VANCOUVER, British Columbia, June 12, 2023 (GLOBE NEWSWIRE) -- Trailbreaker Resources Ltd. (TBK.V) (“Trailbreaker” or “the Company”) is pleased to announce the signing of an option agreement with Vizsla Copper Corp. (“Vizsla Copper”) for a portion of Trailbreaker’s Eagle Lake property.
The Eagle Lake property borders Vizsla Copper’s Woodjam copper-gold porphyry project. The option deal includes four of the fourteen claims comprising Eagle Lake. The four claims account for 6,482 hectares (ha) of the 19,000 ha property (see Figure 1).
Daithi Mac Gearailt, CEO of Trailbreaker, commented: “We are very pleased to come to an arrangement with Vizsla Copper. This is a win-win deal: Vizsla gets to acquire and explore ground to expand their Woodjam project, while Trailbreaker retains the Moffat zone area where we have outlined a significant gold-copper zone.”
Vizsla Copper acquired the Woodjam project in late 2022 from Consolidated Woodjam Copper Corp. Shortly after the acquisition, Vizsla flew a large-scale airborne magnetic survey and has since been identifying targets for an extensive drill program.
Trailbreaker Resources acquired the Eagle Lake property in early 2022 due to its historic drill results (including the 2011 intercept of 3.52 g/t Au over 9.9m in DDH MOF-5), local geological setting, and position between the Woodjam deposit and Engold’s Lac La Hache deposits.
During the summer of 2022, Trailbreaker completed a 432-sample MMI (Mobile Metal Ion) soil survey designed to cover the historic drill showings (see September 6, 2022 news release). The survey identified an 850 x 700 metre Au-Cu-Ag-Mo (gold-copper-silver-molybdenum) anomaly which covers DDH MOF-5 and extends east and north into an area without documented historic drilling (see MMI soil anomaly map).
The exploration team also located the historic drill core from the 2011 drill campaign and was able to examine and re-log the gold- and copper-bearing mineralized intercepts. Significant amounts of hydrothermal breccia, quartz-carbonate-potassium feldspar veining and fault gouge were observed within the gold-bearing interval of MOF-5, which commences at 252 metres depth. Trailbreaker geologists have determined that these features are representative of a regional-scale fault structure that parallels the northwest-trending geological contact between the late Triassic Copper Mountain Plutonic Suite and the early Jurassic Takomkane Batholith. The MMI soil anomaly occurs along this contact.
Figure 1: Trailbreaker and Vizsla Copper claims with the optioned ground.
Terms of the option agreement
Vizsla Copper has the option to acquire a 100% interest in the four claims by issuing an aggregate of 400,000 common shares to Trailbreaker over three years.
The optioned claims are subject to a 2% NSR (Net Smelter Return royalty). Trailbreaker and Teck Resources Limited will retain a 1% NSR each on three of the claims and Trailbreaker will retain a 2% NSR on the fourth claim. Half of the 1% NSR may be bought from Trailbreaker for $500,000. Half of the 2% NSR may be bought from Trailbreaker for $1,000,000.
More about the Eagle Lake property
Located 55 km east of Williams Lake, BC, the Eagle Lake property was generated by Trailbreaker in early 2022 through an agreement with Teck Resources Limited, combined with additional claim staking (see May 18, 2022 news release). The property covers 19,000 hectares that are accessible by an extensive network of well-maintained forest service roads. It is situated directly adjacent to Vizsla Copper Corp.’s Woodjam Cu-Au (copper-gold) porphyry project (see Geology Map, Location Map, and Overview Map).
Trailbreaker’s claims are situated within the Quesnel terrane which hosts several of BC’s large-tonnage copper-gold porphyry deposits. These include: New Gold’s Afton mine, Imperial Metals’ Mount Polley mine, Taseko Mines’ Gibraltor mine, and Centerra Gold’s Mount Milligan and Kemess mines. The Quesnel terrane also hosts numerous advanced-stage gold projects, such as the Spanish Mountain gold project (measured and indicated resource of >4.5 M oz Au) located 45 km north of Eagle Lake, and Karus Gold’s FG gold project, located 35 km to the east.
Message from the President
“We are very excited to be working with Vizsla Copper while retaining the target that originally brought us to this area. On top of this, there is still a significant amount of unexplored ground in this extremely prospective locale. We have more exciting updates to come, so as always, stay tuned!”
ON BEHALF OF THE BOARD
Daithi Mac Gearailt
President and Chief Executive Officer
Carl Schulze, P. Geo., Consulting Geologist with Aurora Geosciences Ltd, is a qualified person as defined by National Instrument 43-101 for Trailbreaker's BC and Yukon exploration projects, and has reviewed and approved the technical information in this release.
For new information about the Company’s projects, please visit Trailbreaker’s website at TrailbreakerResources.com and sign up to receive news. For further information, follow Trailbreaker’s tweets at Twitter.com/TrailbreakerLtd, use the ‘Contact’ section of our website, or contact us at (604) 681-1820 or at info@trailbreakerresources.com.
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.
Forward-Looking Statements
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; expectations regarding future exploration and drilling programs and receipt of related permitting. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as "anticipates", "expects", "understanding", "has agreed to" or variations of such words and phrases or statements that certain actions, events or results "would", "occur" or "be achieved". Although Trailbreaker has attempted to identify important factors that could affect Trailbreaker and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. In making the forward-looking statements in this news release, if any, Trailbreaker has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Trailbreaker does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7fcf5ebc-0608-4d29-98b1-573ae9375c1c
