Threegold Resources Inc.: 2.4M$ Budget Approved by Board (2007-02-27)
VAL-D'OR, QUEBEC--(CCNMatthews - Feb. 27, 2007) - Threegold Resources Inc. (TSX VENTURE:THG) is pleased to inform its shareholders that a 2.4M$ budget was approved by the Board of Directors for its exploration programs in Quebec for 2007. These programs will help advance exploration for its base and precious metal projects to the drilling stage.
The greater part of the exploration budget (1.5M$) will be expended on the Lemieux Dome Project, located in the Gaspe Peninsula. Threegold's recent acquisition of the Mont-de-l'Aigle Property from Ressources Appalaches (press release January 30th 2007) expanded the original property from 25km2 to an area over 100km2. The Lemieux Dome Property is centered on a circular Siluro-Devonian structure and contains two styles of mineralization; large (up to 100 metres) copper-gold zones and zinc-lead-rich veins. These styles of mineralization are indicative of epithermal, skarn and porphyry copper deposits. The planned field work for 2007 includes a detailed magnetic, electromagnetic and radiometric airborne survey to outline geophysical signatures expected from these styles of mineralization. Geophysical anomalies will be evaluated by ground geochemical surveys and mechanical stripping, as required. A diamond drilling program is planned during the fall to evaluate any mineralized zones identified. The final base and precious metal analytical results from 133 grab samples from approximatively 100 locations are awaited and will be incorporated in the final exploration program. Results will be released upon receipt from the laboratory.
Exploration will also proceed on the 100% owned precious metal Adanac Property located near Rouyn-Noranda, Quebec. Two exploration shafts exist on the property and an unknown quantity of gold was produced from one of these shafts (Adanac shaft). During the fall of 2006, a MMI soil geochemical program was conducted over the complete property. Anomalous MMI gold values were returned from known gold mineralized structures including the area of the Adanac shaft. In addition to the known mineralized zones, four areas of anomalous gold were also outlined. These gold anomalies remain unexplained and a work program consisting of airborne magnetic and EM surveys will be conducted. Coincident geophysical and geochemical anomalies will be drill tested to discover the source of the anomalies.
A similar exploration program is planned for the Frotet-Robert Project, located some 100km north of Chibougamau, Quebec. The property is host to copper-zinc-silver-gold showings associated with mafic intrusive rocks in contact with mafic volcanics. The 2006 MMI survey outlined four areas of copper and gold anomalies in the vicinity of the known mineralized showings. These anomalies will be investigated by ground geophysics, mechanical stripping and diamond drilling.
This aggressive exploration program for 2007 is designed to delineate areas and zones of mineralization.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
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