Triumph Gold (TSXV:TIG,OTC:TIGCF) is a Canadian gold exploration company well-positioned to benefit from a strengthening gold market. The company’s primary focus is advancing its 100 percent-owned Freegold Mountain Project, a district-scale property located in Yukon’s highly prospective Dawson Range gold-copper belt.
With defined multi-million ounce gold resources, significant potential for expansion, and promising discovery targets, Triumph Gold provides investors with exposure to a large, consolidated land package in one of Canada’s most mining-friendly jurisdictions.
The Freegold Mountain Project is Triumph Gold’s flagship asset — a district-scale property extending 34 kilometers along the highly mineralized Big Creek Fault system in Yukon. What sets this project apart is the widespread presence of mineralization across all major rock types on the property, including Paleozoic metamorphics, Jurassic intrusives, and Cretaceous intrusives. Each of these hosts distinct styles of precious and base metal mineralization, underscoring the project’s exceptional geological potential.
This Triumph Gold profile is part of a paid investor education campaign.*
Click here to connect with Triumph Gold (TSXV:TIG) to receive an Investor Presentation
Triumph Gold offers investors exposure to a multi-million ounce gold resource base with established deposits, significant expansion potential, and new discovery opportunities across a true district-scale land package, all strategically positioned in the mining-friendly Yukon.
Triumph Gold (TSXV:TIG,OTC:TIGCF) is a Canadian gold exploration company strategically positioned to capitalize on the rising gold market. The company is primarily focused on advancing its 100 percent owned Freegold Mountain project, a district-scale property located in the Yukon Territory's prolific Dawson Range gold-copper belt.
Founded with a vision to discover and develop significant precious metal resources, Triumph Gold has assembled a portfolio centered around its flagship Freegold Mountain project. With over 20 mineralized zones identified along a 34 km stretch of the Big Creek Fault system, the company possesses significant exploration upside with established resources across multiple deposits. The project benefits from excellent infrastructure, being accessible via all-weather government roads, which provides cost advantages compared to more remote exploration projects.
The Yukon Territory has a storied history as one of the world's most famous gold jurisdictions, dating back to the legendary Klondike Gold Rush of the late 1890s that drew over 100,000 prospectors to the region. Today, the territory continues to be recognized as one of the world's premier exploration destinations, hosting world-class deposits like Victoria Gold's Eagle mine (3.3 million ounces), Western Copper's Casino project (8.9 million ounces gold, 4.5 billion pounds copper), and Newmont's Coffee project (4 million ounces).
The Yukon government has consistently demonstrated strong support for responsible mining development. The territory offers a stable regulatory environment, clear permitting processes, and collaborative relationships with First Nations, making it an attractive jurisdiction for resource development. Additionally, the Yukon Resource Gateway Project, a $360 million infrastructure initiative, continues to improve access to mineral-rich areas throughout the territory.
With geopolitical tensions, inflationary pressures, and currency devaluation concerns driving investor interest in safe-haven assets, gold exploration companies with substantial resource potential like Triumph Gold are well-positioned to benefit from this strengthening market cycle.
The Freegold Mountain project represents Triumph Gold's flagship asset – a district-scale property that spans 34 kilometers along the prolific Big Creek Fault mineralization system in the Yukon. What makes this project particularly compelling is the presence of mineralization in every rock type across the property, including Paleozoic metamorphics, Jurassic intrusives and Cretaceous intrusives, each hosting different styles of precious and base metal deposits.
The project currently hosts three defined deposits – Nucleus, Revenue and Tinta Hill – with a combined resource of more than 2 million ounces of gold equivalent. What's particularly exciting about Freegold Mountain is that these deposits represent just a fraction of the more than 20 mineralized zones identified across the property. With extensive permitted exploration programs, ongoing geological work, and vast untested areas, Freegold Mountain exemplifies true district-scale potential where new discoveries could substantially increase the overall resource base.
The Nucleus deposit represents a compelling bulk tonnage oxide gold opportunity with similarities to Victoria Gold's Eagle mine. With indicated resources of 748,000 ounces gold equivalent and inferred resources of 189,000 ounces gold equivalent, the deposit features favorable metallurgy with approximately 77 percent cyanide recoverable gold based on preliminary testing. Recent drilling has expanded the resource by 50 to 100 meters both laterally and vertically, with mineralization remaining open in all directions. Drilling has also confirmed significant oxide mineralization extending up to 150 meters vertically, enhancing the potential for heap leach processing.
The Revenue deposit is a substantial porphyry system with indicated resources of 252,000 ounces and inferred resources of 677,000 ounces gold equivalent. It shows similarities to Western Copper's Casino deposit but with double the gold grade. The deposit contains multiple high-grade zones including the Blue Sky and WAu zones, which were expanded through recent drilling programs. The company has identified a more than 5 km structural trend connecting various mineralized zones, suggesting significant resource expansion potential. Geophysical and geochemical surveys have identified numerous untested anomalies worth exploring.
Revenue - Casino deposits comparison
With inferred resources of 216,000 ounces gold equivalent, Tinta Hill is a polymetallic deposit with substantial gold, silver, copper, lead and zinc values. The property has historical underground development including two adits with extensive drifting completed in 1980-1981. There's a 25,000-ton stockpile from previous mining operations that could represent near-term cash flow potential. The deposit remains open along strike and at depth, with opportunities to extend mineralization through additional IP and ground magnetic surveys.
Beyond the three established deposits, Triumph Gold holds several promising early-stage exploration targets across the Freegold Mountain Project and beyond, including:
With over 20 years of experience in resource sector capital marketing, John Anderson brings strategic vision to company growth and management. His extensive background in capital formation and corporate development provides Triumph Gold with strong leadership as it advances its portfolio of projects.
Brian Bower contributes 30 years of experience in exploration and mining to the Triumph Gold team. He has been a key member in the development of several significant mining projects including New Afton, Kemess South, Blackwater, Mount Milligan mines and the Casino deposit, bringing valuable technical and operational insights to the company's development strategies.
With more than 25 years of experience in mineral exploration, Jesse Halle has specialized in advancing multiple porphyry copper-gold deposits in Yukon and British Columbia. His extensive work with similar deposits, including the Casino and Copper Mountain deposits, brings critical technical expertise to Triumph's exploration programs.
Marty Henning contributes over 15 years of mineral exploration and mining experience to the team. His background includes focused work on construction, production and exploration at the New Afton block cave mine, providing valuable operational perspective to Triumph's exploration approach.
With 20 years of experience in data management and GIS, Graeme Hopkins has been involved with the Freegold Mountain project since 2008. His long-term knowledge of the project and technical expertise provides valuable continuity and insight to Triumph's exploration and development activities.
Emily Halle brings over 15 years of experience in exploration and project management to the team. Her focus on porphyry copper-gold systems in British Columbia and Yukon, combined with additional experience in South Africa, Alaska and Eastern Canada, ensures efficient and effective management of Triumph's exploration programs.
