Threegold Resources Inc.
TSX VENTURE : THG

Threegold Resources Inc.

January 19, 2010 09:37 ET

Threegold Resources Inc.: Initial Drilling Outlines New Gold Trend on Adanac Project

VAL-D'OR, QUEBEC, CANADA--(Marketwire - Jan. 19, 2010) - Threegold Resources Inc. (TSX VENTURE:THG) is pleased to report that it has outlined a new gold trend during the fall diamond drilling program on the Adanac project. Anomalous gold was obtained in the first 9 diamond drill holes defining a 920 metre long mineralized corridor with values of up to 5.4 g/t Au over 0.45m. Further drilling is planned for 2010 to better define the gold potential of this new zone. Assay results for the final group of 13 drillholes are anticipated for release within the next two weeks.

The fall diamond drill program was the first carried out by Threegold and aimed at drill testing the targets resulting from the airborne geophysical and MMI geochemical surveys completed since 2006. The program consisted of 4474 metres of NQ calibre diamond drilling to test 7 specific targets areas through 22 individual holes. A linear trend defined by coincident MMI gold results and positive airborne magnetic anomalies was the first target to be tested during the 2009 program. This new gold trend lies some 200 metres directly south and to the west of the former Adanac mine that operated between 1934 and 1947. The results obtained are presented in the following table:

Summary results for the fall Adanac drilling program

Holes TAD09-01 to TAD09-09

Hole #   from   To   Length*   Au  
    (m ) (m ) (m ) (g/t )
TAD09-01   34.00   35.00   1.00   0.32  
    48.50   49.00   0.50   0.10  
TAD09-03   16.20   17.70   1.50   0.19  
    108.00   108.50   0.50   0.15  
    108.50   109.25   0.75   0.52  
    134.15   135.15   1.00   0.16  
TAD09-04   104.65   105.25   0.60   0.78  
    183.25   184.20   0.95   0.27  
    211.15   211.70   0.55   0.19  
TAD09-05   67.50   78.00   10.50   0.14  
    79.70   91.00   11.30   0.25  
  Including 79.70   80.30   0.60   1.39  
    103.70   106.50   2.80   0.33  
    134.00   135.00   1.00   0.14  
    140.20   140.85   0.65   0.19  
    153.65   154.55   0.90   0.12  
    154.55   155.15   0.60   0.14  
    157.45   158.00   0.55   0.39  
    159.35   160.00   0.65   0.35  
TAD09-06   46.55   47.00   0.45   0.11  
    174.20   175.20   1.00   0.71  
    190.00   192.00   2.00   0.12  
TAD09-07   18.00   19.00   1.00   0.16  
    22.00   23.00   1.00   0.36  
TAD09-08   43.65   44.00   0.35   0.39  
    45.00   46.30   1.30   0.38  
    76.80   77.05   0.25   0.36  
    102.00   103.35   1.35   0.75  
    114.55   116.20   1.65   0.30  
    117.00   118.35   1.35   0.67  
    128.20   129.00   0.80   0.21  
TAD09-09   60.10   88.20   28.10   0.37  
  Including 62.00   63.00   1.00   1.68  
  and 66.00   67.00   1.00   1.91  
  and 67.00   67.45   0.45   5.40  
    90.25   90.95   0.70   0.14  
    93.60   94.65   1.05   0.33  
    101.05   101.40   0.35   0.12  

 *Core length in metres

These initial results are highly significant as they attest to the lateral continuity of the newly discovered mineralized structure as well as to the ubiquitous presence of gold along it. Gold is generally irregularly distributed along shear and fault structures and only portions are deemed economic. Further drilling will have to target areas along the almost kilometre-long corridor where higher gold grades might occur. The deepest intersection in the current drill program was made at a vertical depth of -130 metres below surface while most mines in the Abitibi begin below the -200 metres from surface.

Threegold's management is impressed with this new discovery as the property had been left dormant for more than a decade. Recent developments in exploration techniques such as MMI geochemistry and a new vision have helped give this project a new orientation. These results will serve to launch the next phase of exploration planned for 2010.

The new gold trend appears as a structurally complex deformation corridor within clastic metasediments of the Pontiac Group with fractured and boudinaged quartz veins and veinlets. Pyrite, pyrrhotite with lesser chalcopyrite and sphalerite is present within the foliated rocks and is also found within the fractures in the gray and white quartz in quantities ranging from traces to semi-massive locally. Sericite alteration is ubiquitous within the sheared rocks and locally fuchsite and biotite are also noted. The mineralized corridor was intersected with the first irregularly spaced 9 holes and extends over a strike length of 920 metres. Further drilling will assist in determining the continuity of this zone as well as its vertical reach.

The diamond drill program was carried out under the supervision of Antoine Fournier, P. Geo. and president of the company, drillcore sample analysis was conducted by Techni-Lab S.G.B. Abitibi Inc. on half split cores by the fire assay, atomic absorption (AA) for gold on a fraction of 30g. Duplicates, blanks and gold standards were regularly inserted following quality control protocol.

ABOUT THREEGOLD

Threegold Resources is a dynamic and active Quebec-based junior explorer with a diversified property portfolio. Threegold is pursuing exploration on three main projects in Quebec: Lemieux Dome on the Gaspe Peninsula for copper, zinc, lead, silver and gold; Mercier in the Abitibi region where the company recently made a rare earth element discovery with base and rare metals (see press release of August 6, 2009); and Adanac, a gold property located a few kilometres from downtown Rouyn-Noranda.

You can also visit our website: www.threegold.ca

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Threegold Resources Inc.
    Antoine Fournier, P.Geo.
    President
    819-825-3883
    819-825-7545 (FAX)
    info@threegold.ca
    or
    Threegold Resources Inc.
    Octavio Soares, FCA
    Chief Financial Officer
    418-999-8811
    418-652-8149 (FAX)
    info@threegold.ca
    or
    S.D.N.L. Financial Communications
    Sylvain Laberge
    Investor Relations
    514-380-5610
    slaberge@sdnlfinancial.com