Trailbreaker Resources Adds Intrusion Related Sheldon Property Located in the Tombstone Gold Belt - Yukon

Trailbreaker Resources Adds Intrusion Related Sheldon Property Located in the Tombstone Gold Belt - Yukon

Trailbreaker Resources Ltd. (TBK.V) ("Trailbreaker" or "the Company") is pleased to announce it has now added the 919-hectare (ha) Sheldon property, located in central Yukon, as part of its robust property portfolio.

The Sheldon property covers a "Reduced Intrusion Related Gold System" (RIRGS), located within the Tombstone Gold Belt of the Selwyn Basin. The Tombstone Belt is host to gold (Au)-bearing prospects and deposits including: Snowline Gold's Valley discovery (e.g. 410.0 m @ 1.89 g/t Au) 1 ; Kinross Gold's Fort Knox mine (10 million ounces of gold, including past production) 2 and Victoria Gold's Eagle mine (4.3 million ounces of gold) 3 .

The property is located along the North Canol Road approximately 110 km northeast of the town of Ross River (Figure 1). The property has excellent infrastructure with road access within 800 m of the property boundary.

Highlights of the Sheldon Property

  • Located within the geologically fertile and highly prospective Tombstone Gold Belt of the mining-friendly Yukon Territory;
  • Road accessible via the North Canol Road, approximately 110 km northeast of Ross River;
  • Historic rock samples assayed up to 6.17 g/t Au ;
  • Reduced-Intrusion Related Gold System (RIRGS) style mineralization evident on the property, with many characteristic RIRGS geological features;
  • Underexplored, with a number of strong geochemical and geophysical targets identified;
  • 100% owned by Trailbreaker Resources , with no underlying payments or royalties.

Location of the Sheldon property within the Tombstone Gold Belt and the Selwyn Basin.

Figure 1: Location of the Sheldon property within the Tombstone Gold Belt and the Selwyn Basin.

Exploration Potential

The Sheldon property is underexplored and has undergone only short surface sampling campaigns between the early 1990s and 2012.

A regional-scale Z-Axis Tipper Electromagnetic (ZTEM) survey was flown over a significant portion of the Selwyn Basin in 2008. This data was reprocessed by Condor Consulting in 2013 4 and made publicly available by the Yukon Geological Survey. The data from this survey shows magnetic and conductivity characteristics across the Sheldon property that are common in RIRGS deposits. These features include a high resistivity signature associated with the felsic intrusive rocks and magnetic high features surrounding the intrusions, associated with pyrrhotite-bearing hornfelsed sedimentary rocks. Of particular interest are two magnetic ‘pimples' within the claim boundaries that may reflect strongly hornfelsed rocks above a blind intrusion (Figure 2). As the highest grades of RIRGS mineralization commonly occur in upper portions of fertile intrusions, the potentially intact carapace in the northwest and southeast property areas highlight attractive exploration targets. Neither of these target areas have undergone any documented exploration .

Most geochemical sampling and mapping to date has been focused on the southern extent of the Sheldon Stock, where gold mineralization was first encountered. Although less geochemical coverage occurred along the northern flank of the stock, the more limited work revealed consistently elevated gold values from rock and soil sampling. Additionally, this area has the best correlation between gold (Au) and tellurium (Te), a robust pathfinder element for Au in RIRGSs. The spacing between sampling in this area is such that a significant deposit could occur between sample locations, based on the approximate footprint of other RIRGS deposits (Figure 3), including Snowline Gold's Valley prospect.

‘Magnetic' pimples highlighted in yellow where strongly hornfelsed sedimentary rocks may overlie blind intrusive centers. No exploration work has been conducted on these targets. Low conductivity (high resistivity) features indicate the presence of an intrusive center at the Sheldon property, as confirmed from regional and local mapping.

Figure 2: ‘Magnetic' pimples highlighted in yellow where strongly hornfelsed sedimentary rocks may overlie blind intrusive centers. No exploration work has been conducted on these targets. Low conductivity (high resistivity) features indicate the presence of an intrusive center at the Sheldon property, as confirmed from regional and local mapping.

