Threegold Resources Inc.
TSX VENTURE : THG

Threegold Resources Inc.

September 17, 2009 15:03 ET

Threegold to Begin a First Gold Diamond Drill Program on Adanac

VAL-D'OR, QUEBEC, CANADA--(Marketwire - Sept. 17, 2009) - Threegold Resources inc. (TSX VENTURE:THG) is pleased to inform its shareholders that its first gold diamond drilling program is due to commence within two weeks on the Adanac Project located some 11 kilometres southeast from downtown Rouyn-Noranda, Quebec. The targets for this program are anomalies resulting from geophysical and geochemical surveys performed over the past 3 years. Seven (7) specific sectors where little exploration work was historically conducted will be tested in the course of a 3500 metre diamond drilling program.

The Adanac Project is comprised of 90 contiguous staked claims covering an area of 3231 hectares. It is underlain by strongly folded Pontiac and Timiskaming sediments and cut by ductile faults, interpreted as splays of the Cadillac - Larder Lake Break which is located about 1kilometre to the north. Over 1 million ounces of gold have historically been produced along this structure considered essential in the emplacement of many gold deposits of the Abitibi. On the project, 5 historical gold showings have been identified including the old Adanac mine. An unrecorded quantity of gold has been produced in the 1930's from three underground levels excavated from a 91 metre shaft at Adanac. Elsewhere on the property, gold grades up to 7.12 g/t over 7.13m in channel samples, were historically obtained from the Tourmaline, Gray, Lemire and Clerno showings.

WORK PERFORMED BY THREEGOLD

Initial work on the project consisted of a property-scale magnetic and electromagnetic airborne survey completed in 2006, followed by an MMI (Mobile Metal Ion) soil sampling program on 500 m spaced lines for gold, pathfinder elements and base metals. Line spacing was subsequently reduced to 250 and 100 metres to better define the anomalies. These geochemical surveys outlined seven anomalous areas in the central and southern portions of the property. Each anomaly was later confirmed using a different analytical geochemical method based on Soil Gas Hydrocarbon (SGH).

Data compilation was done by MRB & Associates of Val-d'Or to produce a comprehensive digital database that includes geology, geochemistry, geophysics, diamond drilling and underground development, to generate a 3D model of the project. Known mineralisations can then be traced in 3 dimensions on the model, which may prove useful in predicting the lateral and vertical extensions. The model also confirmed that the majority of past exploration work was restricted to the first 100 metres from surface, whereas the majority of the gold deposits in the Abitibi are located below the 200 metre level.

FIRST DIAMOND DRILL PROGRAM

This first diamond drill program will focus on the seven (7) new target areas through a series of 18 holes for a total 3000 metres of NQ-size drilling. In addition, the historical Tourmaline, Lemire and Clerno showings will be tested with six (6) holes for a total of 500 metres. These new targets result from the systematic exploration work carried out by the company and have been validated using two distinct geochemical methods. Management is currently completing the targeting process and the drill rig should mobilize onto the property shortly.

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: The Lemieux Dome on the Gaspe Peninsula for copper, zinc, lead, silver and gold, the Mercier project where the company recently made a Rare Earth Element discovery with base and rare metals (see press release August 6 2009) in the Abitibi and the Adanac Gold Project located a few kilometres from the downtown Rouyn-Noranda.

Neither 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 the release.

Contact Information

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