Multi-million-ounce, district-scale gold assets in the prolific Yukon Territory
Highlights of the results include:
Refer to Table 1 for a list of significant grab sample assays and length-weighted chip sample assays. Figure 2 depicts the locations of these assay highlights. Table 2 presents all 64 assay results from the Vindicator Zone (Figure 1).
Table 1: Highlights of 2019 chip and grab samples from within or close to trenches along the Irene-Goldstar Epithermal Gold-Silver Corridor
The Irene-Goldstar Epithermal Gold-Silver Corridor is a 3.7 kilometre long zone of epithermal-related gold-silver and base metal mineralization that extends from the historic Goldstar Vein and Skarn system near the Mount Freegold summit and continues through the Vindicator Zone to the Irene Zone in Guder Creek at the bottom of the mountain (Figure 1). The corridor is associated with a major splay of the regionally important Big Creek Fault. In 2018, eleven shallow drill holes targeted the Irene Zone and resulted in numerous intercepts of quartz veins with precious and base metals that graded up to 20.7 g/t Au over 0.70 metres (see PR#19-02 dated January 24, 2019). The 2018 drill program at Irene defined a mineralized strike length of 450 metres that is open to the northwest and to the southeast, where the Vindicator Zone is found 2000 metres away.
The Vindicator Zone has seen sporadic and poorly-documented exploration since the 1960’s. The Goldstar Vein has been extensively trenched and was tested with approximately twelve shallow drill holes. In 1989, C.A. Main estimated a mineral inventory at the Goldstar Vein with 123,000 tonnes of 4.21 g/t Au and 47.2 g/t Ag contained within a shallow pit approximately 250 metres long by 60 metres deep; this historical estimate should not be relied upon, as a Qualified Person has not done sufficient work to classify the estimate as a current mineral resource. Triumph Gold geologists believe the mineralization at the Goldstar Vein and the Vindicator Zone are parts of a much larger mineralized system termed the Irene-Goldstar Epithermal Gold-Silver Corridor.
Between 2005 and 2007, sixteen grab samples were collected from subcrop at the Vindicator Zone returning gold assays ranging from 0.015 g/t Au and 0.2 g/t Ag to 425 g/t Au and 321 g/t Ag. The location of the historic high-grade gold sample is shown in Figure 2. The locations of the 2005 and 2007 samples have not been verified by Triumph.
The 2019 sampling program at the Vindicator Zone aimed to confirm historic high-grade samples, characterize the contained polymetallic mineralization, and generate grade and thickness data. A total of 49 linear chip samples and seven grab samples were collected from trenches at the Vindicator Zone. An additional eight reconnaissance-style grab samples were collected throughout the Vindicator Zone (Tables 1, 2, Figure 3). Several areas adjacent to the highest grading samples were not sampled due to the depth limitations of hand-trenching.
Geology of the Vindicator Zone and Goldstar Zone
The Vindicator Zone is hosted in gossanous, schistose to gneissic metasedimentary rock of the Yukon Tanana Terrane. Mineralized domains up to 8 metres in width have been documented in eleven trenches spanning a 600 metre strike-length. Mineralization is associated with 1 to 15 centimetre thick epithermal quartz veins and adjacent domains of sericite-altered wall rock. Sulphides, including pyrite, chalcopyrite, galena and sphalerite, occur in quartz veins and disseminations in wall rock but are rarely preserved in hand sample due to surface weathering and oxidation.
Triumph Gold is planning a machine trenching and diamond drilling program for the Vindicator Zone in 2020, as well as a diamond drilling program designed to close the 2000 metre gap between the Vindicator and Irene Zones along the 3.7 kilometre long Irene-Goldstar Epithermal Gold-Silver Corridor.
Figure 1: Freegold Mountain Project, Irene-Goldstar Epithermal Au-Ag Corridor
Figure 2: Vindicator Zone, Trench and Grab Sample Highlights
Figure 3: Vindicator Zone, Trench and Grab Sample Locations
Sampling, Assaying and QAQC
Subhorizontal linear chip samples ranged between one and two metres in length. All chip samples were collected with a rock hammer. Chip and grab samples were analyzed by SGS Canada of Vancouver, British Columbia. Samples were prepared for analysis according to SGS method PRP89: each sample was crushed to 75% passing 2 millimetres and a 250 gram split was pulverized to P85 75 micron. Gold was tested by fire assay with atomic absorption finish on a 30 gram nominal sample (method GE FAA30V5), samples that tested over 10 grams per tonne gold were retested using a 50 gram sample with gravimetric finish (method GO FAG50V), and samples testing over 100 grams per tonne silver were retested using an adjusted sample weight and final solution volume ratio (method GO ICP42Q100). An additional 33 elements were tested by ICP-AES using a four-acid digestion (method GE ICP40Q12). Quality assurance and control (QAQC) is maintained at the lab through rigorous use of internal standards, blanks and duplicates. An additional QAQC program was administered by Triumph Gold: at minimum three quality control samples, consisting of blanks and certified reference standards, were blindly inserted into the trench sample batch. QAQC samples that return unacceptable values trigger investigations into the results and reanalysis of the samples that were tested in the batch with the failed QAQC sample.
Table 2: Assay results of all 2019 Vindicator and Goldstar chip and grab samples
Notes
* Grab samples are selective in nature, therefore reported mineralization and assay results may not be representative.
** Length refers to sample length. True widths have not been determined.
*** Coordinates are given in UTM coordinates, NAD83, Zone 8.
Qualified Person
The technical content of this news release has been reviewed and approved by Jesse Halle (P.Geo.), Vice President Exploration for the company and qualified person as defined by National Instrument 43-101.
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 “Tony Barresi”
Tony Barresi, President
For further information please contact:
John Anderson, Executive Chairman
Triumph Gold Corp.
(604) 218-7400
janderson@triumphgoldcorp.com
Nancy Massicotte
IR Pro Communications Inc.
(604)-507-3377
nancy@irprocommunications.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors – including the availability of funds, the results of financing efforts, the completion of due diligence and the results of exploration activities – that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Triumph Gold President, Tony Barresi (Ph.D., P.Geo.), comments: “We are pleased to present three pit-constrained resources, two of which also have high-grade underground resources. The new pit constraint, and other stringent economic parameters applied to the three resource estimates demonstrate that the mineral deposits exhibit reasonable prospects for eventual economic extraction as required under NI 43-101. Since 2016 Triumph has been dedicated to bringing shareholder value by first focusing on grassroots exploration with resource definition to follow. This effort resulted in a number of new discoveries, including the high-grade Blue Sky Porphyry Breccia, and the WAu Breccia, both located within the Revenue deposit. While our attention will remain on discovery-focused exploration in the near term, we are pleased to provide updated mineral resource estimates that we believe accurately assess the resources identified to date, which are contained on our 100% owned Freegold Mountain Property.”
