Threegold Resources Inc.
TSX VENTURE : THG

Threegold Resources Inc.

June 21, 2012 09:42 ET

Threegold Completes Airborne Geophysical Surveys Over Six of its Properties and Acquires a New Gold Property in Abitibi

VAL-D'OR, QUÉBEC, CANADA--(Marketwire - June 21, 2012) - Threegold Resources Inc (TSX VENTURE:THG) ("Threegold" or the "Company") is pleased to announce the acquisition of the Marcotte gold project located some 45 kilometres northeast of Val-d'Or in the Barraute Township in the Abitibi region of Québec. The Company is also pleased to announce the completion of a heliborne magnetic (MAG), and time domain electromagnetic (TDEM) survey over its Standard Gold, Rousseau West, Rousseau East, Charlemagne and Marcotte projects in the Abitibi region (see http://media3.marketwire.com/docs/Abitibi_North_Claim_Area_v4.pdf), as well as a MAG-TDEM and spectrometric survey over its Target A project in the Outaouais region of Québec.

The Rousseau East and Rousseau West properties are 100% owned projects that are on trend with the old Standard Gold mine and with the 3.6 kilometre-long, aurifereous corridor defined by the last drill campaign carried out on Standard Gold by Threegold's option partner Bowmore (see Press Release March 29th, 2012).

During April and May, Prospectair Geosurveys of Gatineau, Québec; conducted a total of 2,294 line kilometre survey over six Threegold properties representing a total of 388 claims for about 174 square kilometres (Table 1).

Table 1:

Geological Project Parameters
Province l-km Surface area (ha) Claim Cells Type of Survey
Abitibi Greenstone Belt
Superior Province
Rousseau West 621 5 033 126 MAG-TDEM
Rousseau East 188 1 609 39 MAG-TDEM
Standard Gold 425 3 473 79 MAG-TDEM
Charlemagne 395 2 846 50 MAG-TDEM
Marcotte 182 981 27 MAG-TDEM
Sub-total 1 811 13 943 321
Grenville Province Target A 483 3 464 67 MAG-TDEM-SPECTROMETRY
Grand-Total 2 294 17 406 388

The MAG-TDEM surveys conducted over the Company's properties in the Abitibi region (Standard Gold, Rousseau West, Rousseau East, Charlemagne and Marcotte projects), are aimed to produce new high resolution, highly accurate data from surface to a depth depending of the bulk conductivity of subsurface rocks and their contained fluids, and were designed to identify conductive structures with potential gold mineralization of quartz-carbonate type and associated within shear zones or porphyry systems. The MAG-TDEM surveys will generate new exploration targets alongside and outside of known historical occurrences, further delineate the potential mainly for gold but also for silver copper and zinc, and assist in structural interpretation of the geology and mineralization, such as those recently released for our Standard Gold Project optioned by Bowmore (see Press Release March 29th, 2012) or our South Bay Project (see Press Release March 15th, 2012).

The MAG-TDEM and a gamma ray spectrometric survey conducted over the Target A Project in the Outaouais region of Québec has a twofold objective. The MAG-TDEM survey is also aimed to produce new high resolution, highly accurate data from surface to depth in identifying conductive structures with potential mineralization for precious and base metals, whereas the gamma ray spectrometric survey is aimed to identify highly radiometric units and related structures in a sub-rounded syenite dominated composite intrusion, as well as further delineate its potential for rare metals and rare earth elements.

Due to the significance of surveys, the Company is rushing to compile the data to determine the next phase of follow-up work. The data should be available in the coming weeks.

Victor Goncalves, President and CEO of Threegold Resources Inc. stated: ''We are pleased and very excited about the fact that preliminary TDEM results have identified a number of significant anomalies that deserve further investigation in underexplored areas and in order to confirm the extension of high grade gold of already known and developed gold occurrences such as that now recognized on Standard Gold".

