Trailbreaker Resources (TSXV:TBK)) explores new opportunities to expand its portfolio, acquiring assets with strategic potential to bring significant shareholder value. The company’s business strategies are guided by a highly-skilled team of geologists and prospectors with a track record of discoveries.
The company focuses on underexplored and overlooked regions with significant upside potential. Maintaining this focus has led to acquiring a portfolio of assets with blue-sky potential as exploration continues.
The flagship Atsutla gold project is a new high-grade gold discovery in a region in BC with no previous gold exploration. The land package covers 400 square kilometers of ground, and the company has already defined five gold zones over 26 kilometers, while the majority of the asset remains unexplored. The company is awaiting its 43-101 Technical Report and moving towards its maiden drill campaign.
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Message from the President
“Receiving our exploration permit for Swan is a big step toward advancing the Atsutla Gold Project. We now have the capability to be more aggressive with our exploration efforts in order to advance the Swan target.” – Daithi Mac Gearailt
Swan Target Description
The Swan target is located in the eastern Atsutla Gold Property area, in northern BC. Swan is a potential gold-silver-copper (Au-Ag-Cu) porphyry system, defined by a 900 m by 700 m Au-Ag-Cu-arsenic (As) – antimony (Sb) – molybdenum (Mo) – lead (Pb) soil geochemical anomaly along a gossanous ridge. The host setting is a leucogranite porphyry intrusion with argillic and phyllic alteration assemblages. Bedrock sampling by Trailbreaker in the centre of the soil anomaly has returned values up to 11.5 g/t Au and 16.8 g/t Ag.
Historic IP surveying around the Swan target took place in the valley west of the soil anomaly. This work focused on a molybdenum anomaly associated with a semi-circular chargeability high. This chargeability feature partially wraps around the soil anomaly, but the survey dimensions do not cover the entire anomaly. Additionally, IP surveying will be valuable in identifying potential chargeability highs, which may indicate high sulphide content and associated alteration zonation. As well, resistivity characteristics may help vector toward felsic intrusive centers and high-density quartz veining which would indicate the potassic core of a porphyry system.
Figure 1: Highlights of the Swan target include the strong Au geochemical anomaly, phyllic and argillic alteration zones, and the partial chargeability high ring feature defined from a historic IP survey.
About the Atsutla Gold Project
The Atsutla Gold project covers over 40,000 hectares of underexplored and prospective ground in northwestern BC. The project covers a portion of the Atsutla mountain range 70 km south of the BC-Yukon border. Placer gold was recorded in the area during the early 1900s, with very little subsequent mineral exploration.
The project is centered over the crustal-scale Teslin-Thibert fault system that marks the division between the Quesnel and Cache Creek terranes. Gold mineralization is associated with Mesozoic intrusive batholiths that are the predominant geological unit on the property. Trailbreaker has discovered five significant zones of gold mineralization across the property. These are:
About Trailbreaker Resources
Trailbreaker Resources is a mining exploration company focused primarily on mining-friendly British Columbia and Yukon Territory, Canada. Trailbreaker is committed to continuous exploration and research, allowing maintenance of a portfolio of quality mineral properties which in turn provides value for shareholders. The company has an experienced management team with a proven track record as explorers and developers throughout the Yukon Territory, British Columbia, Alaska and Nevada.
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.
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 athttps://www.globenewswire.com/NewsRoom/AttachmentNg/c66345bd-85aa-42bb-a466-fe24fe4ce990
Trailbreaker Resources Ltd. (TBK.V) ("Trailbreaker" or "the Company") is pleased to report geochemical results from the 2023 surficial exploration program at their Castle Rock property on northern Vancouver Island, British Columbia (BC).
Highlights from the surficial exploration program include:
Message from the President
"Our grassroots exploration efforts at Castle Rock have continued to build upon a showing with limited previous exploration, and are quickly developing this into a compelling project with multiple targets. Castle Rock is a great testament to our tried-and-true exploration methodology which has proven to add value to our portfolio of early-stage exploration projects. We are excited to continue to advance Castle Rock, along with the rest of our portfolio." – Daithi Mac Gearailt
Figure 1: Soil geochemical anomalies and highlighted rock and moss-mat samples from the 2023 surface sampling program, overlain on interpretation of the regional airborne magnetic survey. Sampling defines a 3 km gold-in-soil trend which includes the Heart zone and newly defined Watchtower and Kokummi zones. Rock sampling has confirmed historic values at the Flan zone and defined an open gold-in-soil anomaly. Additionally, anomalous moss-mat samples in the southeast and eastern portions of the property have defined new areas of potential mineralization, leading to additional claim staking.
