Video Interview with John Anderson, Chairman of Triumph Gold Corp $TIG $TIGCF
Video Interview with John Anderson, Chairman of Triumph Gold Corp $TIG $TIGCF
Grizzly Discoveries $GZD $GZDIF is pleased to announce that Kinross Gold Corporation’s wholly owned subsidiary, KG Exploration (Canada) Inc. (“Kinross”) has informed Grizzly that a drill will be mobilized to the Midway Target within the Greenwood Project, located near Greenwood in southern B.C. Kinross is planning a 1,200 m drill program at the Midway area during July and August, 2018, to continue the proof of concept drilling at the Midway Epithermal Target intersected in 2017. Proof-of-concept drilling in 2017 intersected gold, silicification, argillic alteration and minor quartz veining in 2 out of 3 holes along strike, warranting further follow-up exploration, particularly to the east and down-dip at the epithermal target.
Grizzly is also pleased to announce that it has closed on a private placement for gross proceeds of $55,000 (the “Placement”).
Highlights of 2017 Kinross Exploration Program at Midway
The portions of the Greenwood Project being explored by Kinross, 100% owned by Grizzly Discoveries Inc., includes 131 claims that form a contiguous package totaling approximately 27,346 hectares, representing approximately one third of Grizzly’s land holdings at Greenwood. Kinross can earn a 75% interest on the optioned land pursuant to an Option Agreement dated September 2015 by incurring US$3 million in exploration expenditures over a 5 year period. By the second anniversary on September 23, 2017, Kinross had completed 1,129 metres of diamond drilling and had incurred US$750,000 in expenditures.
Kinross geologists hypothesize that the Midway Epithermal target is an Eocene-aged epithermal system developed within Triassic clastic sediments and limestone, and Jurassic hornblende diorite intrusions, all unconformably overlain by Eocene Kettle River Formation sediments and Marron volcanics.
A 3 +/- m thick blanket of massive silica (locally banded, brecciated and vuggy) occurs at the basal Eocene unconformity. Remnants of this silica blanket occur in outcrop, intermittently over a 1 x 1 km area, in some places replacing Triassic limestone. The massive silica contains elevated gold (“Au”) (to 1.175 parts per million [ppm]) as well as locally anomalous arsenic (“As”), mercury (“Hg”) and antimony (“Sb”). Near the eastern end of the (known) silica exposure, up to 15% marcasite occurs as disseminations within the silica, and as cm-scale clasts that exhibit internal banding. This showing is interpreted as representing a hydrothermal vent intersecting the unconformity.
Widespread argillic alteration and more local silicification occur in the footwall of the unconformity. Two separate zones of alteration and veining have been discovered: The western zone is a north-trending, 200 m long by 50-75 m wide, zone of silicification, with peripheral argillic alteration, centered on a north trending fault zone marked by a narrow band of listwanite. Multiple narrow (to 0.5 m) chalcedonic quartz (+/-quartz breccia) veins (up to 4.2 ppm Au) occur within the broader zone of silicification. A second similar zone of alteration and veining is located 200 m to the east. The target areas were further delineated via a large Au-Cu-Ag +/- Hg, Sb, Se, Ba soil anomaly over the exposed epithermal system.
Rock chip and drill hole results indicate predominately argillic, and lesser propylitic alteration. Kaolinite dominates the argillic suite. The strongest zone of alteration is a north-trending, 200 m long by 50-75 m wide, zone of silicification near the irregular clastic/intrusive contact centered on a north-trending fault
zone. Multiple narrow (to 0.5 m) chalcedonic quartz (+/- quartz breccia) veins occur within the broader zone of silicification. Values of up to 4.2 ppm Au have been recovered from these veins.
Private placement and 2018 Proposed Work Programs
On July 19, 2018, the Company closed a private placement of Units and FT Units for gross proceeds of $55,000. The Company sold 562,500 units (“NFT Units”) at a price of $0.08 per unit, and 100,000 flow-through units (FT Units) at a price of $0.10 per FT Unit. Each NFT Unit consisted of one common share of Grizzly (a “Share”) and one Share purchase warrant (a “Warrant”). Each FT Unit sold consisted of one Share, issued as a flow-through share pursuant to the Income Tax Act (Canada) and one half of one Warrant. Each Warrant entitles the holder to acquire an additional Share for an exercise price of $0.12 and expires on the earlier of: (a) 30 days following the issuance of a news release by the Corporation that the trading price of the Common Shares on the TSX Venture Exchange is at or greater than $0.18 per Common Share for 10 consecutive trading days; and (b) July 19, 2020.
An insider of the Company purchased 137,500 Units for proceeds of $11,000 and a corporation controlled by an insider purchased 75,000 NFT Units for proceeds of $6,000. The closing of the Placement is subject to final acceptance by the TSX Venture Exchange.