The new Marcotte project consists of 27 map-designated cells covering a surface area of about 10 square kilometres (981 hectares) adjacent to the small town of Barraute in the Abitibi region of Québec. Geologically, the Marcotte project lies along the northeast trending Laflamme River Fault Zone which already contains gold deposits, such as Vendôme (Mogador) mine with historical reserves (43-101 non-compliant) estimated at 848,000 tons at 1.9 g/t Au and 42.3 g/t Ag), the Agnico Eagle Swanson Deposit (504,000 tons 1.93 g/t) and the Goldstone Bartec (Ontex) Deposit (90,700 tons at 11.4 g/t Au). These deposits are all located in a range distance of 5 to 15 kilometres of the Marcotte Property along a NE-SW trend (see http://media3.marketwire.com/docs/Abitibi_North_Claim_Area_v4.pdf).

The core of the Marcotte Property is underlain by the Barraute pluton, a granodiorite ovoid intrusion (approximately 2.5 km in diameter) that contains 3 historical showings close to the contact with volcanic rocks of the Landrienne Formation (Source: Sigeom MRNF NTS sheet 32C05). The Tri-Cor, Chevalier with adjacent Zone Ouest and Valley (Currie-Mills) (see http://media3.marketwire.com/docs/Abitibi_North_Claim_Area_v4.pdf) are characterized by mineralized quartz veins and veinlets associated with shear zones and felsic dykes within porphyritic granodioritic units of the Barraute pluton. The mineralization is consistently disseminated and consists of various quantities of pyrite, chalcopyrite, native gold or arsenopyrite along with quartz, tourmaline or carbonate. The compilation of the historical work shows that samples returned high-grade gold values in all showings (see http://media3.marketwire.com/docs/Abitibi_North_Claim_Area_v4.pdf). Only a few historical diamond drill holes were carried out on the Marcotte Property.

Under the terms of the agreement, Threegold made an early $10,000 cash payment to conduct a due diligence of the Marcotte project. Threegold will acquire 100% interest in the project by making an additional $15,000 cash payment and by issuing 300,000 units (each unit consisting of one common treasury share and one full warrant) within seven days after the date of approval by the regulatory authorities. The deal will be subject to a 2% NSR ("Net Smelter Royalty") of which 1% can be bought back for $500,000.

The terms of the deal also include the acquisition of a block of 11 claims covering a surface of 626 hectares, which is contiguous to the Company's Charlemagne property. A block of 21 additional claims covering a surface of 1,196 hectares was then map designated by Threegold. This now brings the Charlemagne Project to a total of 50 claims covering a surface area of 28.5 square kilometers (2,846 hectares).

Victor Goncalves, President and CEO of Threegold Resources Inc. stated: ''We are pleased to have acquired this new gold play with high-grade gold occurrences in our portfolio. The Marcotte project is part of our strategic and ongoing effort to consolidate an already strong land position in a highly prospective gold mining area".

Alain Berclaz, P.Geo, Vice-President Exploration for Threegold and a Qualified Person under National Instrument 43-101, has approved the technical information contained in this news release.

Regional map showing Threegold's new Marcotte Property and its other northern properties in Abitibi may be consulted using the following link: http://media3.marketwire.com/docs/Abitibi_North_Claim_Area_v4.pdf

About Threegold

Threegold has established itself as one of the premier exploration companies in Québec. The Company has a highly qualified technical team with extensive exploration experience, including previous gold discoveries in Québec, and a management team with financing and public company expertise.

Threegold offers investors a portfolio of high-quality exploration projects focussing on Canadian assets primarily in Québec; and the potential to create shareholder wealth through discoveries of new, low-cost multi-million ounce gold deposits.

Threegold's strategy is to mitigate shareholder risk through partnerships with the likes of Osisko Mining Corporation and Bowmore Exploration.

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

Neither the 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 this release.

Forward-looking statement:

Except for statements of historical facts, all statements in this news release regarding, without limitation, new project acquisitions, future plans and objectives are forward-looking statement which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements.

Neither the 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 this release.

Contact Information