Triumph Gold Announces the Discovery of Two New Gold-Copper Showings And Completion of the 2018 Field Season
VANCOUVER, British Columbia, Oct. 16, 2018 (GLOBE NEWSWIRE) -- Triumph Gold Corp., (TSX-V: TIG) (OTCMKTS: TIGCF) (“Triumph Gold” or the “Company”) is pleased to announce that the 2018 exploration season, on the company’s 100% owned, road accessible, Freegold Mountain property, which began in late March, is now complete. In addition to making numerous long, high-grade and gold-rich drill intersections during the 2018 season (summarized below) two new, at surface, mineral showings were discovered, the Drone Zone showing, and the Maximus II showing.
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Two New Showings
Two new gold (Au) - copper (Cu), (zinc-lead) (Zn-Pb) showings have been discovered on the Freegold Mountain property. Both showings were discovered as a result of local placer mining operations where surficial deposits of gravel were removed exposing previously buried mineralized bedrock (Figure 1).
The Drone Zone is exposed over an approximately 100 by 25 metre area in Mechanic Creek, 500 metres east of high-grade drill intercepts in the Nucleus gold deposit, and 500 metres west of drill holes that intersected the Keirsten Zone porphyry system. The zone is open in all directions and has never been drilled or previously explored. The mineralized body covers the entire area of exposure, and consists of granite hosting large xenoliths of biotite schist, and cross-cut by irregular quartz-feldspar-porphyry bodies and thick gouge-rich faults. Mineralization comprises disseminated sulfides and quartz-sulfide veins with pyrite, chalcopyrite, and lesser arsenopyrite and bismuthinite. In one location a sample from locally sourced rock debris contained abundant visible gold. The proportion of chalcopyrite to pyrite increases with proximity to the quartz feldspar porphyry dykes and to the faults. The zone was systematically chip sampled and grab samples were collected from select locations, assays are in progress.
The Maximus II Showing was discovered in a newly exposed placer mining cut in Happy Creek, located approximately one kilometre to the northeast of drilling that intersected high-grade gold-rich mineralization at the Blue Sky Porphyry (e.g. news releases PR18-08 dated August 23 & PR 18-09, dated September 12). The Maximus II showing consists of multiple thick (up to one metre estimated true width) domains of dense veining and vein breccias with polymetallic mineralization that are exposed discontinuously over 70 metres strike length and are open in all directions. Thick zones of carbonate-quartz-sulfide altered metamorphic wallrock surround the veins and breccias. Sulfides consist of pyrite and arsenopyrite with lesser sphalerite, galena and chalcopyrite. Where exposed, the Maximums II was systematically channel and chip sampled and grab samples were collected from select locations, assays are in progress.
Tony Barresi, Triumph Gold Corp.’s Vice President of Exploration comments, “The six kilometre long multi-element soil anomaly that encompasses the Revenue-Nucleus-Blue-Sky Zone is cut by five creeks, all of which have active or historical placer mining; this speaks not only to the sheer amount of gold that is eroding out these hills, but also to the increased likelihood of exposing a bedrock source of the gold through active placer mining. We are in the unusual and enviable situation where a number of active placer (surficial) mining and exploration operations are supporting our bedrock exploration efforts. We are grateful to the placer miners who generously alert us to the presence of newly uncovered mineralized bedrock.”
Triumph Gold Completes 2018 Fieldwork on Freegold Mountain Property
The exploration season on Triumph Gold’s Freegold Mountain Property began on March 21st, and was completed on Wednesday October 3rd. The work conducted on the property included:
- 17,566 metres of diamond drilling, in 74 drill holes, testing six areas: Revenue East, Blue Sky Zone, Nucleus, Granger, Guder, and Irene.
- 1,100 metres of trenching that tested four areas: Blue Sky Zone, Guder, Granger and Cabin.
- Soil sampling over a 4.3 square kilometre area (925 samples).
- An IP-DC-MT geophysical survey over the entire Nucleus-Revenue-Blue-Sky soil anomaly (≈30 line kilometres).
- A ground magnetic survey over Revenue East and the Blue Sky zone (≈50 line kilometres).
- Extensive prospecting in the Nucleus-Revenue-Blue-Sky area, leading to the discoveries of the Drone Zone and Maximus II showings (see above).
Highlights of 2018 Exploration to Date:
During the year to date, Triumph's exploration program has:
- Delineated a zone of high-grade, gold-rich porphyry mineralization in the Blue Sky Zone with six drill holes (e.g. RVD18-19 with 316.00 metres*** of 1.79 grams per tonne (g/t) gold equivalent (AuEq*) including 79.75 metres of 3.34 g/t AuEq*) (news releases PR18-08 dated August 23 & PR 18-09 dated September 12).
- Intersected gold-rich breccia mineralization in the WAu Breccia with five drill holes, defining high-grade mineralization over a 130 metre strike length and to a depth of 200 metres (e.g. RVD18-08 with 128.00 metres*** of 1.27 g/t AuEq*. and RVD18-28 with 43.02 metres*** of 1.50 g/t AuEq*) (news release PR18- 07 dated July 31).
- Defined mineralisation on the little-tested eastern side of the Revenue Diatreme (e.g. RVD18-02 with 44 metres*** of 1.08 g/t AuEq*) (news release PR18- 07 dated July 31).
Future 2018 news releases will include results from exploration drilling in the Guder (1,352 metres) and Granger (1,014 metres) zones, exploration and resource drilling at Nucleus (4,159 metres), and inaugural drilling of the Irene epithermal vein (1,369 metres). Results of trenching, prospecting, soil sampling, and geophysical programs are also pending.
Notes:
* Gold equivalent [AuEq], and copper equivalent [CuEq] are used for illustrative purposes, to express the combined value of gold, silver, molybdenum and copper as a percentage of gold or copper. No allowances have been made for recovery losses that would occur in a mining scenario. AuEq and CuEq are calculated on the basis of US$3.00 per pound of copper, US$16.00 per pound of molybdenum, US$1,250 per troy ounce of gold and US$16.00 per troy ounce of silver.
** Coordinates are given in North American Datum 83 (NAD83), Zone 8.
*** Length/interval refer to drill hole intercept. True widths have not been determined.
Qualified Person
The technical content of this news release has been reviewed and approved by Tony Barresi, Ph.D., P.Geo., VP 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 precious metals exploration and development company. Triumph Gold Corp. is focused on creating value through the advancement of the district scale Freegold Mountain project in Yukon. For maps and more information, please visit our website www.triumphgoldcorp.com
On behalf of the Board of Directors
Signed "Paul Reynolds"
Paul Reynolds, President & CEO
| 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 |
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.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/e31dd318-032c-4a7d-a3ed-0cd25280fa4c
