Threegold Resources Inc (TSX VENTURE:THG) is pleased to announce the acquisition from Diagnos Inc. of the Colline Béarn and Dalquier properties located at approximately 13 kilometre from the town of Amos and some 55 kilometres northeast of Val-d'Or, in the Bearn and Dalquier townships, in the Abitibi region of Québec.
The Collines Béarn and Dalquier projects consist of 22 map-designated cells covering a surface area of about 13 square kilometres (1,282 hectares). The two new properties are immediately adjacent to the Rousseau West property, which together with Rousseau East and Standard Gold, are 100% owned projects. These projects are located on trend with a 3.6 kilometre-long, auriferous corridor that has been defined by the last drill campaign carried out on Standard Gold by Threegold's option partner Bowmore (see Press Release March 29th, 2012). The old Standard Gold mine contains historical resources estimated at 132,750tonnes at 5.4g/t Au.
Geologically, the Collines Béarn and Dalquier projects lie on volcanic units of the Lac Arthur Group dominated by andesites, structurally overlain by basalts of the Béarn Group. The volcanic rock package is truncated by the prominent Berry Pluton and a dioritic intrusion on the Colline Béarn property, and by a granodioritic pluton adjacent to a gabbros on the Dalquier Property (Source: Sigeom MRNF NTS sheet 32D09-200-0202).
The Collines Béarn project contains the historical showings AN-88-6 and DD88-1 which, with Gordona on Rousseau West, are all associated with prominent high magnetic and strong electromagnetic anomalies identified over few kilometers by the recently completed MAG-TDEM airborne geophysical survey by the Company (see press release June 21, 2012). Mineralization consists of disseminated to semi-massive sulphides (sphalerite, galena, pyrrhotite, pyrite) associated with brecciated to sheared, quartz-carbonate-sericite veins and veinlets returning high grade values in gold, silver, lead and zinc (Source: Sigeom MRNF GM-46485, GM-47679, GM-47830).
The Dalquier project contains the East Dalquier Showing characterized by a quartz vein network associated with scheelite. The mineralization consists of disseminated pyrite with traces of pyrrhotite, chalcopyrite and native gold, which returned historical values in gold of up to 5.5g/t-Au in grab samples (Source: Sigeom MRNF GM 56186), 4.8g/tAu over 1.1 metre in drilling (Source: Sigeom MRNF GM-01714) and unconfirmed values in tungsten of 1.86%W.
Note that the resources reported above are provided as historical data and have not been verified. In addition, grab samples are selective by nature and unlikely represent average grades.
Under the terms of the agreement, Threegold will acquire 100% interest in the two properties by making a $10,000 cash payment and by issuing 200,000 common shares to Diagnos Inc. The deal will be subject to a 2% NSR ("Net Smelter Return") royalty of which 1% can be bought back for $1,000,000.
Termination of option agreements:
Threegold Resources has opted to terminate its option to earn up to 75% of the Hop O'My Thumb and Vauquelin properties of Plato Gold. Osisko Mining Corporation ("Osisko") has opted to drop its option to earn up to 70% on the Adanac property. Osisko still maintains its share position in the Company and is confident in Threegold's management and ability to deliver long term shareholder value.
Financing activities:
Threegold has closed a 48,000 $CND financing priced at 6 cents per unit with a half warrant at 10 cents for 18 months. A 7% finder's fee in cash is being paid in association with this transaction.
Victor Goncalves, President and CEO of Threegold Resources Inc. stated: "We are pleased with the progress made by the Company despite the current difficult economic market conditions. We are pleased to have acquired two new gold plays with high-grade gold occurrences along with base metals in our portfolio. The Collines Béarn and Dalquier projects are now part of our strategic and ongoing effort to consolidate an already strong land position in a highly prospective gold mining camp. The company is planning an exploration news release shortly to update the Company activities".
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.
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 Bowmore Exploration.
You can also visit our website : www.threegold.ca
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.
