On July 24th, 2020 Triumph Gold announced completion of a non-brokered private placement totaling $3 million. This combined with the previously announced $3,319,600 private placement on July 24th, totals $6.31M. Each Unit was priced at $0.20 per Unit and each Unit comprised of one common share and one common share purchase warrant exercisable at an price of $0.30 per share for a period of three years. Proceeds of the private placement were for Triumph’s exploration activities and general working capital purposes.
6,500,000 stock options to consultants of the Company were also granted with an exercise price of $0.30 for a period of five years.
Shortly afterward, on July 28th, Triumph Gold announced their 2020 exploration program at Freegold Mountain project in Yukon. The primary goal of the proposed exploration program is to significantly advance underexplored, near-surface gold targets of the Freegold Mountain Project. This includes epithermal gold targets of the Mount Freegold Property, southeast of the Nucleus and Revenue Deposits, as well as shallow gold targets related to the gold-rich porphyry copper mineralization surrounding the Revenue Resource area.
“The 2020 exploration program is aimed at unlocking the higher grade gold areas of the Freegold Mountain Project that our Technical Team have been working on over the past couple of years,” said John Anderson, Executive Chairman. The drilling was planned to start the first week in August.
Jesse Halle, Vice President Exploration for Triumph Gold commented: “We have an opportunity to advance some of the many gold targets hosted within the Freegold Mountain Project outside the known Revenue, Nucleus and Tinta Resource areas. The potential for near-surface, high-grade epithermal gold discoveries along the Irene-Goldstar Corridor is outstanding, and the lithological and geochemical traits of the adjacent undrilled Melissa Zone look a lot like those of the Nucleus Resource. I’m equally excited about building on the gold-rich porphyry copper related mineralization story at Revenue East and Keirsten Zone.”
On September 17th, 2020 Triumph announced the completion of their “short but successful field-based portion of the program” at Freegold Mountain project, Yukon. The 2020 program was designed to test near-surface gold targets in both the Nucleus-Revenue and Mount Freegold areas. Field exploration proceeded as planned, although access to the Irene-Goldstar Corridor and Melissa Zone was limited due to unusually high rainfall throughout the season. This year’s exploration program produced nine diamond drill holes totaling 2068.52 metres, plus minor trenching and reconnaissance sampling.
Jesse Halle, VP Exploration added, “The Freegold Mountain Project continues to show its exploration up-side with every drill hole and new surface exposure, even in the greenfield locations, displaying eye-opening alteration and mineralization. I’m looking forward to the assay results and to an expanded exploration program in 2021.”