Technical Highlights of Freegold Mountain Property Mineral Deposits:
Figure 1
Triumph Gold’s Freegold Mountain Property hosts three road-accessible mineral deposits (Figure 1). Changes from the 2015 mineral resource estimates, which were unconstrained, are the result of a combination of new drilling and the application of updated technical and economic parameters. The new estimates are either constrained within pit shells or, in the case of underground mineral resources, show favourable geometry and continuity of grade and thickness so as to exhibit reasonable prospects for eventual economic extraction.
TABLE 1: ESTIMATE OF MINERAL RESOURCE FOR THE NUCLEUS DEPOSIT
Note: 0.30 g/t AuEq cut-off grade for pit constrained resources. Koz = thousands of ounces; Mlbs – millions of pounds
TABLE 2: ESTIMATE OF MINERAL RESOURCES FOR THE REVENUE DEPOSIT
Note: 0.30 g/t AuEq cut-off grade for pit constrained resources and 1.0g/tAuEq cut-off grade for underground resources. Mo = Molybdenum
TABLE 3: ESTIMATE OF INFERRED MINERAL RESOURCE AT THE TINTA DEPOSIT
Note: 0.35 g/t AuEq cut-off grade for pit constrained resources and 1.8 g/t AuEq cut-off for underground resources.
TABLE 4: COMBINED ESTIMATE OF MINERAL RESOURCES ON THE FREEGOLD MOUNTAIN PROPERTY
Note: U/G = underground; n/a = non applicable
Nucleus
The Nucleus deposit is an epithermal style gold-silver-copper deposit. Indicated mineral resources at Nucleus include 31 M tonnes at 0.65 g/t Au, 0.7 g/t Ag and 0.07% Cu using a 0.3 g/t AuEq cut-off grade. Inferred mineral resources at Nucleus include 9.4 M tonnes at 0.56 g/t Au, 0.7 g/t Ag and 0.04% Cu. The Nucleus deposit is open to the south and at depth.
The Nucleus deposit has been tested with a total of 359 drill holes with a cumulative length of 60,061m. The mineral resource estimate was generated using drill hole sample assay results and the interpretation of a geological model which relates to the spatial distribution of gold, copper and silver. Interpolation characteristics are defined based on the geology, drill hole spacing, and geostatistical analysis of the data. The effects of potentially anomalous high-grade sample data, composited to 1.5 metre intervals, are controlled using both traditional top-cutting as well as limiting the distance of influence during block grade interpolation. Block grades are estimated into a three-dimensional block model with nominal block size measuring 10x10x5m (LengthxWidthxHeight), using ordinary kriging and have been validated using a combination of visual and statistical methods. Resources in the indicated category are delineated by drilling spaced at maximum 50 metre intervals. Resources in the inferred mineral category are within a maximum distance of 150 metres from a drill hole. The estimate of the indicated and inferred mineral resources is constrained within a limiting pit-shell derived using projected technical and economic parameters*. The cut-off grade of the base case estimate of mineral resource is projected to be 0.30 g/t AuEq, calculated using the formula AuEq=Au g/t + (Ag g/t x 0.012) + (Cu% x 1.371). The sensitivity of the Nucleus mineral resource to cut-off grade, constrained by the $1500/oz gold pit shell, is shown in Tables 5 and 6.
TABLE 5: SENSITIVITY OF INDICATED MINERAL RESOURCE TO CUT-OFF GRADE FOR THE NUCLEUS DEPOSIT
Notes: Resources constrained within $1500/ozAu pit shell. Base case cut-off grade is 0.30 g/t AuEq for pit constrained resources.
TABLE 6: SENSITIVITY OF INFERRED MINERAL RESOURCE TO CUT-OFF GRADE FOR THE NUCLEUS DEPOSIT
Note: Resources constrained within $1500/ozAu pit shell. Base case cut-off grade is 0.30 g/t AuEq for pit constrained resources.
Revenue
Revenue is a gold-silver-copper-molybdenum-tungsten deposit located approximately 4 km to the southeast of the Nucleus deposit. The new mineral resource estimate for Revenue improves upon the previous (2015) estimate with:
1) New drilling that has better delineated the higher grade WAu Breccia domain
2) Expansion of the resource to the northeast to include higher grade mineralization at the newly discovered Blue Sky Porphyry Breccia
3) Inclusion of a >300 metre deep high grade (e.g. 1.4 g/t AuEq) portion of the Blue Sky Porphyry Breccia in an underground resource
4) Upgrading a portion of the resource into an indicated category
5) Inclusion of tungsten in the resource estimate
Indicated mineral resources at Revenue include 11.4 M tonnes at 0.38 g/t Au, 2.4 g/t Ag, 0.12% Cu, 0.016% Mo and 0.008% W. Combined open-pit constrained and underground inferred resources at Revenue include 27.5 M tonnes at 0.51 g/t Au, 2.5 g/t Ag, 0.12% Cu, 0.009% Mo, and 0.005% W. Some of the known zones of mineralization at Revenue remain open in multiple directions and to depth; for example, the Blue Sky Porphyry Breccia is open to the east, west and to depth, and the WAu breccia is open to depth. Triumph Gold believes there is significant potential in the immediate vicinity of Revenue for new discoveries.
The Revenue deposit has been tested with a total of 324 drill holes with a cumulative length of 55,100m. The mineral resource estimate was generated using drill hole sample assay results and the interpretation of a geological model which relates to the spatial distribution of gold, copper, silver, molybdenum and tungsten. Interpolation characteristics are defined based on the geology, drill hole spacing, and geostatistical analysis of the data. The effects of potentially anomalous high-grade sample data, composited to 1.5 metre intervals, are controlled using both traditional top-cutting as well as limiting the distance of influence during block grade interpolation. Block grades are estimated into the three-dimensional block model with nominal block size measuring 10x10x5m (LengthxWidthxHeight), using ordinary kriging and have been validated using a combination of visual and statistical methods. Resources in the indicated category are delineated by drilling spaced at maximum 50 metre intervals. Resources in the inferred mineral category are within a maximum distance of 150 metres from a drill hole. The estimate of the indicated and inferred mineral resources is constrained within a limiting pit shell derived using projected technical and economic parameters*. The base case cut-off grade of the estimate of open pit constrained mineral resources is projected to be 0.30 g/t AuEq calculated using the formula AuEq = Au g/t + (Ag g/t x 0.012) + (Cu% x 1.371) + (Mo% x 4.114) + (W% x 5.942). Resources below the pit shell that are considered potentially amenable to bulk underground extraction methods are estimated at a cut-off grade of 1g/t AuEq. The sensitivity of the Revenue mineral resources to cut-off grade is shown in Tables 7, 8 and 9.
