Threegold Resources Inc.
TSX VENTURE : THG

Threegold Resources Inc.

March 19, 2009 12:16 ET

Threegold Resources Inc.: Exploration and Field Activities Update

VAL-D'OR, QUEBEC--(Marketwire - March 19, 2009) - THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Threegold Resources Inc. (TSX VENTURE:THG) wishes to provide its investors with an update on the Lemieux Dome, Adanac and Mercier projects. Field work was completed on all projects late in the year 2008 and results from field exploration programs are currently awaited for the drill program on the Lemieux Dome, for reassays of drill core samples at Mercier and for the exhaustive compilation carried out on the Adanac Project.

Adanac Gold Project

MRB & Associates completed a comprehensive database of all available exploration data from previous work on the Adanac project, located some 15 kilometres east of the town of Rouyn-Noranda, Quebec. Most of this data, including drill logs, underground workings and surface mapping, was readily obtained from government records, but several unfiled reports for work performed by Dianor Resources in the 1990s were also integrated. Drill casings identified in the logs were located during MRB's field reconnaissance program, which greatly improved their positioning of the earlier work.

Geological modelling by Alex Hovarth, a professional geologist and consultant for MRB & Associates, revealed three (3) gold zones: Adanac, Lemire and Lemire East. In all three zones, mineralization is structurally controlled along the limbs of a tightly folded anticline within metasedimentary rocks. The report emphasizes that: "Although the mineralization in the Adanac area encountered to date is probably sub-economic, Abitibi lode gold deposits characteristically demonstrate variable rake or plunges to the better grade zones of mineralization at depths 200-300 metres below surface". Exploration and underground development in the area has yet to reach these levels, leaving wide open the potential for such zones to exist.

The data interpretation has now been completed after successfully integrating results obtained from the work carried out by Threegold between 2006 and 2008 on the project. These results are comprised of a property scale airborne geophysical magnetic and electromagnetic survey and a widely spaced (500m) MMI soil geochemical survey. Additional sampling was conducted in areas where the strongest responses had been obtained to better define the anomalous gold trends outlined.

Based on the original modeling a diamond drill program consisting of 23 holes totalling 5,500 metres to better define the mineralization and 5 holes (1125 metres) were further suggested after integrating the MMI results in the model. A drill program planned for the spring of 2009 is currently in preparation.

Lemieux Dome Project

During the summer and fall of 2008, Threegold completed an extensive summer exploration program on the Lemieux Dome property that included 9,256 metres of NQ diamond drilling and 945 surface outcrop samples for alteration mapping, as well as exploration trenching and sampling. The NQ drill program targeted mineralized zones that had been intercepted during the 2007 diamond drilling program on the Big Pioneer, Veronique and Brandy South showings and at the former Federal mine, as well as new targets outlined on the company's Mont-de-l'Aigle option with Ressources Appalaches (APP: TSX-V).

The 2008 diamond drilling successfully tested the extension of Veronique - 2.32% copper over 1.3 metres (press release of September 9, 2008) - which is now interpreted as the southern limit of a north-south shear system that extends some 470 metres to the Dionne occurrence. Results for the Dionne and Cobalt holes are pending. The mineralized zone at Elizabeth now extends for more than 957 meters between the Pardiac showing on the Appalaches option to the north and the Leclerc showing further south.

Anomalous copper grades were revealed at Pardiac during Appalaches' earlier drill programs (2.81% Cu over 1.3 m and 3.77% Cu over 0.5 m; http://www.ressourcesappalaches.com/html/fr/proprietes/projet.php?pro_id=5), and at Elizabeth during Threegold's 2007 drill program (2.12% Cu over 1.25 m; press release of September 9, 2008), whereas Leclerc has now been drilled for the first time. New results from the current drill program are pending for all three.

Drilling on the Mont-de-l'Aigle property, under option from Ressources Appalaches (APP: TSX-V), targeted copper mineralization at the Hatie, Eagle-Gaspesie, Frenette, Ruisseau Anomalie and Pardiac showings. This first phase of diamond drilling consisted of 11 holes totalling 3,347 metres of NQ-sized core. Core logging and sampling was completed in mid October and all samples have been shipped out to the ALS-Chemex facilities in Val-d'Or. Results are being compiled and interpreted for an upcoming press release.

As part of the summer exploration program, Threegold planned a property-scale sampling program to collect representative surface samples that will be used to assess regional alteration using PIMA technology. The samples collected, 945 samples in all, are now being prepared according to specifications prior to shipping. To assist with the interpretation of alteration results, a representative portion of each sample will also be sent to ALS-Chemex for major and trace element assaying.

Threegold is pleased with the progress of exploration on the Lemieux Dome project. Threegold's exploration team, backed by seasoned geological consultants, has greatly improved the geological understanding and mineralization modelling at Lemieux Dome which will ultimately prove useful in uncovering new zones and occurrences.

Mercier Project

Drilling, core logging, sampling and resampling of the core have now been completed on the project. Alkaline pyroxenites, ultramafics and minor carbonatitic horizons that form alternating metre- to decametre-scale bands are the main lithologies identified on the project. These are cut by metre-scale mafic to intermediate pegmatitic units locally containing up to 5% titanite. Apatite, nepheline, magnetite, sulphides and zircon have also been identified in trace to minor quantities. Thin section work will be required to identify the minor and trace minerals present in the core.

A total of 4,916 metres of NQ core from thirteen (13) holes was obtained earlier this year on the project. Some 645 samples have been sent the laboratory for assay by ICP for a wide range of elements and metals. Check samples and reassays are currently being processed at the laboratory to obtain results for a number of elements including phosphorus, REE, strontium and zirconium. Final results will be released upon receipt from the laboratory.

Despite the difficult economic conditions, Threegold has raised sufficient money to continue advancing the exploration on its projects. Drilling is slated to begin in the spring of 2009 according to the priorities outlined in the MRB & Associates report and the targets generated by Threegold's surveys.

Antoine Fournier, P. Geo. and president of the company, is the NI 43-101 Qualified Person responsible for the technical content of this press release.

Threegold's common shares are listed on the TSX Venture Exchange under the symbol "THG". Investors are invited to visit the company's website at www.threegold.ca.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to United States Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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