Heart, Watchtower, and Kokummi zones (3 km long soil trend)
Rock and soil geochemical sampling and prospecting successfully defined a three-kilometre gold-in-soil trend with multiple >30 ppb gold anomalies, centered on the previously known Heart showing. The Heart showing was discovered in 2012 and consists of a brecciated granodiorite dyke containing 5 to 10% pyrite-chalcopyrite. Historic chip sampling returned assays of 2.0 g/t Au over 30 metres 1 .
During the 2023 surface campaign, rock samples collected from an outcrop 175 m north-northwest of the Heart showing returned assay results up to 2.2 g/t Au. These samples were collected from a strongly oxidized granite, very similar to the main Heart zone showing. Additionally, gossanous basalt containing pyrite was sampled in outcrop 80 m east-northeast of the Heart showing, and returned assay results up to 2.2 g/t Au.
Soil sampling near the Heart showing expanded the continuous gold-in-soil anomaly, defining the Heart zone to approximately 1,150 m in strike length and up to 300 m in width.
A new multi-sample gold-in-soil anomaly, the Watchtower zone, was identified approximately 325 m to the southwest of the Heart showing. No previous sampling had been conducted in the area prior to 2023. The anomaly remains open to the south and west. This may represent an additional mineralization centre near the Heart zone.
A second newly identified gold-in-soil anomaly, the Kokummi zone, was defined to the south-southeast of the Heart zone. This anomaly is on strike of the Heart zone and is defined by gold-in-soil values >30 ppb along multiple soil sampling lines, defining a >600 m strike length.
Flan zone
Historic sampling at the Flan zone returned assays up to 135 g/t Au in boulders 2 . Sampling during 2023 was designed to confirm the presence of mineralization and to define a bedrock source. Gossanous float material sampled at the Flan zone confirmed high-grade gold mineralization, with assays up to 42.1 g/t Au and 1.93% Cu. As well, basalt-hosted semi-massive pyrite-chalcopyrite-pyrrhotite sampled in outcrop returned assays up to 3.1 g/t Au. It is believed that this outcrop-hosted mineralization is associated with the float samples, and that similar mineralization may occur under vegetative and/or till cover. The Flan zone lies at the intersection of two magnetic lineaments. This structural intersection may be an important control of gold mineralization.
The Flan zone occurs on the western extent of the soil geochemical grid. However, another gold-in-soil anomaly was defined from the 2023 sampling approximately 500 m north of the outcrop mineralization at the Flan zone. The anomaly is defined by >30 ppb gold-in-soil, and remains open to the west and north.
Reconnaissance sampling
To assess potential mineralization outside of the primary area covered by soil sampling, moss-mat sampling, targeting additional drainages on the property, was employed. Moss-mat sampling is used as a reconnaissance style sampling method, similar to stream sediment sampling, providing indications of metal content within a drainage and providing a vector for the location of mineralization.
Two areas returned multiple moss-mat samples with greater than 10 ppb gold. The first area is in the southeastern portion of the property, near the postulated contact of the Kokummi stock and the Karmutsen basalts. The second area is within a valley that drains from the eastern flank of Mt. Adam. This valley, which has not undergone any exploration work, is marked by magnetic lineaments, similar to those at the Heart-Kokummi soil trend. Additional claims were staked in this area to cover all drainages potentially causing these elevated moss-mat samples.
Future Work Recommendations
Future work at the Castle Rock property will be focussed toward continuing to define the extent of mineral potential on the property, as well as advancing individual targets toward initial drill testing. This work will include permitting to conduct advanced exploration activities, additional surface geochemical work, and geophysical surveying.
About the Castle Rock property
The Castle Rock property covers 3,108 hectares of land, approximately 70 km northwest of Campbell River, BC on northern Vancouver Island (Figure 1). It was acquired by Trailbreaker in 2022 and was recently consolidated through an option agreement with Cazador Resources Ltd. (see August 8, 2023 news release ). Trailbreaker conducted initial exploration assessment work in 2022 and followed up with a second surface exploration program in 2023 (results are contained in this news release).