TABLE 7: SENSITIVITY OF PIT CONSTRAINED INDICATED MINERAL RESOURCES TO CUT-OFF GRADE FOR THE REVENUE DEPOSIT
TABLE 8: SENSITIVITY OF PIT CONSTRAINED INFERRED MINERAL RESOURCES TO CUT-OFF GRADE FOR THE REVENUE DEPOSITNotes: Resources constrained within $1500/ozAu pit shell. Base case cut-off grade is 0.30 g/t AuEq for pit constrained resources.
Notes: Resources constrained within $1500/ozAu pit shell. Base case cut-off grade is 0.30 g/t AuEq for pit constrained resources.
TABLE 9: SENSITIVITY OF UNDERGROUND INFERRED MINERAL RESOURCES TO CUT-OFF GRADE FOR THE REVENUE DEPOSIT
Tinta
Tinta is a vein-hosted gold-silver-copper-lead-zinc deposit located on the southern portion of Triumph Gold’s Freegold Mountain property that extends to depths approaching 400m below surface. Combined open-pit constrained and underground inferred resources at Tinta include 2.2 M tonnes at 1.29 g/t Au, 44.7 g/t Ag, 0.17% Cu, 0.63% Pb and 1.29% Zn. The Tinta deposit remains open at depth where a number of gold-rich drill intersections have not yet been followed up on with additional drilling. Grassroots exploration along strike to the northwest of the Tinta vein identified a 1.8 km long coincident soil geochemistry and geophysical anomaly. Seven trenches across the anomaly exposed quartz veins with precious and base metal mineralization similar to the Tinta vein.
The Tinta deposit has been tested with a total of 74 drill holes with a cumulative length of 10,063m plus a total of 450m of underground drifting in two locations. The mineral resource estimate was generated using drill hole and drift channel sample assay results and the interpretation of a geological model which relates to the spatial distribution of gold, copper, silver, lead and zinc. Interpolation characteristics are defined based on the geology, drill hole spacing, and geostatistical analysis of the data. The effects of potentially anomalous high-grade sample data, composited to 1 metre intervals, are controlled by limiting the distance of influence during block grade interpolation. Block grades are estimated into the three-dimensional block model with nominal block size measuring 2x5x5m. The block model is rotated so the short axis (2m blocks) are perpendicular to the strike of the deposit at an azimuth of 305 degrees and the larger block dimensions are oriented along strike and in the vertical dimension. Grade estimates are made using ordinary kriging and have been validated using a combination of visual and statistical methods. Resources in the inferred category are within a maximum distance of 50m from drilling or underground channel samples. The base case cut-off grade of the open pit constrained mineral resource is projected to be 0.35 g/t AuEq calculated using the formula AuEq = Au g/t + (Ag g/t x 0.012) + (Cu% x 1.371) + (Pb% x 0.457) + (Zn% x 0.571). Resources below the pit shell that are considered potentially amenable to underground extraction methods are estimated at a cut-off grade of 1.8 g/t AuEq. The sensitivity of the Tinta mineral resources to cut-off grade is shown in Tables 10 and 11.
TABLE 10: SENSITIVITY OF PIT CONSTRAINED INFERRED MINERAL RESOURCES TO CUT-OFF GRADE AT THE TINTA DEPOSIT
Note: Resources constrained within $1500/ozAu pit shell.
TABLE 11: SENSITIVITY OF UNDERGROUND INFERRED MINERAL RESOURCES TO CUT-OFF GRADE AT THE TINTA DEPOSIT
Note: Resources constrained below the $1500/ozAu pit shell.
Notes
* The economic viability of the mineral resources at the Freegold property were tested by constraining them within a floating cone pit shells, or evaluating the viability of possible underground extraction using the following technical and economic parameters:
There are no adjustments for mining recoveries or dilution. The open pit testing indicates that some of the deeper mineralization may not be economic due to the increased waste stripping requirements. Underground mineral resources exhibit continuity of thickness and grade and are considered to exhibit reasonable prospects for eventual economic extraction using underground extraction methods at the projected cut-off grades. It is important to recognize that these discussions of surface and underground mining parameters are used solely to test the “reasonable prospects for eventual economic extraction,” and that they do not represent an attempt to estimate mineral reserves. There are no mineral reserves calculated for this Project. These preliminary evaluations are used to prepare the mineral resource estimates and to select appropriate reporting assumptions.
Quality Assurance
All Triumph’s sample assay results have been independently monitored through a quality control / quality assurance (“QA/QC”) program that includes the insertion of blind standards, blanks and pulp and reject duplicate samples. Logging and sampling are completed at Triumph’s secure facility located at the Freegold project. Predominately NTW and HTW sized drill core is sawn in half on site and half drill-core samples are securely transported to prep laboratories in Whitehorse for crushing and pulverizing and then to geochemical laboratories located in Vancouver, Canada for analysis. Gold content is determined by fire assay of a 30 gram charge and the additional elements are determined by four-acid, or historically aqua regia, digestion with ICP finish. ALS and SGS Labs have been used and both are independent from Triumph.
Triumph is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein.
Qualified Persons
Robert Sim, P.Geo., a Qualified Person as defined by NI 43-101, is responsible for the estimate of mineral resources presented in this news release and has reviewed, verified and approved the contents of this news release as they relate to the mineral resource estimate, including the sampling, analytical, and test data underlying the mineral resource estimate. Mr. Sim is independent from Triumph and confirms there were no limitations from the company in verifying the drilling and sample data with site visit observations and monitoring of the QAQC program.
Tony Barresi, Ph.D., P.Geo., President of the Company, and qualified person as defined by NI 43-101 for the Freegold Mountain project has reviewed, verified and approved the contents of this news release as they relate to the ongoing exploration and development program at the Freegold Mountain project.
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 “Tony Barresi”
Tony Barresi, President
For further information please contact:
John Anderson, Executive Chairman
Triumph Gold Corp.
(604) 218-7400
janderson@triumphgoldcorp.com
Nancy Massicotte
IR Pro Communications Inc.
(604)-507-3377
nancy@irprocommunications.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectations. Important factors – including the availability of funds, the results of financing efforts, the completion of due diligence and the results of exploration activities – that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Technical Highlights Include:
Table 1: Highlighted Results from RVD19-06 & RVD19-07
*** 10 g/t Au top-cut applied to this intersection only
Final results from the 2019 drill program on Triumph Gold’s Freegold Mountain Property include drill holes RVD19-05, RVD19-06 and RVD19-07 (Figure 1) totaling 2294.07m (Table 3). RVD19-05 and RVD19-07 were drilled near Revenue West testing for porphyry mineralization indicated by a geophysical anomaly (Big Red; see PR19-10 dated June 18, 2019). RVD19-06 was drilled at the WAu Breccia and was an addition to the planned program following successful drilling at the WAu Breccia early in the 2019 exploration season (e.g. 400m* of 1.2 g/t AuEq**, and 102m* of 1.3 g/t AuEq**). Previously released results from the 2019 drill program are reported in PR19-16 dated September 12, 2019 (WAu Breccia) and PR19-19 dated October 30, 2019 (Blue Sky Porphyry Breccia).
