VANCOUVER, British Columbia, April 14, 2021 (GLOBE NEWSWIRE) -- Triumph Gold Corp. (TSX-V: TIG | OTCMKTS: TIGCF) (“Triumph Gold” or “the Company”) is pleased to provide an update on exploration activities for their flagship Freegold Mountain Project (the “Project”) located in the prolific Dawson Range Copper-Gold District of mining-friendly Yukon. The Project covers a 200-kilometre-square road accessible portion of the Big Creek Fault, a structural system directly related to gold-rich porphyry copper, epithermal and related polymetallic vein, and skarn mineralization. The district-scale Project is host to abundant copper-gold prospects, as well as three current NI 43-101 compliant Mineral Deposits (Figure 1).
Triumph Gold’s technical team is in the final stages of designing an exploration program for the Freegold Mountain Project scheduled to commence in late Spring. The 2021 program will focus on both resource expansion and testing of new targets at Revenue, Nucleus, and the Melissa Zone, and will be based on significant advancements made in the first half of 2021 through the following successful initiatives:
- Interpretation of newly-generated IP/MT and Drillhole-Constrained Magnetic 3D Inversion geophysical models to identify previously-unseen structural controls on mineralization in the Revenue-Nucleus area
- Completion of a 3D redox model to identify and target oxide gold potential in the Revenue-Nucleus area
- Receipt of preferred orientation data for key elements outlined by Minerva Intelligence innovative Artificial Intelligence technologies to identify unbiased mineralization vectors in the Revenue-Nucleus area
- Generation of comprehensive alteration models through evaluation of over 40,000 metres of drillhole spectral data (TerraSpec and PIMA) to identify robust alteration vectors throughout the Project area
- Digitization and validation of geological, geochemical, and geophysical data in recently-acquired Micromine 3D modelling software, resulting in confirmation and generation of new exploration targets throughout the Project area
The Company is also excited to announce that it has engaged Tutchone Environmental Consulting, a Little Salmon Carmacks First Nation citizen owned business, to commence surface water baseline studies throughout the Project area. Additional work being considered for 2021 includes detailed geophysical and geochemical surveys covering several targets on the Project, including the Irene-Goldstar Corridor, Stoddart/Cabin Porphyry, and Tinta Hill.
Project Geology
The Freegold Mountain Project is situated within a northwest trending belt of Paleozoic-aged metasedimentary and lesser metavolcanic rocks intruded by Jurassic-aged plutons. A long-lived regional fault system runs through the length of the Project and is associated with numerous mid- and late-Cretaceous intrusions, the latter being directly associated with gold-rich porphyry copper style mineralization and associated epithermal vein and skarn mineralization.
The Project boasts at least three deposit types, strongly controlled by stratigraphy and structure:
- Gold-rich copper porphyry mineralization located along structures within mid-Cretaceous granodiorite, monzodiorite, and quartz monzonite intrusions
- Low-sulphidation gold-silver epithermal and polymetallic vein mineralization often identified proximal to late Cretaceous quartz-feldspar porphyry dikes
- Copper-gold skarn mineralization proximal to intrusions and along structures within metasedimentary units
Project History
The Freegold Mountain Project covers a large area within the Dawson Range where copper-gold prospects have been intermittently explored since the 1930’s when Fred “Fritz” Guder identified magnetite float carrying visible gold on the ridge north of Seymour Creek, and George McDade discovered and trenched polymetallic veins at Tinta Hill.
In the 1950’s, further prospecting uncovered a massive chalcopyrite vein in bedrock at Revenue Creek. Subsequent copper and gold showings have been located throughout the northwest-trending belt of rocks hosting this discovery. The Revenue Creek discovery led to the Revenue gold-copper-molybdenum deposit and subsequent discovery of the adjacent Nucleus gold-silver deposit.
Numerous other copper-gold prospects are encompassed throughout the district-scale project including but not limited to porphyry targets at Stoddart, Cabin, Nitro, and Castle; epithermal targets in the Irene-Goldstar Corridor as well as Ridge, Goldy, and Dart; and the various skarn targets of Mount Freegold.
Resource Estimates
The Freegold Mountain Project is host to three NI 43-101-compliant mineral resource estimates: The Nucleus, Revenue, and Tinta Hill Deposits. The three deposits host open-pit constrained mineral resources, with two of the deposits (Revenue and Tinta Hill) including deeper, high-grade mineral resources considered amenable to underground extraction methods.
The deposits consist of combined Indicated Mineral Resources from Revenue and Nucleus of 1 million ounces contained gold equivalent, and combined Inferred Mineral Resources from Revenue, Nucleus, and Tinta Hill, of 1.1 million ounces contained gold equivalent (please refer to the February 11, 2020 Press Release for details).
COVID-19 Response
Triumph Gold is committed to the health and safety of its employees and contractors. With recommendations from the Yukon Government and Yukon Chamber of Mines, the Company has developed and implemented infection prevention and control measures at the Freegold Mountain Project to minimize the risk of potential coronavirus disease (COVID-19) transmission in the camp and related work sites. As of April 13, 2021 there were 75 confirmed cases of COVID-19 in Yukon, 73 of which have been resolved by full recovery, and 42,354 doses of vaccine have been administered within the territory. Please visit the Government of Yukon website for up-to-date COVID-19 data and guidelines for Yukon residents and business operators.
Qualified Person
The technical content of this news release has been reviewed and approved by Jesse Halle, P.Geo., Vice President of Exploration for the company and qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About Triumph Gold Corp.
Triumph Gold Corp. is a Canadian based, growth-oriented exploration and development company with a district scale land package in mining friendly Yukon. The Company’s 100% owned, road accessible, flagship Freegold Mountain Project is located in the Dawson Range and is host to three NI 43-101 Mineral Deposits. The Project covers an extensive section of the Big Creek Fault zone, a structure directly related to epithermal gold and silver mineralization as well as gold-rich porphyry copper mineralization. The Company, led by an experienced management and technical team, is focused on actively advancing the Freegold Mountain Project using multidiscipline exploration and evaluation techniques. The Company also owns 100% of the Big Creek and Tad/Toro copper-gold Properties, situated within the Dawson Range. For more information, please visit triumphgoldcorp.com.
On behalf of the Board of Directors
Signed “John Anderson"
John Anderson, Executive Chairman and Interim CEO
| For further information please contact: John Anderson, Executive Chairman Triumph Gold Corp. (604) 218-7400 janderson@triumphgoldcorp.com | Nancy Massicotte IR Pro Communications Inc. (604) 507-3377 nancy@irprocommunications.com |
Mars Investor Relations
(647) 557-6651
tig@marsinvestorrelations.com
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This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the completion of due diligence and the results of exploration activities - that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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