The claims cover five BC Minfile occurrences on a district-scale structure that is >5 km-long, with newly identified gold ± copper-enriched intrusions. These Minfile occurrences are relatively new discoveries, mostly due to access created by recent logging activity.
Northern Vancouver Island is host to several large Cu-Au porphyry deposits, including Northisle's Hushamu deposit (Inferred Resource of 5.57 Moz AuEq) 3 , and BHP Billiton's past producing Island Copper porphyry copper deposit (produced >2.7 B lb Cu and >1.0 Moz Au) 3 .
At the Castle Rock property, gold is dominantly hosted in Jurassic granodiorite dykes which have been emplaced along a regional-scale fault zone separating Lower to Middle Triassic Daonella Bed sedimentary rocks from Upper Triassic Karmutsen Formation basalts.
About Trailbreaker Resources
Trailbreaker Resources is a project generator focused primarily on mining-friendly British Columbia and Yukon Territory, Canada. We are committed to continuous exploration and research, allowing us to maintain a portfolio of quality mineral properties which in turn provides value for our shareholders. The company has an experienced management team with a proven track record as project generators and developers throughout the Yukon Territory, British Columbia, Alaska and Nevada.
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://minfile.gov.bc.ca/Summary.aspx?minfilno=092L%20%20399
2) https://minfile.gov.bc.ca/Summary.aspx?minfilno=092L%20%20396
3) https://cmscontent.nrs.gov.bc.ca/geoscience/PublicationCatalogue/InformationCircular/BCGS_IC2014-04.pdf
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/ae9292a0-501f-4c65-93e1-4c863323130c
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Trailbreaker Resources Ltd. (TBK.V) ("Trailbreaker" or "the Company") is pleased to provide a company update on exploration activities during the 2023 field season, and on our continued efforts to build shareholder value.
2023 was an active year for Trailbreaker, with work conducted across a wide array of our projects. Work included the filing of an NI 43-101 technical report on the Atsutla project, optioning out of a portion of the Eagle Lake property, drill testing on the Eakin Creek project, conducting surface exploration at the Golden Sable and Castle Rock projects, and conducting a site visit at the Sheldon project. As well, the technical team was bolstered by the appointment of a new position of Vice President of Exploration. Work towards permitting of projects in order to conduct drill testing is ongoing. As well, the technical team is actively engaged in conducting project generation to bring new highly prospective properties into the Trailbreaker portfolio. Trailbreaker intends to carry the momentum from this year's activities into 2024, and to continue to build on the 2023 exploration successes.
Message from the President
"Thank you to our base of loyal shareholders who have continued to believe in and support our exploration approach through a tough metals market. We are excited to be advancing numerous projects and are looking forward to an active 2024 exploration season. We are also excited about the ongoing target generation that our technical team has been engaging in, which we feel will continue to add highly prospective projects into our pipeline." – Daithi Mac Gearailt
2023 Exploration Activities
Click the hyperlinks below for more information on each project, news release, or presentation.
Atsutla : Prior to the start of the field season, Trailbreaker filed an NI 43-101 technical report for the Atsutla project, located in northwestern BC (see news release dated May 15, 2023 ). The technical report and accompanied structural geology report with drill recommendations, provide a geological framework and clear exploration methodology to advance the Atsutla project. There is strong potential both for intrusion-hosted auriferous quartz veins in the western portion of the property, where rock samples assayed up to 630 g/t gold (Au); and for porphyry copper-gold (Cu-Au) mineralization at the Swan zone, where rock samples returned up to 11.7 g/t Au.
Eagle Lake : Trailbreaker optioned out a portion of the Eagle Lake project, located in central BC, to Vizsla Copper. These four claims abut Vizsla Copper's Woodjam project (see news release dated June 12, 2023 ). Vizsla Copper has the option to acquire a 100% interest in the four optioned claims by issuing an aggregate of 400,000 common shares to Trailbreaker over three years. Trailbreaker and Teck Resources Ltd. retain a combined 2% net smelter return (NSR) royalty on these claims. Trailbreaker retains the prospective Moffat zone portion of the Eagle Lake project, where historic drill results returned grades up to 3.52 g/t Au over 9.9 m. Also at the Moffat zone, a 2022 MMI (mobile metal ion) soil survey defined an 850 x 700 m gold-copper-silver-molybdenum (Au-Cu-Ag-Mo) anomaly.
