Threegold Resources Inc.
TSX VENTURE : THG

Threegold Resources Inc.

September 22, 2011 09:00 ET

Threegold Resources: Discovery of a New Gold Occurrence on the South Bay Project

VAL-D'OR, QUÉBEC, CANADA--(Marketwire - Sept. 22, 2011) - Threegold Resources Inc. (TSX VENTURE:THG) is pleased to announce that systematic surface prospecting has revealed a new gold discovery and extended the main zone on its South Bay Project, approximately 40 km east of Val-d'Or in the Abitibi region of Québec. Both areas will be investigated by a diamond drilling and trenching program later this fall.

The newly discovered gold occurrence is approximately 900 metres north of the previously drill-tested main zone. The new occurrence presents as quartz veins in sheared metavolcanic rocks, and outcrops were traced for about 100 metres. The best grab samples yielded 1.71 g/t, 1.02 g/t, 0.81 g/t and 0.73 g/t Au. Systematic coverage by the prospecting team also revealed a number of old trenches and pits used by previous explorers, which were sampled and generally yielded anomalous gold values. Grab samples are selective by nature and are unlikely to represent average grades; further exploration is required to validate these results.

The prospecting program also uncovered a new series of gold mineralized outcrops extending 250 metres along strike east of the main North Zone. Grab samples from these new outcrops yielded up to 5.9 g/t Au. The North Zone consists of pervasively silicified and sericitized felsic to intermediate intrusives intensely sheared and cut by folded pyrite-rich quartz veins and veinlets. Elsewhere on the property, grab samples assayed anomalous in gold (up to 0.2 g/t Au) and silver (up to 135 g/t Ag), and these areas are scheduled for resampling and/or trenching in the coming weeks. Grab samples are selective by nature and unlikely to represent average grades.

The 2011 field program began in July (see press release of July 10, 2011) and will culminate with a diamond drilling and trenching program on the most promising targets later this fall. Threegold has been exploring the South Bay property since the fall of 2010 with the objective of locating and testing historical gold occurrences and obtaining geological information about the near-surface context of the main (North) zone mineralization. The initial program consisted of five (5) short holes aimed at intersecting the North Zone structure down to a depth of 25 metres below surface and laterally using 25-metre step-outs. The 2010 program was highly successful in demonstrating the continuity of the main zone and the potential for wider zones. The following table summarizes the most notable drilling results, as reported in the press release of July 10, 2011:

Table 1: Highlights from 2010 drilling program on South Bay Project
Hole Gold (g/t) Width (m)* From (m) To (m)
SB10-01 1.06 5 8 13
including 2.64 0.8 8.7 9.5
SB10-02 0.87 3.1 15.6 18.7
SB10-03 1.2 3.1 16.9 20
including 1.5 1.45 16.9 18.35
SB10-04 1.73 5.3 19.5 25.8
including 2.28 3.1 19.5 22.6
including 6.76 0.9 19.5 20.4
SB10-05 1.39 4.5 18.3 22.8
* Drill length intercept

Antoine Fournier, P. Geo., Vice-President Exploration for Threegold and a Qualified Person as defined by National Instrument 43-101, prepared this press release and supervised the 2010 diamond drilling and sampling program. Samples were assayed by Actlabs in Ancaster, Ontario, for gold, silver and 32 other elements by INAA. Gold and silver assays are performed by Techni-Lab of Ste-Germaine using conventional fire-assay on a 30-g split with ICP finish. Samples grading above 1 g/t Au were re-assayed by fire-assay with a gravimetric finish. Routine checks and duplicates are performed by both laboratories as part of their internal controls and procedures.

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