High-Grade Gold Mineralization in the Revenue Area
New results from RVD19-06 demonstrate that the WAu Breccia hosts discrete veins or zones of high grade gold mineralization. The core sample that yielded 174.0 g/t Au and 43.0 g/t Ag over 1 metre (Table 1) contains a 1.5 cm thick quartz-carbonate-chalcopyrite-bismuthinite-scheelite vein with significant visible gold (Figure 4A). This is a style of vein that is observed throughout the Revenue-WAu Breccia-Blue Sky area. Other high grade gold intersections at the WAu Breccia include 40.5 g/t Au and 98 g/t Ag over 1 metre* in RVD11-19 (from 376.60m), 27.2 g/t Au over 1.48 metres* in RVD18-08 (from 216.50m) and 19.4 g/t Au and 29 g/t Ag over 1 metre* in RVD19-02 (from 197.00m). Discrete high grade intercepts elsewhere in the Blue-Sky Revenue area include 48 g/t Au over 1.52 metres* in RVRC10-020 (from 82.30m), 45.0 g/t Au over 1 metre* in RVD17-14 (from 129.00m), and 39.4 g/t Au over 1 metre* in RVD18-19 (from 376.60m). Most of these intersections are contained within much larger intervals of lower grade copper-gold mineralization that comprise the bulk-tonnage style porphyry targets that have been the focus of recent exploration. However, closely spaced step-out drilling to better delineate these gold-rich veins within the lower-grade bodies may be warranted in order to demonstrate continuity and potentially upgrade contained precious metals in future resource estimates.
WAu Breccia – Demonstrating Continuity of Deep Porphyry-Related Mineralization and New Intersection of Bonanza Grade Gold
The WAu Breccia is a south dipping tabular body of polymetallic mineralization that, prior to 2019, had been tested to a maximum depth of 200 metres below surface. The 2019 exploration program identified a down-dip extension of the well mineralized WAu Breccia to a depth of approximately 400m, as well as underlying magnetite-chalcopyrite breccia in strongly potassic altered granite (RVD19-02; see PR19-16 dated September 12, 2019). The latter is interpreted as a style of high-temperature mineralization that formed proximal to a causative porphyry intrusion.
RVD19-06 was designed to further test the WAu Breccia mineralization system, both near surface and to depth (Figure 1, Figure 2). It intersected three distinct mineralized domains (Table 1, Table 2): 1) near surface (from 60.00m) molybdenum-rich porphyry style mineralization in the hangingwall of the WAu Breccia, 2) WAu Breccia style mineralization (from 286m where it overprints hangingwall style mineralization) with local bonanza grade gold, and 3) chalcopyrite-magnetite breccia (from 601.75m) in moderately to strongly K-feldspar, biotite, magnetite altered granite. Evidence of proximity to a mineralized cupola and core domains of a causative porphyry intrusion include:
Revenue West – Gold- and Copper-Rich Supergene Mineralization, and Evidence of Proximity to a Porphyry Intrusion Cupola
Revenue West, which comprises the western margin of the Revenue Diatreme (Figure 1; approximately 1.35 km to the east of the WAu Breccia), has demonstrated near surface mineralization, observed in outcrop and in core from historical drilling. RVD19-05 and RVD19-07 were both designed to test a buried chargeability anomaly centered approximately 650 metres below surface at Revenue West. Both drill holes crossed the geophysical anomaly, encountering propylitic to potassic altered granite with approximately 1% disseminated sulfides (mostly pyrite with minor chalcopyrite). Although the drill-tested sections of the geophysical anomaly (Big Red) did not represent porphyry-related mineralization zones, both drill holes did intersect porphyry-related mineralization in other portions of the holes. In addition, observations from RVD19-07 suggest proximity to a mineralized cupola zone, similar to what has been interpreted at the WAu Breccia 700 metres to the east.
RVD19-05 intersected potassic altered granodiorite with chalcopyrite and molybdenite bearing quartz and/or biotite-magnetite veins from surface to 126.49m depth. From 126.49m to the bottom of the hole at 771.60m a continuously but weakly mineralized fault zone was intersected. Coherent fault-blocks contain evidence of proximity to a mineralized porphyry system, including mineralized stockwork veining, multiple porphyritic intrusive phases, and potassic, propylitic and phyllic altered rock.
RVD19-07 collared within the Revenue Diatreme, near its south-central contact with the surrounding Revenue Granite (Figure 1), in an area with conspicuous copper carbonate (malachite and azurite) stained regolith. It intersected strong oxide and supergene mineralization to a depth of 36.00m, followed by mixed supergene and hypogene mineralization to a depth of 147.50m (Figure 3). Previous drilling (GRD84-07) had only demonstrated mineralization to a depth of 63.70m. Also within the diatreme, lower grade copper mineralization between 165.50 and 181.00m is related to pre-mineralized clasts that had been scavenged by the diatreme (Figure 4). The clasts include:
At 416 metres the hole penetrated through the southern margin of the diatreme into propylitic grading to potassic altered granite with magnetite-biotite veins (Figure 3). Several narrow potassic altered quartz-feldspar porphyry dykes and breccia zones yielded gold concentrations up to 2.7 g/t and copper up to 1.46% (Table 2). Strongly altered granite between 515.60 and 521.45m yielded even higher grade assays up to 11.6 g/t Au and 1.81% Cu. Triumph Gold geologists believe that the clasts in the Revenue Diatreme, as well as the discrete potassic altered and mineralized breccia and dykes in the adjacent granite are indications of proximity to the buried porphyry system. The area encompassing the south-central contact between the Revenue Diatreme and surrounding granite is a new high priority area for future exploration targeting the causative intrusion.
Table 2: Full Table of Significant Results from RVD19-05, RVD19-06 & RVD19-07
*** 10 g/t Au top-cut applied to this intersection only
Table 3: Drill Hole Location and Orientation
Coordinates are given in North American Datum 83 (NAD83), Zone 8
Figure 1 Plan Geology Map Showing Drill Hole Locations
Figure 2 Schematic Cross-section RVD19-06
Figure 3 Schematic Cross-Section RVD19-07
Figure 4 Core Photos
A) Visible gold in RVD19-06
B) Chalcopyrite-Pyrite-Molybdenite miaroles in RVD19-06
C) Clasts with classic unidirectional solidification texture in RVD19-07
D) Porphyry clasts with bornite bearing A-veins in RVD19-07
Notes
* Reported assays are uncut weighted averages and represent drilled core lengths. The true width of reported mineralization is unknown.