Eakin Creek : Trailbreaker's field season began with a successful diamond drill program at the Eakin Creek project, south-central BC (see news release dated September 5, 2023 ). Gold was intersected in all eleven drillholes, highlighted by intervals including: 1.0 m of 14.3 g/t Au in hole EC-23-02; 3.0 m of 2.42 g/t Au in hole EC-23-01; and 15.7 m of 0.32 g/t Au in hole EC-23-05. This drill program represented a successful and cost-effective first pass test of a highly prospective target, with 2,039 m of drilling completed for less than CAD$500k. Additional drilling is recommended to expand the known extent of mineralized zones.
Golden Sable : Surface work at the Golden Sable project, south-central BC, extended the gold-in-soil anomaly to 4 km in length (see news release dated September 14, 2023 ). The Golden Sable project was newly acquired by Trailbreaker (see news release dated May 29, 2023 ). The project was subsequently explored by Trailbreaker, focusing on a previously identified significant gold-in-soil anomaly. This anomaly is locally supported by 2018 drill results, including 24.0 m of 0.83 g/t Au, in turn including a sub-interval of 4.0 m of 2.4 g/t Au. Outcrop exposure on the property is limited, and no follow-up drilling along the gold-in-soil anomaly has occurred, leaving a majority of the highly prospective anomaly untested.
Sheldon : A site visit to the Sheldon project, central Yukon, confirmed historic gold-in-rock values, as well as numerous key geological features indicating a potential "reduced intrusion-related gold system" (RIRGS). Rock samples collected in an area hosting abundant sheeted quartz veins containing arsenopyrite and bismuthinite, near the contact of the Sheldon Stock granite and hornfels sedimentary rocks, returned assays up to 6.48 g/t Au. The site visit confirmed the geological model, presence of high-priority targets, and supported our exploration approach to be applied at the Sheldon property. An updated project presentation may be found on our website.
Castle Rock : Trailbreaker announced the acquisition of the Castle Rock property, northern Vancouver Island, BC, through a combination of claim staking and a partnership agreement with Cazador Resources (see news release dated January 20, 2023 ). The property was subsequently consolidated through a secondary agreement with Cazador Resources, giving Trailbreaker the option to gain a 100% interest in the property (see news release dated August 8, 2023 ). A surface exploration program, consisting of 497 soil samples, 50 rock samples, and geological mapping, was completed at Castle Rock. This program followed up on the 2022 gold-in-soil anomaly identified near the gold-rich Heart porphyry prospect, and on historic rock samples at the Flan zone (see news release dated September 25, 2023 ). Assay samples for this work are still outstanding and will be reported separately once received.
Vice President of Exploration : In addition to Trailbreaker's field exploration activities, Dillon Hume, M.Sc., P.Geo., joined the team as the Vice President of Exploration in July, 2023. Mr. Hume brings a wealth of mineral exploration experience to Trailbreaker, having been involved in significant discoveries, including the East Ridge Zone at the Red Chris Cu-Au porphyry mine, and the Krakatoa Zone at the Kudz Ze Kayah VHMS deposit. Mr. Hume completed an M.Sc. degree on the structural and mineralogical controls of gold mineralization at the Tajitos orogenic gold deposit in Sonora, Mexico, and is registered as a professional geoscientist in British Columbia. He brings a strong management and technical foundation to help propel Trailbreaker's exciting project portfolio.
Project Generation
Trailbreaker is continually conducting project generation, including reviewing projects that may add significant exploration potential and fit well within Trailbreaker's portfolio. Project generation is primarily focused on identifying underexplored and undervalued projects which the technical team feels have realistic potential for significant advancement. Project generation work is primarily focused on gold projects in British Columbia and Yukon.
Outlook for future work
Trailbreaker is preparing for another year of exploration across a suite of prospective projects. Surface work and geophysical surveys will be conducted at numerous properties to develop drill targets that could lead to significant discoveries. As well, the technical team is planning first-pass drill programs for several projects. Additional news on specific work programs can be expected through the winter and spring months, as these planning efforts solidify.
In addition to field work for 2024, the Trailbreaker team will be attending conferences over the winter months, including but not limited to: the AMEBC RoundUp conference from January 22-25, 2024 in Vancouver; the Prospectors and Developers Association of Canada conference from March 3-6, 2024 in Toronto; and the Kamloops Exploration Group Conference from April 9-10, 2024 in Kamloops.
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 .
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.