Grizzly has submitted three Notices of Work (“NOW”) programs to the BC Ministry of Energy, Mines & Petroleum Resources. The planned programs cover planned exploration, including planned drilling, at the Ket 28 – Dayton and Motherlode target areas in the Greenwood Project area on lands not under option to Kinross. The third NOW program will cover potential cobalt-copper-silver (Co-Cu-Ag) drill targets at the Company’s 100% owned Robocop Project to be tested this fall after completion of an airborne survey and surface exploration activities planned during August and September 2018.
About Grizzly Discoveries Inc.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange with 62 million shares issued, focused on developing its precious and base metals properties in southeastern British Columbia along with significant Potash assets in Alberta. The Company holds over 180,000 acres of precious-base metal properties at its Greenwood Project; additionally, Grizzly holds 9,891 acres with Co-Cu-Ag mineralization at its Robocop Property, both located in southeastern British Columbia. The Company also holds more than 160,000 acres of properties which host diamondiferous kimberlites in the Buffalo Head Hills region of Alberta; and metallic and industrial mineral permits for potash totaling more than 60,000 acres along the Alberta-Saskatchewan border.
The content of this news release and the Company’s technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., who is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Triumph Gold Corp. (TSX-V: TIG) (“Triumph” or the “Company”) is pleased to announce that it has completed a private placement financing of 14,641,101 units of Triumph at a price of $0.35 per unit for gross proceeds of approximately $5,124,385. Each unit consists of one common share of the Company and one half of one non-transferable common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant is exercisable into one additional common share at a price of $0.55 for a period of two years from the closing of the financing. The investment was made primarily by institutional investors. A private Hong Kong fund invested approximately $2.5 million and three existing shareholders (amongst others) participated in the offering, including Goldcorp Inc. (“Goldcorp”) which exercised its right to top up to a 19.9% ownership by participating in the financing.
John Anderson, Chairman of Triumph commented: “We are excited to have new institutional investors investing directly into the Company as we continue to explore the Freegold Mountain project. As well, we are overwhelmed that current shareholders requested to increase their investment at this time. Goldcorp has participated in this financing to increase its interest in the Company to 19.999% on a partially diluted basis. We view this investment as a validation of our exploration philosophy and look forward to continuing to work with Goldcorp’s technical team as we continue to advance the Freegold Mountain project.”
The proceeds of the offering will be used for exploration at the Company’s Freegold Mountain project and for general working capital. Triumph currently has two diamond drills on the property and is in the middle of an 18,000 metre drilling program.
All securities issued in connection with this financing will be subject to a statutory four month hold period expiring on November 12, 2018, in accordance with applicable Canadian securities laws. Upon completion of the private placement, the Company will have 78,442,638 common shares issued and outstanding. The Company has agreed to pay cash finder’s fees in the aggregate amount of $31,300 to certain finders in connection with the private placement.
Goldcorp and Palisade Global Investments Ltd., each subscribed for 2,719,674 units and 2,900,000 units, respectively, under the offering. The participation of each of these insiders is considered to be a “related party transaction” as defined under TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company determined that an exemption from the formal valuation requirement of MI 61-101 was available for each related party transaction pursuant to Section 5.5(b) of MI 61-101. The Company also relied on Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement.
The Company did not file a material change report more than 21 days in advance of the closing of the offering, which the Company deems reasonable and necessary in the circumstances as the closing date of the private placement had not been established at that time.
About Triumph Gold Corp.
Triumph Gold Corp. is a growth oriented Canadian-based precious metals exploration and development company. Triumph Gold Corp. is focused on creating value through the advancement of the district scale Freegold Mountain project in Yukon. For maps and more information, please visit our website www.triumphgoldcorp.com
On behalf of the Board of Directors
Signed “Paul Reynolds”
Paul Reynolds, President & CEO
|For further information please contact:
John Anderson, Executive Chairman
Triumph Gold Corp.
+1 (604) 218-7400
Pistol Bay (TSX.V-PST) announced that it plans to commence a 2018 drilling program on it’s Confederation Lake greenstone belt in the very near future.
Charles Desjardins, President and CEO of Pistol Bay, commented, “After the company’s very encouraging VTEM plus survey in 2017, we are excited to commence the next stage of development of Confederation Lake volcanic massive sulphide belt.”
Three drill holes of at least 500 metres each are planned to further test the Arrow Zone, and to retrieve core for preliminary metallurgical testing. The Arrow Zone was the subject of a 43-101 report in 2017 that presented an inferred mineral resource of 2,100,000 tonnes grading 5.78% zinc, 0.72% copper, 0.60 grams per tonne (g/t) gold and 19.5 g/t silver. (8.42% zinc eq.)
Additionally, the Company plans to survey the older drill holes on the Arrow Zone, which were drilled by Noranda in 1997 and 1998, using a gyro or similar method, to accurately determine hole deviation. Collars of all holes on the Arrow zone will be surveyed by differential GPS to determine their precise location and the initial azimuth. These new and precise measurements will allow more precise positioning of drill intercepts and will ultimately lead to a higher level of confidence in the mineral resource.