** Gold equivalent [AuEq], and copper equivalent [CuEq] are used for illustrative purposes, to express the combined value of gold, silver, molybdenum and copper as a percentage of gold or copper. No allowances have been made for recovery losses that would occur in a mining scenario. AuEq and CuEq are calculated on the basis of US$2.50 per pound of copper, US$12.70 per pound of molybdenum, US$1,510 per troy ounce of gold and US$17.00 per troy ounce of silver.
AuEq = ($1510.00 X Au [g/t] / 31.10 + $17.00 X Ag [g/t] / 31.10 + $2.50 X Cu [%] /100 X 2204.63 + $12.70 X Mo [%] / 100 X 2204.63) / $1510.00 X 31.10
CuEq = ($1510.00 X Au [g/t] / 31.10 + $17.00 X Ag [g/t] / 31.10 + $2.50 X Cu [%] /100 X 2204.63 + $12.70 X Mo [%] / 100 X 2204.63) / $2.50 X 100 / 2204.63
Methods and Qualified Person
Drill core samples ranged between 1 and 2 metres length and were cut at Triumph Gold’s core logging facility on the Freegold Mountain Property. The samples were analyzed by SGS Canada of Vancouver, British Columbia. They were prepared for analysis according to SGS method PRP89: each sample was crushed to 75% passing 2mm and a 250g split was pulverized to better than 85% passing 75 micron mesh. Gold was tested by fire assay with atomic absorption finish on a 30g nominal sample (method GE FAA30V5), and samples that tested over 10 g/t Au were retested using a 50g sample and a gravimetric technique. An additional 35 elements were tested by ICP-AES using a four-acid digestion (method GE ICP40Q12), over-limit samples for copper were retested using the same technique but with ore grade four acid digestion and a higher range of detection (method GO_AAS41S100). Quality assurance and control (QAQC) is maintained at the lab through rigorous use of internal standards, blanks and duplicates. An additional QAQC program was administered by Triumph Gold: at minimum three quality control samples, consisting of blanks, certified reference standards and duplicates, are blindly inserted into each 75 sample batch. QAQC samples that return unacceptable values trigger investigations into the results and reanalyses of the samples that were tested in the batch with the failed QAQC sample.
The technical content of this news release has been reviewed and approved by Tony Barresi, Ph.D., P.Geo., President of the Company, and qualified person as defined by National Instrument 43-101.
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 “Tony Barresi”
Tony Barresi, President
| For further information please contact: John Anderson, Executive Chairman Triumph Gold Corp. (604) 218-7400 janderson@triumphgoldcorp.com | Nancy Massicotte IR Pro Communications Inc. (604)-507-3377 nancy@irprocommunications.com |
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectations. Important factors – including the availability of funds, the results of financing efforts, the completion of due diligence and the results of exploration activities – that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Brixton Metals Corporation (TSX-V: BBB, OTCQB: BBBXF) (the " Company " or " Brixton ") is pleased to announce its 2025 exploration plans for its wholly owned Thorn Copper-Gold Project. The 2945 square kilometer project is located in Northwest British Columbia, Canada, approximately 90km northeast from Juneau, AK.
Highlights of Exploration Plan for 2025:
Chairman and CEO, Gary R. Thompson, stated, " We are excited to open camp and commence the 2025 exploration season at the Thorn Project. The plan is to split our budget 50/50 between gold/copper targets this year. The plan is to be drilling by the 25 th of May, with a focus on high impact, near surface targets. We are especially motivated to continue drilling the Trapper Gold Target following up on the previous year's successful campaigns and given the recent record-breaking gold price. I continue to be amazed with the high number of exploration targets that this project holds. The 2024 exploration season generated several new, large-scale copper-gold targets that have never been drilled; they offer potential for new discoveries."
Figure 1: Planview Map of Gold Geochemistry from Trapper to Camp Creek including Outlaw .
Camp Creek Feeder Structures
In 2024, step-out drilling in Camp Creek identified two new zones of near-surface, high-sulphidation style gold mineralization, possible feeder structures. Three holes, 307, 221, and 294 encountered gold mineralization that appear to have a northeast trend which is parallel to the Camp Creek structural corridor where drilling is planned to test the continuity of this structure. Hole 307 returned 26m of 1.89 g/t gold, 74.8 g/t silver, 0.28% copper from 172m depth including 8.00m of 4.52 g/t gold, 148.6 g/t silver, 0.54% copper. Shallow drilling is planned to test the up-dip gold zone encountered in hole 221 that returned 55.8 g/t gold over 1.5m from 449.5m depth. Gold mineralization encountered in hole THN24-291 returned 37.30m of 1.35 g/t gold, 16.1 g/t silver, 0.21% copper including 4.65m of 6.15 g/t gold, 61.9 g/t silver, 0.96% copper from 131.7m depth. Hole 291 is located 230m southwest from hole 307 and hole 221 is located 200m northeast from hole 307.
Further, within the area, approximately 600m south from hole 307, is a similar northeast trending high-sulphidation vein feeder structure that outcrops known as the Glenfiddich zone. Some drilling was done in this area, including hole THN13-121 which returned 2.20m of 10.6% copper, 583 g/t silver, and 2.5 g/t gold from 74m metres depth. A cluster of surface rocks samples returning up to 21.5 g/t gold has not been followed up. A few short holes are planned to drill test this gold structure and the potential extension of the Glenfiddich trend.
Trapper Gold Target Drilling
The most significant drill intercept in 2024 was recorded in hole THN24-304, yielding broad intervals of gold mineralization which included several high-grade sub-intervals assaying 82.00m of 1.27 g/t gold, including 27m of 3.49 g/t gold, including 8m of 11.37g/t gold and including 2.00m of 44.43 g/t gold. In 2022, hole THN22-205 intercepted numerous visible gold counts reporting a drill intercept of 64.00m of 5.74 g/t gold, including 52.00m of 6.97 g/t gold and including 28.95m of 10.36 g/t gold.
Figure 2: Trapper Main Zone previously reported drill highlights 2021-2024.
Gold mineralization at Trapper is structurally controlled and appears to favour the contact between the Cretaceous quartz diorite and the Triassic lapilli tuff volcanics with broad gold intervals largely hosted along the faulted contact. Gold mineralization is associated with silver and base metal veins containing pyrite-galena-sphalerite +/- chalcopyrite +/- bornite, +/- quartz-carbonate. There are multiple magnetic CVG (Calculated Vertical Gradient) features seen in Figure 3, that could reflect similar structures which remain open to test for new gold potential. At surface, the Trapper Target is expressed as a 4km northwest trending gold and zinc soil geochemical anomaly.
Figure 3. Trapper Gold Targets, drill plan map and gold geochemistry on calculated vertical gradient from residual magnetic field.