Telephone: 604 681 1820
Facsimile: 604 681 1864
https://www.TrailbreakerResources.com
https://twitter.com/TrailbreakerLtd.
News Provided by GlobeNewswire via QuoteMedia
Trailbreaker Resources Ltd. (TBK.V) ("Trailbreaker" or "the Company") is pleased to announce that it has completed a surficial exploration program at its Castle Rock property on northern Vancouver Island, British Columbia (BC).
The program consisted of the collection of 497 soil samples, 50 prospecting grab samples, and geological mapping. It was primarily designed to follow up on the channel sample and associated 400 m x 50 m gold-in-soil anomaly defined as the Heart zone in 2022.
Daithi Mac Gearailt, CEO of Trailbreaker, commented: "The program provided excellent coverage of the already robust gold anomaly at the Heart zone. This is a very recent discovery in an underexplored area of the Island. With the results in hand, we will have a more complete picture of the strike length of the anomaly and whether there are additional geochemical trends."
All assays for the program remain pending.
About the Castle Rock property
The Castle Rock property covers 3,108 hectares on Northern Vancouver Island, approximately 70 km northwest of Campbell River, BC (Figure 1). It was acquired by Trailbreaker in 2022 and was recently consolidated through an option agreement (see August 8, 2023 news release ).
The claims cover five BC Minfile occurrences along a district-scale structure that is >5 km long, with newly identified gold ± copper-enriched intrusions. These Minfile occurrences are relatively new discoveries, mostly due to access created by recent logging activity.
Northern Vancouver Island is host to several large copper-gold (Cu-Au) porphyry deposits including Northisle's Hushamu deposit (Inferred Resource of 5.57 Moz AuEq) 1 , and BHP Billiton's past producing Island Copper porphyry copper deposit (has produced >2.7 B lb Cu and >1.0 Moz Au) 1 .
At the Castle Rock property, gold is dominantly hosted in Jurassic granodiorite dykes emplaced along a regional-scale fault zone separating Lower to Middle Triassic Daonella Bed sedimentary rocks from Upper Triassic Karmutsen Formation basalts.
Figure 1: Location of the Castle Rock property on Vancouver Island 1 .
2023 exploration at the Heart and Flan zones
The Heart zone was the primary focus of the 2023 exploration program. The Heart showing (upon which the zone is centered) was discovered in 2012 and consists of a brecciated granodiorite dyke containing 5% to 10% combined pyrite and chalcopyrite. Historic chip sampling returned assays of 2.0 g/t Au over 30 metres 2 .
During 2022, Trailbreaker completed a channel sampling program at the Heart showing which returned values up to 0.68 g/t Au over 13.11 m, including a subinterval of 1.85 g/t Au over 2.92 m. A small soil geochemical survey outlined a 400 m x 50 m, northwest-southeast trending gold-in-soil anomaly. This is interpreted to represent the surface footprint of the gold-bearing dyke exposed at the Heart showing. Soil values up to 5.44 g/t Au were returned, and the anomaly remains open. This area is referred to as the Heart zone.
During the 2023 program, the exploration team expanded the soil grid, now covering 3.2 km x 1.5 km with 497 soil samples (see Figure 2). Additional prospecting was also done along trend of the Heart zone to explore for similar mineralization to that of the main Heart showing.
The soil survey was also extended to cover the Flan zone, located approximately 1.5 km west of the Heart zone. The zone was originally discovered in 2000 and comprises numerous high-grade boulders assaying up to 135 g/t Au 3 . Prospecting at the Flan zone during the 2023 program uncovered significant pyrrhotite-chalcopyrite mineralization hosted in a mafic volcanic unit. While the boulders were originally interpreted as sourced from the Heart zone, the mineralized volcanic rocks may represent a recently exposed bedrock source discovered in 2023 within 200 metres of the historic location of the boulders.
Figure 2: 2023 sample locations at the Castle Rock property with inset showing 2022 results at the Heart zone.