History

Gold-bearing quartz veins were first recognized at Sheldon by the Geological Survey of Canada (GSC) in 1944. In 1990, a regional stream sediment survey conducted by the GSC highlighted multiple drainages with anomalous arsenic and antimony.

The work conducted by the GSC, along with the then-recent discovery at Dublin Gulch (now Victoria Gold's Eagle Mine) in Yukon, resulted in the initial staking of the property in 1991. Between 1991-1993, surface rock and soil geochemical sampling, as well as geological mapping, were completed, targeting Fort Knox style mineralization. Rock chip samples from this work returned assays as high as 6.17 g/t Au 5 , from quartz veining in the granitic Sheldon Stock (Figure 3).

The claims were restaked in 2011, followed by a short prospecting and sampling program conducted in 2012. Rock samples from this program graded up to 2.08 g/t Au 6 .

Since 2012, no work has been completed on the property. The Sheldon block is a legacy property originally held by Goldstrike Resources Ltd. Trailbreaker owns 100% of the property with no underlying payments or royalties.

Gold in soil and rock samples overlain on mapped geology of the Sheldon property. Gold shows a strong correlation with the granitic stock and locally the hornfelsed sedimentary rocks. White dashed ellipsoid indicates 1 km x 1.2 km area with limited sampling and elevated Au-Te values in surrounding samples.

Figure 3: Gold in soil and rock samples overlain on mapped geology of the Sheldon property. Gold shows a strong correlation with the granitic stock and locally the hornfelsed sedimentary rocks. White dashed ellipsoid indicates 1 km x 1.2 km area with limited sampling and elevated Au-Te values in surrounding samples.

Geology

The Sheldon property is centered on the mid-Cretaceous Sheldon stock, a member of the Tombstone Gold Belt intrusive suite emplaced within the Selwyn Basin of Yukon. The Sheldon stock is described as a polyphase biotite granitic to granodioritic intrusion, emplaced during a regional extensional event coincident with emplacement of the Tombstone intrusive suite. Gold mineralization is associated with quartz and arsenopyrite veining within the Sheldon Stock, as well as in hornfelsed sedimentary rocks surrounding the stock.

The Sheldon property displays many classic features of RIRGS deposits 7 , including, but not limited to:

  • Sheeted quartz veins hosted in a mid-Cretaceous granite;
  • Intrusive rocks with biotite>hornblende, indicating volatile content of the intrusion;
  • Constrained size of intrusive stock is favourable for hosting RIRGS;
  • Strong gold-arsenic-bismuth-tellurium-tungsten (Au-As-Bi-Te-W) geochemical association;
  • Typical geophysical characteristics (resistivity high and magnetic high around stock) of a felsic intrusion surrounded by a hornfelsed aureole in sedimentary rocks

Future work recommendations

Additional geochemical sampling and geological mapping is recommended to be completed over areas of low sample density, particularly where magnetic ‘pimples' occur in the northwest and southeast of the property. This is also recommended to be done along the northern margin of the Sheldon Stock, where a strong Au-Te association is observed.

A higher-resolution magnetic survey will aid in further defining the hornfelsed alteration zone and granitic intrusive boundaries.

Follow-up drill testing should focus on the most prospective geological and geochemical targets to test for bulk-tonnage RIRGS mineralization in the vertical dimension.

Message from the President

"Adding the RIRGS Sheldon property to our portfolio greatly increases our exposure to potential significant gold discoveries within the exciting Tombstone Gold Belt, with no additional cost to the shareholders. With the recent discoveries by Snowline Gold, which have resulted in an enhanced understanding of the Yukon-based RIRGS systems, we have re-evaluated this target. We are impressed with the similarities, even at this early stage. We feel that the geological characteristics of this project suggest that there is potential for multiple mineralized zones to occur, associated with the Sheldon Stock complex, within our existing claim boundaries."