Catalyst and Tempest
At the end of the 2024 field season, two new surface showings of copper-gold porphyry mineralization were discovered adjacent to the northeast striking Camp Creek Corridor that hosts the Camp Creek and Cirque Porphyry Targets. These new targets, Catalyst and Tempest, are hosted in Late Cretaceous porphyritic biotite-feldspar diorite intrusions with a U-Pb zircon geochronology samples returning age dates of 86.6 +/- 0.6 Ma which are of similar to the Camp Creek porphyry mineralization.
Figure 4. Thorn Project Copper Geochemistry.
The Catalyst showing, located 6 km northeast of the Camp Creek Porphyry Target, is defined by a 300m long exposure consisting of stockwork quartz-chalcopyrite-molybdenite A veins hosted within a strong quartz-sericite-pyrite alteration zone. The showing is located within a broader 1.6 km by 1 km northeast trending alteration zone hosting phyllic to argillic assemblages, which transitions into a broader area of propylitic alteration. Soil sample assays to date suggest that mineralization extends up slope from the sampled vein zone.
Rock samples from the Catalyst showing returned up to 0.56% Cu, 0.11% Mo, 2.87 g/t Au, and 30.0 g/t Ag, including a 1.55 m chip across a stockwork vein zone which assayed 0.46% Cu, 68 ppm Mo, and 0.37 g/t Au. The anomalous gold values from samples containing porphyry style veins are encouraging for the potential of a copper-gold-rich porphyry system.
The Tempest showing is located 4.5 km east of the Camp Creek Porphyry Target and 2.5 km south of the Catalyst showing, hosting a 500m by 600m zone of moderate to strong sericite-clay-pyrite altered porphyry with high sericite crystallinity identified from the SWIR data. At the northwest end of the target, an area with limited outcrop exposure contains stockwork quartz-chalcopyrite-pyrite- molybdenite A veins and pyrite-sericite D veins. The presence of copper sulphides, porphyry style veins, and widespread sericite alteration indicates close proximity to a mineralizing intrusion. The extents of alteration and mineralization are currently open to the west, north and east under cover of glacial till and post-mineral volcanic deposits. A magnetic high to the north of the showing suggests potential continuity of the hydrothermal system to the north. Rock sampling at Tempest returned up to 0.36% Cu, 0.28 g/t Au, 10.8 g/t Ag, and 104 ppm Mo.
A 22-line kilometer IP geophysical survey, further soil-rock geochemical survey and geological mapping are planned prior to drilling these new targets in 2025. The outer boundaries have yet to be defined for these new targets.
Figure 5. Camp Creek Corridor Map Highlighting the Catalyst and Tempest Targets.
Note to Figure 5. Copper Equivalent (CuEq) is calculated based on US$ 4.02/lb Cu, US$ 2105.6/oz Au, US$ 25.16/oz Ag, $US 20.99/lb Mo. These prices represent the approximate metal prices and calculations assume 95% metal recoveries. CuEq % = (Cu % + (0.764486* Au g/t) + (0.009134 * Ag g/t) + (0.000523 * Mo ppm)) * 0.95
Qualified Person
Mr. Gary R. Thompson, P.Geo., is a Director, Chairman, CEO and President for the Company who is a qualified person as defined by National Instrument 43-101. Mr. Thompson has verified the referenced data and analytical results disclosed in this press release and has approved the technical information presented herein.
Corporate Update
Effective May 1, 2025, Michael Rapsch has been appointed to act as the Company's VP, Investor Relations. He has been an integral part of Brixton's team, serving as Senior Manager for the past year, during which he has demonstrated his dedication to the Company's success in communicating to shareholders and potential investors Brixton's unique opportunity.
About Brixton Metals Corporation
Brixton Metals is a Canadian exploration company focused on the advancement of its mining projects. Brixton wholly owns four exploration projects: Brixton's flagship Thorn copper-gold-silver-molybdenum Project, the Hog Heaven copper-silver-gold Project in NW Montana, USA, which is optioned to Ivanhoe Electric Inc., the Langis-HudBay silver-cobalt-nickel Project in Ontario and the Atlin Goldfields Project located in northwest BC which is optioned to Eldorado Gold Corporation. Brixton Metals Corporation shares trade on the TSX-V under the ticker symbol BBB , and on the OTCQB under the ticker symbol BBBXF . For more information about Brixton, please visit our website at www.brixtonmetals.com .
On Behalf of the Board of Directors
Mr. Gary R. Thompson, Chairman and CEO
For Investor Relations inquiries, please contact: Mr. Michael Rapsch, VP Investor Relations. email: michael.rapsch@brixtonmetals.com or call: 604-630-9707
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.
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, including statements that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans, or other similar expressions. All statements, other than statements of historical fact included herein including, without limitation, statements regarding the use of proceeds. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; and the additional risks identified in the annual information form of the Company or other reports and filings with the TSXV and applicable Canadian securities regulators. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a587795e-9cd8-46ba-9a8f-6c6f283a0b5e
https://www.globenewswire.com/NewsRoom/AttachmentNg/189c3026-a61a-4b33-84d8-8f80d9824f3c
https://www.globenewswire.com/NewsRoom/AttachmentNg/f0f6bf8b-fa0f-46eb-8245-c68764f52102
https://www.globenewswire.com/NewsRoom/AttachmentNg/26805efe-ea54-42cc-802e-4336dbf5be86
https://www.globenewswire.com/NewsRoom/AttachmentNg/e4a47351-0378-45a1-98c4-c83e1f9f4cea
News Provided by GlobeNewswire via QuoteMedia
Canadian Gold Corp. (TSXV: CGC) ("Canadian Gold" or the "Company") announces that Robert McEwen, the Company's largest shareholder, has exercised 3,571,450 share purchase warrants at $0.215 per share for proceeds totalling $767,861.75. Mr. McEwen now owns 32.9% of the Company's outstanding shares, in addition to McEwen Mining Inc., where Mr. McEwen is Chairman and CEO, owning 5.7% of the outstanding shares. In total, 4,608,884 share purchase warrants expiring in May 2025 have been exercised to date, for proceeds totalling $990,910.06. The Company now has 205,797,884 shares outstanding, and its treasury totals approximately $3.9 million, which includes the recent grant from the Manitoba Mineral Development Fund.
For Further Information, Please Contact:
Michael Swistun, CFA
President & CEO
Canadian Gold Corp.
(204) 232-1373
info@canadiangoldcorp.com
Social Media Accounts:
About Canadian Gold Corp.
