Threegold Resources Inc.

Threegold Resources Inc.

August 09, 2011 09:59 ET

Threegold in Gold Completes First Stage Exploration

VAL-D'OR, QUÉBEC, CANADA--(Marketwire - Aug. 9, 2011) - Threegold Resources Inc. ("Threegold" or the "Company") (TSX VENTURE:THG) wishes to inform its shareholders that the initial surface mapping and sampling programs are now completed on its Adanac, South Bay, Barraute properties in preparation for the diamond drilling scheduled to commence in early fall. Surface grab samples are currently in the lab and the results are expected shortly. The results from these will greatly help in characterizing the surface alteration and gold distribution on the projects essential for the drill targeting. The company also wish to announce that it has acquired a new gold project within the Abitibi, the Charlemagne Project.

Field exploration on the Adanac Project under management of Osisko Mining (TSE – OSK) commenced in June of 2011 (see press release 28 June 2011) with the relogging of some key holes, the characterization of the known alteration and mineralization and extensive surface sampling of the outcrops present on the property. Drilling should normally begin on the project after all the data has been input in a comprehensive database that will include the results from the first phase of exploration. Osisko committed to spending some $750,000 in exploration during the first (1) year of a four (4) option program to earn a 51% interest in the project.

Threegold has also completed the first phase of exploration on its South Bay Project including the Plato Gold (V-PGC) Option (Hop O' My Thumb and Vauquelin properties) where surface outcrops were systematically located positioned and mineralization when present was sampled. During the three (3) week program some many grab samples were collected and sent for gold and silver assaying at TechniLab. This first phase of exploration will greatly improve our overall geological interpretation of the project and help predict the more fertile environments on the project on which drilling need be conducted.

Preliminary reconnaissance was also conducted on the Barraute and the newly acquired Charlemagne Project. This project is located some 70km northeast of Val-d'Or and underlain by a gabbroic intrusive rocks cut by felsic porphyritic dykes. Threegold may earn a 100% interest in the project by making cash payments of $32,000 ($16,000 upon signing and $16,000 on the second anniversary) by issuing 300,000 common shares (100,000 upon signing and two (2) tranches of 100,000 on the first (1) and second (2) anniversaries) and by carrying out $200,000 in exploration. A 250,000 common share bonus will be paid upon a 43-101 compliant resource calculation of 100,000 Troy ounces on the projects (measured and indicated). Following the acquisition, the seller will retain a 2% NSR of which 1% can be bought back at any time for $1,000,000.

Victor Goncalves, President and CEO of Threegold Resources comments: "We are pleased with the way Threegold has evolved over the past year; we are now fully committed to gold exploration in a world-renowned gold mining camp and have over 2 million dollars in working capital. In these uncertain times, we are now in a better position to fully benefit from the accrued interest in the gold markets."

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 management with financing and public company expertise.

Threegold aims to create shareholder wealth through the discovery of new deposits with a focus on Canadian assets, mainly in Québec. Threegold offers investors a portfolio of high-quality exploration projects and the potential to take part in a major discovery.

With a strategic property portfolio and solid partnerships, like the one with Osisko Mining Corporation, Threegold's goal is to discover a low-cost, multi-million ounce gold deposit in Québec.

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

  • Threegold Resources Inc
    Mr. Victor Goncalves
    President and CEO
    (403) 478-0055

    Mr. Antoine Fournier, P. Geo.
    Vice President Exploration
    (819) 825-3883