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.

Other

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 .

References
1) https://snowlinegold.com/news/
2) https://www.kinross.com/operations/default.aspx#americas-fortknox
3) https://vgcx.com/production/eagle-gold-mine/overview/
4) https://data.geology.gov.yk.ca/Reference/68174#InfoTab
5) Doherty, R.A., J van Randen, J.A., 1994, Report on the 1994 geological and geochemical assessment work on the Mount Sheldon property, Whitehorse Mining District, Yukon, Assessment Report #093220
6) C. Jones, 2013, Report on the CANDO 2 property: 2012 exploration program, Whitehorse Mining District, Yukon, Assessment Report # 096351
7) Hart, C.J.R., 2007, Reduced Intrusion-related Gold Systems, in Goodfellow, W.D., ed, Mineral deposits of Canada: A synthesis of Major Deposit Types, District Metallogeny, the Evolution of Geological Provinces, and Exploration Methods: Geological Association of Canada, Mineral Deposits Division, Special Publication No. 5, p. 95-112

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.

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/1adb71a6-ce6e-4d22-931f-11390f9342d1  
https://www.globenewswire.com/NewsRoom/AttachmentNg/2bb8b517-6432-45e2-8a68-abddde6b6eb6
 
https://www.globenewswire.com/NewsRoom/AttachmentNg/54363db8-2e65-4732-bcc8-e965cb9deddb


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Doré Copper Mining Corp. (" Doré Copper ") (TSXV: DCMC; OTCQB: DRCMF; FRA: DCM) today announced that it has filed and is in the process of mailing the management information circular (the " Circular ") and related materials for the special meeting (the " Meeting ") of shareholders of Doré Copper (" Doré Copper Shareholders ") to be held December 16, 2024. At the Meeting, Doré Copper Shareholders will be asked to consider and vote on a special resolution (the " Arrangement Resolution ") approving a statutory plan of arrangement (the " Plan of Arrangement ") pursuant to Section 192 of the Canada Business Corporations Act (the " Arrangement "), subject to the terms and conditions of an arrangement agreement dated October 14, 2024 (the " Arrangement Agreement ") entered into among Doré Copper, Cygnus Metals Limited (" Cygnus ") and 1505901 B.C. Ltd., a wholly owned subsidiary of Cygnus, all as more particularly described in the Circular.

The board of directors of Doré Copper (the " Doré Copper Board ") and the special committee of independent directors established by the Doré Copper Board (the " Special Committee ") have unanimously determined that the Arrangement is in the best interests of Doré Copper and that the Arrangement is fair to the Doré Copper Shareholders. The Special Committee and the Doré Copper Board reviewed and considered a significant amount of information and considered a number of factors relating to the Arrangement, with the benefit of advice from Doré Copper's management, and the financial and legal advisors of the Special Committee and the Doré Copper Board. The Special Committee unanimously recommended that the Doré Copper Board recommend to Doré Copper Shareholders that they vote FOR the Arrangement Resolution. The Doré Copper   Board unanimously recommends that Doré Copper   Shareholders vote   FOR   the Arrangement Resolution. See pages 33 to 36 of the Circular for a detailed description of the " Reasons for the Arrangement ".

In accordance with the interim order granted by the Ontario Superior Court of Justice (Commercial List) on November 12, 2024, providing for the calling and holding of the Meeting and other procedural matters relating to the Arrangement, the Arrangement can only proceed if, among other conditions, it receives the approval of not less than two-thirds (66⅔%) of the votes cast on the Arrangement Resolution by Doré Copper Shareholders in person or by proxy at the Meeting and not less than a majority (50% + 1) of the votes cast on the Arrangement Resolution by Doré Copper Shareholders in person or by proxy at the Meeting excluding the votes cast by certain interested or related parties or joint actors of Doré Copper in accordance with the minority approval requirements of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions .

