Threegold Resources Inc.
TSX VENTURE : THG

Threegold Resources Inc.

February 02, 2010 08:46 ET

Threegold Resources Inc.: Second Phase of Diamond Drilling at Mercier Rare Earth Element (REE) Discovery

Val-d'OR, QUEBEC, CANADA--(Marketwire - Feb. 2, 2010) - Threegold Resources Inc. (TSX VENTURE:THG) is pleased to announce that a second phase of drilling has commenced on its 100% owned Mercier Project. The goal of the 3,000-metre diamond drilling program is to further develop rare earth element (REE) mineralization discovered by the company in 2008.

The Mercier Project is located some 175 km from the town of Val-d'Or, Québec, and consists of 61 designated cells covering an area of 3,865 hectares. The property covers a bi-lobate alkaline intrusive complex consisting of alkaline syenite to ultramafic rocks with intercalated carbonatite facies in the western portion of the southern lobe.

REE mineralization at Mercier was first discovered by Threegold following the company's 2008 diamond drilling program. Considerable widths, up to 50 metres in core length, returned high-grade REE values (see assays in Table 1). Electron microprobe work identified the fluorocarbonate minerals bastnaesite, parisite and synchisite as the main REE-bearing phases. Along with monazite, these represent the most common REE minerals commercially produced worldwide. 

Table 1 – Highlights of rare earth element results for the Mercier project

Hole # From To Width* TREO + Y2O3** LREO HREO + Y2O3 LREO HREO + Y2O3 HREO+Y2O3/LREO
  (m) (m) (m) (ppm) (ppm) (ppm) (%) (%) (%)
MER08-04 112.42 113.87 1.45 9804 9546 222 0.95 0.02 2.27
  118.01 118.37 0.36 15447 14722 579 1.47 0.06 3.75
  144.25 144.60 0.35 21833 21336 422 2.13 0.04 1.93
  214.48 215.75 1.27 2317 2199 93 0.22 0.01 4.02
  327.50 329.00 1.50 2389 2267 95 0.23 0.01 3.99
  331.00 334.32 3.32 13032 12594 349 1.26 0.03 2.68
including 331.93 332.74 0.81 30512 29906 538 2.99 0.05 1.76
  339.23 340.23 1.00 8009 7815 165 0.78 0.02 2.06
MER08-07 196.00 209.00 13.00 1592 1432 124 0.14 0.01 7.82
  246.75 247.49 0.74 2884 2610 221 0.26 0.02 7.66
MER08-08 121.80 150.91 29.11 1624 1400 176 0.14 0.02 10.83
  156.61 162.00 5.39 2169 1856 244 0.19 0.02 11.24
  172.09 175.28 3.19 1207 1051 121 0.11 0.01 10.04
  178.22 195.00 16.78 1787 1572 173 0.16 0.02 9.69
  205.00 237.00 32.00 2158 1940 172 0.19 0.02 7.96
MER08-10 362.00 375.00 13.00 1446 1288 124 0.13 0.01 8.55
  385.00 432.29 47.29 2127 1897 180 0.19 0.02 8.44
MER08-13 94.76 108.00 13.24 2071 1896 144 0.19 0.01 6.97
  110.43 117.00 6.57 2953 2762 164 0.28 0.02 5.56
  119.00 133.29 14.29 2253 2072 151 0.21 0.02 6.70
  147.00 197.00 50.00 2684 2435 197 0.24 0.02 7.35

*drill intercept length
**TREO= total rare earth oxides; LREO/HREO= light/heavy rare earth oxides; Y2O3= yttrium oxide

The current program will test the lateral and vertical extensions of the above intersections to determine the positions of higher grade zones within specific units. Other drill targets include REE anomalies outlined by an earlier MMI geochemical survey and associated with crosscutting structures based on magnetometric survey results. These features may represent late features in the system and are thus considered the most significant targets at Mercier.
The 3,000-metre program will comprise approximately 20 NQ-sized diamond drill holes distributed over an area 6 kilometres long by 2 to 3 kilometres wide. Drilling is expected to continue until the end of February.

Prospectors and Developers Association of Canada International Convention

Core from the Mercier Project will be displayed during the upcoming Prospectors and Developers Association of Canada (PDAC) International Convention to be held at the Toronto Metro Convention Centre South Building on March 7-8. Threegold's exhibit will be at Booth 5022 in the Core Shack section on the 700 level.

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 in the Gaspé Peninsula for copper, zinc, lead, silver and gold; Mercier in the Abitibi region where the company recently made a rare earth element discovery containing 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