Canadian Gold Corp. is a mineral exploration and development company whose objective is to expand the high-grade gold resource at the past producing Tartan Mine, located in Flin Flon, Manitoba. The historic Tartan Mine currently has a 2017 indicated mineral resource estimate of 240,000 oz gold (1,180,000 tonnes at 6.32 g/t gold) and an inferred estimate of 37,000 oz gold (240,000 tonnes at 4.89 g/t gold). The Company also holds a 100% interest in greenfields exploration properties in Ontario and Quebec adjacent to some of Canada's largest gold mines and development projects, specifically, the Canadian Malartic Mine (QC), the Hemlo Mine (ON) and Hammond Reef Project (ON). McEwen Mining Inc. holds a 5.7% interest in Canadian Gold, and Robert McEwen, the founder and former CEO of Goldcorp, and Chairman and CEO of McEwen Mining, holds a 32.9% interest in Canadian Gold.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release of the Company contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Canadian Gold's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/250886
News Provided by Newsfile via QuoteMedia
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
Abcourt Mines Inc. (" Abcourt " or the " Corporation ") (TSX Venture: ABI) (OTCQB: ABMBF) is pleased to announce that it has closed an additional tranche of its previously announced non-brokered private placement, for additional gross proceeds of $4,613,004 (the " Private Placement ") from the sale of the following:
In the aggregate, the Corporation has recently raised a total of $9,281,044 by way of private placement, including $3,000,000 the context of a strategic investment made by Groupe Minier Technica (see Abcourt's news release dated March 3, 2025), and an amount of $1,668,040 in a previous tranche of the non-brokered placement (see Abcourt's news release dated April 3, 2025).
Each Unit consists of one common share of the Corporation (a " Common Share ") and one common share purchase warrant (a " Warrant "). Each Warrant entitles the holder to purchase one Common Share at a price of $0.08 for a period of 36 months following the closing date of the Private Placement (the " Closing Date ").
In the event that, during the period ranging between 12 months and 36 months following the Closing Date, the volume-weighted average trading price of the Common Shares exceeds $0.12 per Common Share for any period of 20 consecutive trading days, the Corporation may, at its option, following such 20-day period, accelerate the expiry date of the Warrants by delivery of notice to the registered holders (an " Acceleration Notice ") thereof and issuing a press release (a " Warrant Acceleration Press Release "), and, in such case, the expiry date of the Warrants shall be deemed to be 5:00 p.m. (Montreal time) on the 30 th day following the later of (i) the date on which the Acceleration Notice is sent to Warrant holders, and (ii) the date of issuance of the Warrant Acceleration Press Release.
The Corporation intends to use the net proceeds from the Private Placement to restart the Sleeping Giant mine and mill, as well as for working capital and general corporate purposes.
The Private Placement constitutes a "related party transaction" within the meaning of Multilateral Instrument 61–101 - Protection of Minority Security Holders in Special Transactions (" MI 61–101 ") as a result of the purchase of an aggregate of 20,000,000 Units and 400,000 FT Shares by insiders of the Corporation. The Corporation relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Private Placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, exceeds 25% of the Corporation's market capitalization (as determined in accordance with MI 61-101).
All securities issued in connection with the Private Placement are subject to a restricted period ending on the date that is four months plus one day following the date of their issuance.
The securities offered have not been, nor will they be, registered under the U.S. Securities Act, or any state securities law and may not be offered, sold or delivered, directly or indirectly, within the United States, or to or for the account or benefit of U.S. persons, absent registration or an exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.
In connection with the Private Placement, the Corporation paid finders fees of $6,900.24 in cash and issued 128,004 finder warrants to arm's length third parties who assisted the Corporation by introducing subscribers to the Private Placement. These finder warrants, like the 1,535,040 warrants issued as consideration in connection with the previous tranche of the private placement, are exercisable at a price of $0.05 for a period of 36 months. Note that the news release dated April 3, 2025, stated that in connection with the closing of the previous tranche, the Corporation paid finder's fees of '$1,051,20' in cash. However, the amount should have read '$1,051.20'.
The Private Placement remains subject to the final approval of the TSX Venture Exchange.
Early Warning Report
As part of the Private Placement, Abcourt issued 20,000,000 Units at a price of $0.05 per Unit for a total consideration of $1,000,000 to SAS Metavet, an entity controlled by François Mestrallet, director of the Corporation.
Prior to the Private Placement, Mr. Mestrallet held, together with his associates and affiliates, 139,486,000 Shares, 87,100,000 warrants to purchase Shares and 1,500,000 stock options, which represented 15.50% of the 899,407,119 Shares then issued and outstanding on a non-diluted basis (22.98% assuming the exercise of the convertible securities).
As of the date hereof, Mr. Mestrallet holds, together with his associates and affiliates, 159,486,000 Shares, 107,100,000 Warrants and 1,500,000 stock options, which represent 16.09% of the 990,560,519 Shares currently issued and outstanding on a non-diluted basis (24.27% assuming the exercise of the convertible securities).
Mr. Mestrallet participated in the Private Placement to support the short and medium-term growth of the Corporation. He intends to hold his securities for investment purposes and may, depending on certain circumstances, including market conditions, increase or decrease his beneficial ownership of or control over the Corporation's Shares, warrants or other securities.
The Form 62-103F1 - Required Disclosure under the Early Warning Requirements associated with this news release can be obtained from the Corporation's profile on SEDAR+ at www.sedarplus.ca. To obtain a copy of the report, please contact Pascal Hamelin, President and CEO of Abcourt, at (819) 768-2857 or phamelin@abcourt.com.
ABOUT Abcourt Mines Inc.
Abcourt Mines Inc. is a Canadian exploration company with properties strategically located in northwestern Québec, Canada. Abcourt owns the Sleeping Giant mine and mill, as well as the Flordin property, where it focuses its development activities.
For more information about Abcourt Mines Inc., please visit our website at www.abcourt.ca and view our filings under Abcourt's profile on www.sedarplus.ca
| Pascal Hamelin | Dany Cenac Robert, Investor Relations | |
| President and CEO | Reseau ProMarket Inc. | |
| T : (819) 768-2857 | T : (514) 722-2276, poste 456 | |
| Email: phamelin@abcourt.com | Email : dany.cenac-robert@reseaupromarket.com | |
FORWARD-LOOKING STATEMENTS
Certain information contained in this news release may constitute "forward-looking information" within the meaning of Canadian securities legislation. Generally, forward-looking information can be identified by using forward-looking terminology, such as "plans", "aims", "expects", "projects", "intends", "anticipates", "estimates", "could", "should", "likely", or variations of such words and phrases or statements specifying that certain acts, events or results "may", "should", "will" or "be achieved" or other similar expressions. Forward-looking statements, including the expectation of the Corporation with respect to the use of proceeds raised under the Private Placement, are based on Abcourt's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause Abcourt's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements or information. Forward-looking statements are subject to business, economic and uncertainties and other factors that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risk factors set forth in Abcourt's public filings, which are available on SEDAR+ at www.sedarplus.ca . There can be no assurance that these 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 and forward-looking information. Although Abcourt believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on such statements. Except as required by applicable securities laws, Abcourt disclaims any intention or obligation to update or revise any such forward-looking statements or information, whether as a result of new information, future events or otherwise.
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.
News Provided by GlobeNewswire via QuoteMedia
