Triumph Gold Announces Completion of the 2020 Field Campaign at Freegold Mountain Project, Yukon
VANCOUVER, British Columbia, Sept. 17, 2020 (GLOBE NEWSWIRE) -- Triumph Gold Corp (TSX-V: TIG) (OTCMKTS: TIGCF) (“Triumph Gold” or the “Company”) is pleased to provide an update on the 2020 exploration season on their 100% owned, road-accessible Freegold Mountain Project in the prolific Dawson Range of Yukon, Canada. The Project is host to three NI 43-101 Mineral Deposits and covers an extensive section of the Big Creek Fault zone, a structure directly related to epithermal gold and silver mineralization as well as gold-rich porphyry copper mineralization.
Triumph Gold commenced their fully-funded exploration program at the Freegold Mountain Project on August 1st of this year (PR20-07) and has now completed the short but successful field-based portion of the program. The 2020 program was designed to test near-surface gold targets in both the Nucleus-Revenue and Mount Freegold areas. Field exploration proceeded as planned, although access to the Irene-Goldstar Corridor and Melissa Zone was limited due to unusually high rainfall throughout the season. This year’s exploration program produced nine diamond drill holes totaling 2068.52 metres, plus minor trenching and reconnaissance sampling.
“The Triumph Gold exploration team conducted a productive and successful field program in 2020 despite the unprecedented challenges faced,” commented John Anderson, CEO and Chairman. “The program focused on greenfield, near-surface gold targets which coupled with a strong gold market should unlock additional value for our shareholders.”
Jesse Halle, VP Exploration added, “The Freegold Mountain Project continues to show its exploration up-side with every drill hole and new surface exposure, even in the greenfield locations, displaying eye-opening alteration and mineralization. I’m looking forward to the assay results and to an expanded exploration program in 2021.”
2020 exploration highlights include:
- Drill testing an anomaly identified by the recent drill hole-constrained 3D magnetic inversion model at Keirsten Zone, intersecting well sulphidized and magnetic porphyry copper-gold alteration and mineralization (assays pending);
- Drill testing an anomaly identified by the recent drill hole-constrained 3D magnetic inversion model at Revenue East, intersecting altered rocks containing visible gold, chalcopyrite, arsenopyrite, bismuthinite, molybdenite, and scheelite (assays pending);
- Inaugural drilling at Keirsten South, located over one kilometre south of the Keirsten Zone, intersecting new and prospective copper bearing rocks (assays pending), also related to porphyry copper-gold mineralization;
- Trench sampling of new bedrock exposed by ongoing placer gold mining at Happy Creek, revealing pyritic plutonic rock containing chalcopyrite (assays pending);
- Drill testing a fence of holes within the Irene-Goldstar Epithermal Corridor (PR20-03), revealing multiple broadly-mineralized zones containing arsenopyrite and local trace chalcopyrite, sphalerite, and galena in schists and gneiss (assays pending);
- Intersection of the high-grade epithermal Goldstar Vein approximately 50 vertical metres below the previously tested extent of the vein, implying continuity of the Goldstar Vein to at least 100 metres down dip (assays pending); and
- Reconnaissance sampling of fresh subcrop along a new access road to the Melissa Zone, exposing a massive stibnite vein (assays pending) amongst numerous quartz-feldspar porphyry dikes in locally hornfelsed and pyritic schist and gneiss containing thick, cross-cutting quartz veins.
All rock and drill core samples from the 2020 field exploration program have been delivered to SGS for preparation and final analysis. Assay results are expected in the coming months and will be reported upon passing quality assurance and quality control measures. New geology and mineralization are now being modelled, and positive drill results will be followed-up in the spring of 2021.
Covid-19 Response
As of September 17, 2020, there are 15 confirmed cases of the coronavirus disease (COVID-19) in the Yukon, all of which have been resolved by full recovery. Triumph Gold is committed to the health and safety of its employees and contractors. With recommendations from the Yukon Government and Yukon Chamber of Mines, Triumph Gold developed and implemented infection prevention and control measures at the Freegold Mountain Property to help reduce and minimize the risk of potential COVID-19 transmission in the camp and at related work sites. Employees, contractors, and visitors were regularly monitored for symptoms and required to review and adhere to current federal and territorial regulations, as well as Company prevention policies outlined in the Triumph Gold Corp COVID-19 Operational Plan while on site. Should anyone on site have shown COVID-19 or symptoms of COVID-19, all employees would have been required to follow the Triumph Gold Corp COVID-19 Emergency Response Plan. All camp employees and service providers were sourced from the Yukon, with the exception of Triumph corporate management, who followed regulations and guidelines upon entering the Territory. Please visit https://yukon.ca/en/case-counts-covid-19 for up to date COVID-19 data and guidelines for Yukon residents and business operators.
Precious Metals Summit Presentation
Triumph Gold participated in this year's virtual Precious Metals Summit from September 15th-17th, 2020. CEO and Chairman John Anderson gave a corporate update at 4:30PM EDT on Wednesday, September 16th in Virtual Room 2. You can view a replay of the presentation through this link.
Investor Relations Engagement
Triumph Gold is also pleased to announce that it has retained the services of Mars Investor Relations Corp. (“Mars”), a full-service investor relations and consulting services company focused on the junior mining sector. Under the terms of the engagement agreement (the “Agreement”), Triumph Gold will compensate Mars $144,000 for the 12-month initial term of the Agreement and has granted Mars stock options (the “Options”) exercisable to acquire an aggregate of 300,000 common shares at a price of $0.30 per share. In addition, Mars and or its affiliates currently hold 2,500,000 common shares, however Mars may from time to time acquire or dispose of securities of the Company through the market, privately or otherwise, as circumstances or market conditions warrant. Mars is at arm’s length to Triumph Gold and has no other relationship with the Company, except pursuant to the Agreement.
Qualified Person
The technical content of this news release has been reviewed and approved by Jesse Halle, P.Geo., Vice President Exploration for the company and qualified person as defined by National Instrument 43-101.
About Triumph Gold Corp.
Triumph Gold Corp. is a growth oriented Canadian-based gold exploration and development company with a district scale land package in mining friendly Yukon. The Company’s flagship Freegold Mountain project is located in the Dawson Range and is host to three NI 43-101 Mineral Deposits and covers an extensive section of the Big Creek Fault zone, a structure related to epithermal gold and silver mineralization as well as gold-rich porphyry copper mineralization. The Company, led by an experienced management team, is focused on creating value through the advancement of its strategic “gold first” exploration program. For more information, please visit our website www.triumphgoldcorp.com.
On behalf of the Board of Directors
Signed “John Anderson"
John Anderson, Executive Chairman
| For further information please contact: John Anderson, Executive Chairman Triumph Gold Corp. (604) 218-7400 janderson@triumphgoldcorp.com | Nancy Massicotte IR Pro Communications Inc. (604) 507-3377 nancy@irprocommunications.com |
Mars Investor Relations
(416) 275-9160
tig@marsinvestorrelations.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the completion of due diligence and the results of exploration activities - that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
