section of our website, or contact us at (604) 681-1820 or at info@trailbreakerresources.com.
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.
Forward-Looking Statements
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; expectations regarding future exploration and drilling programs and receipt of related permitting. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as "anticipates", "expects", "understanding", "has agreed to" or variations of such words and phrases or statements that certain actions, events or results "would", "occur" or "be achieved". Although Trailbreaker has attempted to identify important factors that could affect Trailbreaker and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. In making the forward-looking statements in this news release, if any, Trailbreaker has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Trailbreaker does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