Under the Arrangement Agreement, the parties have agreed to effect the Arrangement, pursuant to which Cygnus will indirectly acquire all of the issued and outstanding common shares in the capital of Doré Copper (" Doré Copper Shares "), and Doré Copper Shareholders will be entitled to receive, for each Doré Copper Share held immediately prior to the effective time of the Arrangement (the " Effective Time "), 1.8297 fully paid ordinary shares (the " Consideration ") in the capital of Cygnus (each one whole share, a " Cygnus Share ").

As a result of, and immediately following the completion of, the Arrangement, Doré Copper will be an indirect wholly-owned subsidiary of Cygnus and the former Doré Copper Shareholders will be entitled to receive the Consideration for each Doré Copper Share previously held by them immediately prior to the Effective Time (subject to rounding, as provided for in the Plan of Arrangement).

Cygnus has applied for its Cygnus Shares to be listed on the TSX Venture Exchange (the " TSXV "). It is a condition of closing that Cygnus shall have received conditional listing approval from the TSXV to list the Cygnus Shares on the TSXV. Listing of the Cygnus Shares on the TSXV will be subject to Cygnus receiving approval from, and fulfilling all of the minimum listing requirements of, the TSXV.

Meeting and Circular

The Meeting of the Doré Copper Shareholders will be held at the offices of Bennett Jones LLP located at One First Canadian Place, 100 King Street West, Suite 3400, Toronto, Ontario, M5X 1A4 on December 16, 2024 at 12:00 p.m. (Toronto time). Doré Copper Shareholders of record as of the close of business on November 13, 2024 are entitled to receive notice of and to vote at the Meeting. Doré Copper Shareholders are urged to vote before the proxy deadline of 12:00 p.m. (Toronto time) on December 12, 2024.

The Circular provides important information on the Arrangement and related matters, including the background of the Arrangement, the rationale for the recommendations made by the Special Committee and the Doré Copper Board, and voting procedures. Doré Copper Shareholders are urged to read the Circular and its appendices carefully and in their entirety. The Circular is being mailed to Doré Copper Shareholders in compliance with applicable Canadian securities laws. The Circular is available under Doré Copper's profile on SEDAR+ at www.sedarplus.ca and on Doré Copper's website at www.dorecopper.com .

Impact of Canada Post Labour Strike

Due to the ongoing Canada Post labour strike, it is possible that Doré Copper Shareholders may experience a delay in receiving the Circular and related materials in respect of the Meeting. Doré Copper Shareholders are encouraged to access the Circular and related materials electronically as noted above. Registered holders of Doré Copper Shares experiencing a delay in receiving the Circular and related materials may contact Computershare Investor Services Inc. at 1-800-564-6253 to obtain their individual control numbers in order to vote their Doré Copper Shares. Registered holders of Doré Copper Shares are encouraged to vote their Doré Copper Shares via the internet at www.investorvote.com or via telephone at 1-866-732-VOTE (8683). Registered holders of Doré Copper Shares are also encouraged to complete and return letters of transmittal by hand or by courier to ensure the appropriate documents are received in a timely manner. Beneficial holders of Doré Copper Shares experiencing a delay in receiving the Circular and related materials should contact their broker or other intermediary for assistance in obtaining their individual control numbers in order to vote their Doré Copper Shares. Beneficial holders of Doré Copper Shares are encouraged to vote their Doré Copper Shares via the internet at www.proxyvote.com or via telephone at 1-800-474-7493 (English) or 1-800-474-7501 (French). It is recommended that any physical forms of proxy or voting instruction forms be delivered via courier to ensure that they are received in a timely manner.

Registered holders of Doré Copper Shares who wish to exercise their dissent rights in connection with the Arrangement are also cautioned to deliver their written objection to Doré Copper by mail using a method other than Canada Post or by facsimile transmission in accordance with the instructions set forth in the Circular to ensure that they are received in a timely manner.