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://cmscontent.nrs.gov.bc.ca/geoscience/PublicationCatalogue/InformationCircular/BCGS_IC2014-04.pdf
2) https://minfile.gov.bc.ca/Summary.aspx?minfilno=092L%20%20399
3) https://minfile.gov.bc.ca/Summary.aspx?minfilno=092L%20%20396
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.
| Trailbreaker Resources Ltd. | ||
| 650 W. Georgia Street, #2110 | ||
| Vancouver, British Columbia | ||
| Canada, V6B 4N9 | ||
| Telephone: | 604 681 1820 | |
| Facsimile: | 604 681 1864 | |
| https://www.TrailbreakerResources.com | ||
| https://twitter.com/TrailbreakerLtd. | ||
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Maritime Resources Corp. (TSXV: MAE) ("Maritime" or the "Company") is pleased to announce that it has entered into an agreement with Paradigm Capital Inc. ("Paradigm") as lead agent and sole bookrunner, for and on behalf of a syndicate of agents (collectively, the "Agents"), in connection with a proposed best efforts private placement offering (the "Offering") of up to 8,850,000 common shares in the capital of Maritime (the "Offered Securities") to be issued at $1.13 per Offered Security (the "Issue Price") for gross proceeds of up to $10,000,500.
The Company will also grant the Agents an option (the "Agents' Option") to sell up to an additional 1,327,500 Offered Securities at the Issue Price for additional gross proceeds of up to $1,500,075, exercisable in whole or in part by the Agents at any time 48 hours prior to the Closing Date (as defined herein).
The Agents will be paid by the Company on closing of the Offering a cash commission equal to 6% of the gross proceeds of the Offering, including on any exercise of the Agents' Option, other than in respect of sales of up to $500,000 to certain directors and officers of the Company or their related entities (the "President's List") for which the Company shall pay a commission equal to 3%.
The Agents will also receive on the Closing Date compensation options (the "Compensation Options") entitling the Agents to acquire that number of common shares equal to 6% of the number of Offered Securities issued pursuant to the Offering, including on any exercise of the Agents' Option, at an exercise price of $1.13, exercisable for a period of 24 months following the Closing Date, other than in respect of sales to the President's List for which the Agents shall be entitled to that number of common shares equal to 3% of the number of Offered Securities issued to investors on the President's List.
The net proceeds from the Offering shall be used for exploration and development at the Company's mineral projects in Newfoundland and Labrador, repaying the balance of the Company's US$5,000,000 aggregate principal amount of senior secured notes, and general working capital purposes.
The Offering will be conducted in all provinces and territories of Canada pursuant to private placement exemptions, in the United States pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and in such other jurisdictions as are agreed to by the Company and the Agents. The Offering is expected to close on or about July 17, 2025 (the "Closing Date") and will be subject to regulatory approvals and customary closing conditions, including the listing of the Offered Securities on the TSX Venture Exchange ("TSXV"). All securities issued pursuant to the Offering will have a hold period of four months and one day.
The Offered Securities have not been, and will not be, registered under the U.S. Securities Act, or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This press release does not constitute an offer to sell or the solicitation of an offer to buy the Offered Securities in the United States, nor may there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Maritime Resources Corp.
Maritime (TSXV: MAE) is a gold exploration and development company focused on advancing the Hammerdown Gold Project in the Baie Verte District of Newfoundland and Labrador, a top tier global mining jurisdiction. Maritime holds a 100% interest directly and subject to option agreements entitling it to earn 100% ownership in the Green Bay Property which includes the former Hammerdown gold mine and the Orion gold project. Maritime controls over 439 km2 of exploration land including the Green Bay, Whisker Valley, Gull Ridge and Point Rousse projects. Mineral processing assets owned by Maritime in the Baie Verte mining district include the Pine Cove mill and the Nugget Pond gold circuit.
On Behalf of the Board:
Maritime Resources CORP.
Garett Macdonald, MBA, P.Eng.
President and CEO
Phone: (416) 365-5321
info@maritimegold.com
www.maritimeresourcescorp.com
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Caution Regarding Forward Looking Statements:
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of National Instrument 51-102 - Continuous Disclosure Obligations of the Canadian Securities Administrators. These statements and information are based on facts currently available to the Company and there is no assurance that actual results will meet management's expectations. Forward-looking statements and information may also be identified by such terms as "anticipates", "believes", "targets", "estimates", "plans", "expects", "may", "will", "could" or "would". While the Company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking statements in this news release include without limitation, statements with respect to the ultimate size of the Offering, the Company meeting all conditions for a timely closing of the Offering, including obtaining all required approvals, the proposed use of proceeds of the Offering, and the proposed closing date of the Offering, among others. All forward-looking information contained in this press release is given as of the date hereof, and is based on the opinions and estimates of management and information available to management as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as may be required by applicable securities laws.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES
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