VANCOUVER, B.C., May 30, 2017 (GLOBE NEWSWIRE) -- Trifecta Gold Ltd. (“Trifecta”) is pleased to announce that it has received conditional approval for the listing of its common shares on the TSX Venture Exchange (the “Exchange”), subject to Trifecta satisfying all of the balance of the Exchange’s conditions for listing.
Trifecta was formed via a plan of arrangement by Strategic Metals Ltd. (TSX-V:SMD). Upon commencement of trading, Trifecta will have 23,150,001 shares outstanding and will have no unexercised warrants or options. Trifecta has interests in four highly prospective projects within the White Gold District of the Dawson Range Gold Belt in western Yukon.
“Trifecta has an energetic and knowledgeable team ready to aggressively explore four extremely prospective projects in one of the hottest precious metals districts in Canada,” stated Dylan Wallinger, Trifecta’s President and Chief Executive Officer. “Trifecta has multi-year land use permits for large-scale exploration programs on two road-accessible projects and, pending favourable results and the raising of additional financing, expects to work at one or both of these projects late into the fall.”
Subject to Trifecta raising additional financing subsequent to listing, work is planned on all four of its projects during summer and fall 2017, with drilling programs planned on the Eureka and Trident properties. The projects and proposed Phase I work programs are briefly described below.
Eureka
The wholly-owned and road accessible Eureka project is located in the legendary Klondike Goldfields. It lies 110 km by road south of Dawson City, approximately 50 km north of White Gold Corp.’s White Gold Deposit, and the proposed haulage route for Goldcorp’s Coffee Deposit runs directly through the property. Gold on the Eureka property is hosted in a series of gently to moderately dipping breccia zones that are partially delineated by mineralized trenches and drill holes. A 6 km long by up to 2 km wide gold-in-soil geochemical anomaly has been outlined and creeks draining the property are prolific placer gold producers. Drilling has identified bulk tonnage (0.59 g/t gold over 18.3 m) and high grade (9.99 g/t gold over 1.5 m) targets.
Trifecta will begin diamond drilling in June at the Eureka property to test beneath and along strike of known gold showings. Additional soil sampling will also be done to expand the grid coverage, since much of the property has not yet been sampled.
Trident
The road accessible Trident property covers the headwaters of the Matson Creek placer gold camp, located about 60 km northwest of the White Gold Deposit. The property has an extensive system of roads and trails that connects the main exploration areas to an established trailer camp and a gravel airstrip. Limited drilling has produced very promising results including 1.55 g/t gold and 114 g/t silver over 21.0 m at the Exploits Zone. Where observed in trenches and drill holes, the mineralized zone is shallowly dipping and strongly oxidized.
Trifecta anticipates that it would begin drilling at the Trident property by early July, subject to the raising of additional financing and the filing and acceptance by the Exchange of a NI 43-101 technical report. Phase I work would consist of soil sampling and approximately 800 m of diamond drilling that would focus on expanding the Exploits Zone along strike and down dip. Property-wide soil sampling, prospecting and geological mapping would be done concurrent with the Phase I drilling.
Triple Crown and Treble
The Triple Crown and Treble properties are located midway between the Coffee Deposit and Rockhaven Resources’ Klaza Deposit. Both Triple Crown and Treble host numerous strong multi-element soil geochemical anomalies, none of which have been tested by drilling or mechanized trenching. A rock sample from Triple Crown assayed 6,690 g/t silver, 30.22% lead and 0.80 g/t gold, and follow up hand trenching returned 570 g/t silver, 2.76% lead and 0.08 g/t gold over 6.4 m. The best gold results from rock samples taken at Treble and Triple Crown graded up to 14.15 g/t and 6.55 g/t, respectively.
Subject to the raising of additional financing, Trifecta plans to conduct mapping, prospecting, soil sampling and hand trenching at both properties in order to better define targets, which could be followed up by drilling later in 2017.
Technical information in this news release has been approved by Matthew R. Dumala, P.Eng., a geological engineer with Archer, Cathro & Associates (1981) Limited and a qualified person for the purpose of National Instrument 43-101.
About Trifecta Gold Ltd.
Trifecta is a Canadian precious metal exploration company dedicated to increasing shareholder value through the acquisition and development of attractive exploration projects in Canada and other mining-friendly jurisdictions.
ON BEHALF OF THE BOARD
“Dylan Arnold-Wallinger”
President and Chief Executive Officer
For further information concerning Trifecta or its various exploration projects please visit our website at www.trifectagold.com or contact:
| Corporate Information Trifecta Gold Ltd. Dylan Wallinger President and C.E.O. Tel: (604) 688-2568 |
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities of Trifecta in the United States. Trifecta’s 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 U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Completion of the Plan of Arrangement is subject to a number of conditions, including, but not limited to, Exchange acceptance for both the Plan of Arrangement and the listing of Trifecta’s common shares thereon. The Plan of Arrangement and the listing of Trifecta’s common shares on the Exchange will not be effected until all such conditions have been satisfied. Investors are cautioned that, except as will be disclosed in Trifecta’s Application for the listing of its common shares on the Exchange, any information released or received with respect to the Plan of Arrangement may not be accurate or complete and should not be relied upon.
This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.
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.