Approximately 10 diamond drill holes totaling approximately 2,000 metres will test the Fredart “A” zone (also referred to as the Copperlode “A” zone). A historical resource estimate made in 1971 for the Fredart “A” zone, based on diamond drilling in the 1960s, was 386,000 tonnes grading 1.56% copper and 33.6 g/t silver, or alternatively 219,500 tonnes at 1.95% copper and 41.8 g/t silver. Neither of these estimates conforms to any class of mineral resource or mineral reserve defined by the 2014 CIM guidelines.
Although the first five holes in 1965 were assayed for gold with results up to 1.2 g/t Au, the remaining 76 holes were not assayed for gold. Four of the highest grade and widest drill intercepts on the Fredart “A” zone were:
DDH 65-03: 1.83 metres @ 5.24% Cu and 170.45 g/t Ag
DDH 66-11: 6.61 metres @ 3.37% Cu and 159.52 g/t Ag
DDH 66-15: 17.53 metres @ 2.54% Cu and 45.72 g/t Ag
DDH 66-18: 46.21 metres @ 1.18% Cu and 51.11 g/t Ag
Intersection lengths are core lengths; true widths are not known. Sampling, assaying, security and QC protocols are unknown.
Technical information in this news release was reviewed by Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as defined in National Instrument 43-101.
Triumph Gold reports results of prospecting and geological mapping on the Andalusite Peak property. Highlights of exploration include:
go to: www.triumphgoldcorp.com for complete news release
Triumph Gold TSX.V-TIG OTCMKTS: $TIGCF will be exhibiting at the AME BC Roundup Core Shack on Wednesday, January 24 and Thursday, January 25. The conference is being held at the Vancouver Trade and Convention Centre West, 1055 Canada Place, Vancouver, BC.
Triumph Gold will be displaying drill core from its 2017 Freegold Mountain project, Yukon at booth number 816.
go to: www.triumphgoldcorp.com for full news release
Triumph intends to execute a $4 million exploration program on the Freegold Mountain property, as well as smaller reconnaissance mapping and sampling projects on Tad/Toro and Severance properties in Yukon and Andalusite Peak in northern British Columbia.
Exploration on the Freegold Mountain property will commence in late May and extend until early October. The work will include approximately 13,000 m of diamond drilling, seven line km of trenching, geological mapping, prospecting and a soil geochemistry survey.
Drilling will be focused on four areas:
Drilling at the Nucleus and Revenue deposit areas will constitute significant step outs, up to 1.5 km from the current resource areas, to test new exploration targets developed during a thorough data and drill core review conducted in 2016.
Exploration at the property’s third resource area, the Tinta polymetallic vein deposit, will include broadening of the existing soil geochemistry survey area with approximately 1,200 samples over 7 km2. This will complement the ground magnetic and VLF-EM survey that was conducted in 2016, which defined several strong conductors that parallel the Tinta vein deposit and are coincident with Au, Ag, Pb, Bi in soil anomalies over the limited existing soil grid. Once results are obtained, trenching will be conducted over coincident anomalies.
A number of less developed prospects on the Freegold Mountain property, including the Nitro, Castle, and Stoddart porphyry prospects and Goldy, Ridge, and Irene epithermal gold prospects, will be the subject of focused data, drill core, and field studies/reviews by Triumph’s senior geologists in order to evaluate exploration potential.
NI 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Tony Barresi, Ph.D., P.Geo, Vice President Exploration of the company and qualified person for the purposes of National Instrument 43-101 — Standards of Disclosure for Mineral Properties of the Canadian Securities Administrators.
Subject to regulatory approval, the Company has granted 5,900,000 incentive stock options to officers, directors, employees and consultants at a price of $0.40 per share for a period of five years from grant.
Pistol Bay expanded the upcoming VTEM airborne electromagnetic and magnetic survey to cover almost twice the area of the original survey plan. Geotech Limited is contracted to survey the 40 km length of the Confederation Lake greenstone belt, southeast of Red Lake, Ontario.
With a larger loop, more power and better signal-to-noise resolution than earlier airborne electromagnetic systems, the current version of VTEM™, known as VTEM™ Plus, is able to resolve conductors at significantly greater depths than any previous airborne system. By flying a survey over large areas of favourable geology, Pistol Bay will be exploring a depth slice that has only been investigated in the past by large-loop ground EM systems over very limited areas. Target definition will be materially assisted by two recently acquired data sets. A whole-rock geochemical database with almost 7,000 analyses was inherited from Noranda Exploration by AurCrest Gold Inc. and delivered to Pistol Bay as part of the AurCrest Gold property acquisition (see Pistol Bay news release January 18, 2017). As well, a data set of Selco drill results, many of which were never in the public domain was supplied by the vendor of the Joy North property (see Pistol Bay news release February 22, 2017).
#PistolBayMining (TSX.V-PST) has retained MPH Consulting to carry out a review of all historical geophysical surveys on the Dixie zinc-copper-silver projects, in preparation for a planned fall diamond drill program. The Dixie projects are in the Confederation Lake greenstone belt, 35 km southeast of Red Lake, Ontario. the Confederation Lake belt is known for its numerous volcanogenic massive sulphide (VMS) deposits and occurrences.