Other Matters

Agreement with SOQUEM

Further to its news release dated July 3, 2024, on July 2, 2024, Doré Copper issued 1,190,476 Doré Copper Shares to SOQUEM at a deemed price of $0.105 per Doré Copper Share in connection with its acquisition of a 56.41% interest in a group of contiguous claims located immediately north and east of its flagship high-grade Corner Bay copper project in the Chibougamau mining camp.

About Doré Copper Mining Corp.

Doré Copper Mining Corp. aims to be the next copper producer in Québec with an initial production target of +50 million pounds of copper equivalent annually by implementing a hub-and-spoke operation model with multiple high-grade copper-gold assets feeding its centralized Copper Rand mill 1 . Doré Copper has delivered its PEA in May 2022 and is proceeding with a feasibility study. Doré Copper has consolidated a large land package in the prolific Lac Doré/Chibougamau and Joe Mann mining camps that has historically produced 1.6 billion pounds of copper and 4.4 million ounces of gold. 2 The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometer radius of Doré Copper's Copper Rand Mill.

About Cygnus Metals

Cygnus Metals Limited (ASX: CY5) is an emerging exploration company focused on advancing the Pontax Lithium Project (earning up to 70%), the Auclair Lithium Project and the Sakami Lithium Project in the world class James Bay lithium district in Québec, Canada. In addition, Cygnus has REE and base metal projects at Bencubbin and Snake Rock in Western Australia. The Cygnus Board of Directors and Technical Management team have a proven track record of substantial exploration success and creating wealth for shareholders and all stakeholders in recent years. Cygnus' tenements range from early-stage exploration areas through to advanced drill-ready targets.

For further information about Doré Copper, please contact:

Ernest Mast Laurie Gaborit
President and Chief Executive Officer Vice President, Investor Relations
Phone: (416) 792-2229 Phone: (416) 219-2049
Email: ernest.mast@dorecopper.com Email: laurie.gaborit@dorecopper.com

Visit: www.dorecopper.com
Facebook: Doré Copper Mining
LinkedIn: Doré Copper Mining Corp.
Twitter: @DoreCopper
Instagram: @DoreCopperMining

Cautionary Note Regarding Forward-Looking Statements
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this news release, including, without limitation, statements with respect to the proposed Arrangement and the terms thereof, the completion of the Arrangement, including receipt of all necessary court, shareholder and regulatory approvals and timing thereof, the listing of the Cygnus Shares on the TSXV, and the plans, operations and prospects of Doré Copper and its properties are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the ability to obtain approvals in respect of the Arrangement and to consummate the Arrangement, the ability to obtain approvals for the listing of the Cygnus Shares on the TSXV, integration risks, actual results of current and future exploration activities, benefit of certain technology usage, the ability of prior successes and track record to determine future results, changes in project parameters and/or economic assessments, availability of capital and financing on acceptable terms, general economic, market or business conditions, future prices of metals, uninsured risks, risks relating to estimated costs, regulatory changes, delays or inability to receive required regulatory approvals, health emergencies, pandemics and other exploration or other risks detailed herein and from time to time in the filings made by Doré Copper with securities regulators. Although Doré Copper has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that such statements 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 statements. Doré Copper disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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Quetzal Copper Corp. (TSXV: Q) ("Quetzal" or the "Company") a North American focused copper exploration company is pleased to announce that it has entered into an agreement with Independent Trading Group ("ITG") to act as lead agent and sole bookrunner in connection with a "best efforts" private placement (the "Offering") for aggregate gross proceeds of up to $3,000,000 from the sale of the following:

  • up to 6,666,666 units of the Company (the "Units") at a price of $0.15 per Unit for gross proceeds of up to $1,000,000 from the sale of Units; and
  • up to 10,526,315 common shares of the Company (the "FT Shares", and together with the Units, the "Offered Securities") at a price of $0.19 per FT Share for gross proceeds of up to $2,000,000 from the sale of FT Shares. Each FT Share will be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada).

Each Unit issued under the Offering shall consist of one common share in the capital of the Company (each, a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of $0.25 per Common Share for a period of 24 months from the Closing Date (as defined below).

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