Le Lézard
Classified in: Mining industry

Trifecta Gold Resets Focus with Tombstone Gold Belt Option and Share Consolidation


Highlights:

VANCOUVER, BC / ACCESSWIRE / March 1, 2024 / Trifecta Gold Ltd. (TSXV:TG)(OTCQB:TRRFF) ("Trifecta" or the "Company") is pleased to announce that it has entered into a binding agreement to acquire up to 100% of Mt. Hinton and 10 other highly prospective, intrusion-related gold projects located in Yukon's Tombstone Gold Belt. Under a two stage earn-in agreement with Strategic Metals Ltd. ("Strategic"), Trifecta can acquire up to a 100% interest in all 11 properties.

Tombstone Gold Belt

Extending for more than 1,000 km from Alaska into Yukon, the Tombstone Gold Belt hosts many large Reduced Intrusion-Related Gold System (RIRGS) deposits such as Fort Knox in Alaska (>10 million oz), Eagle and Olive in Yukon (>4 million oz) and the past-producing Brewery Creek Mine, also in Yukon. Recent discoveries including Snowline Gold's Tier 1 Valley discovery, Sitka Gold's RC deposit, Banyan Gold's AurMac deposits and Victoria Gold's Raven deposit have drawn renewed exploration interest to the belt.

These gold systems are characterized by sheeted, auriferous quartz veins forming in the carapace zones of Cretaceous-age plutons. They have a characteristic geochemical signature of Au-Bi-Te±W within and surrounding the intrusion, and a characteristic geophysical signature of a magnetic low (ie. reduced) together with a coincident conductivity low. Moving outward from the intrusions, Au-As veins are common with Ag-Pb-Zn veins further out.

Option Terms

Under the terms of the option agreement, which is subject to TSX Venture Exchange acceptance, Trifecta can acquire an initial 70% interest in the properties (the "First Option") by incurring aggregate exploration expenditures of $6 million by December 31, 2027 and issuing that number of Trifecta shares to Strategic such that, following the issuance of those shares, Strategic will hold 9.99% of Trifecta's then issued and outstanding share capital, including the shares of Trifecta currently held by Strategic. Following the exercise of the First Option, Strategic will retain a one percent (1%) net smelter return royalty interest in the properties.

Trifecta can acquire the remaining 30% interest in the properties (the "Second Option") by issuing additional Trifecta shares to Strategic equal to 9.99% of the then outstanding Trifecta share capital at any time after the exercise of the First Option and prior to March 31, 2028, which number of shares to be issued to Strategic will not include any shares of Trifecta then held by Strategic. Following the exercise of the Second Option, Strategic will retain an additional one percent (1%) net smelter return royalty interest. Trifecta can purchase the second royalty interest from Strategic for the payment of 1,500 ounces of gold or the cash equivalent.

If Trifecta exercises the First Option only, the parties shall form a joint venture to further explore and develop the properties.

Project Portfolio

The optioned portfolio covers approximately 30,000 hectares of highly prospective land within the Yukon portion of the Tombstone Gold Belt across 11 properties - namely, Mt. Hinton, Rye, Lance, Liam, Lois, Leroy, Luke, Leah, Lisa, Husky and Naws. The locations of the properties are available on the Company's website.

The flagship Mt. Hinton gold-silver project lies within the Keno Hill District of the Tombstone Gold Belt, ideally located immediately southeast of Hecla Mining Company's ("Helca") Keno Hill Silver Mining Project, 35 km southeast of Victoria Gold's Eagle Mine, and 25 km east-southeast of Banyan Gold's AurMac Deposit. Mt. Hinton is a road accessible, camp scale property with over 60 precious metals veins identified to date. Mt. Hinton is a direct extension of the stratigraphy that hosts Hecla's Keno Hill Mines and much of the historical exploration at Mt. Hinton focused on these veins. Visible gold has been found in many of the known veins resulting in many bonanza grade (>100 g/t gold) assays being reported from surface grab and chip samples:

There are active placer mines on all the creeks draining the property. Based on both metal zonation within the district and the regional magnetic signature at Mt. Hinton, a reduced intrusion on the property is theorized to be the driver for much of the mineralization in the district. Many recently identified gold-in-soil anomalies have yet to be prospected and a large magnetic low in the southeastern part of the project has not been investigated. Both will be priority targets for Trifecta.

The Rye property is located 14 km south of Fireweed Metals' Macpass Project in eastern Yukon. It hosts a gold- and bismuth-in-soil anomaly associated with a known intrusion as well as multiple gold-rich veins more distal to the intrusion.

Located midway between Mt. Hinton and Rye, the Lance property is centered on a multi-square kilometre gold- bismuth- and arsenic-in-soil anomaly that coincides with a magnetic low. Prospecting in 2023, in the western part of the project, discovered sheeted quartz veining within a secondary soil anomaly of a similar character.

Liam is similarly centered on a large, coincident gold- bismuth- and arsenic-in-soil anomaly that is partially defined through grid soil sampling. The anomaly also has significant copper-in-soil that ranges from 200 to 847 ppm indicating potential for porphyry type mineralization as well.

Lois, Leroy, Luke, Leah, Lisa, Husky and Naws are earlier stage targets that were staked on the same regional stream sediment signatures that mark all of the known deposits and major discoveries in the Tombstone Belt.

Share Consolidation

Trifecta's board of directors has approved the consolidation of its common shares on the basis of one post-consolidation share for every four pre-consolidation shares. The effective date of the consolidation will be confirmed at a future time, following the Company's receipt of acceptance from the TSX Venture Exchange for this share consolidation.

About Trifecta Gold Ltd.

Trifecta is a Canadian-based precious metals exploration company dedicated to increasing shareholder value through the discovery and development of 100% held gold projects in Yukon and Nevada. Initial drilling at its Yuge Gold Project, located in northern Nevada, has identified multiple broad zones of gold mineralization near historical high-grade mines. The Company's Eureka Project hosts an 8 x 2.5 kilometre belt of surface showings and anomalous gold-in-soil that straddle the headwaters of two of the most productive placer creeks in Yukon's southern Klondike Goldfields. The Company's Treble Project covers a large hydrothermal system, located midway between Western Copper and Gold Corporation's Casino Deposit, the largest copper and gold deposit in the Yukon, and Rockhaven Resources Ltd.'s Klaza Deposit, a high-grade gold-silver deposit.

ON BEHALF OF THE BOARD

"Richard Drechsler"

President and CEO

For further information concerning Trifecta or its various exploration projects please visit www.trifectagold.com or contact:

Corporate Information

Trifecta Gold Ltd.
Richard Drechsler
President and CEO
Tel: (604) 687-2522

This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.

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 news release.

SOURCE: Trifecta Gold Ltd.



View the original press release on accesswire.com


These press releases may also interest you

at 10:13
New to...

12 avr 2024
Gold Mountain Mining Corp. ("Gold Mountain" or the "Company") (FRA:5XFA) is pleased to announce that further to its press release dated March 25, 2024, the Company has closed its previously announced transactions with two secured...

12 avr 2024
Nexa Resources S.A. ("Nexa Resources", "Nexa" or the "Company") announces today the early tender expiration and results of its previously announced offer to purchase for cash (the "2028 Tender Offer"). Pursuant to the offer to purchase dated April...

12 avr 2024
Western Alaska Minerals (the "Company" or "WAM") is pleased to announce the filing of its audited consolidated financial statements, management's discussion and analysis ("MD&A") and Annual Information Form...

12 avr 2024
Silver Viper Minerals Corp. (the "Company" or "Silver Viper") is pleased to announce that it has closed the first tranche (the "First Tranche") of its non-brokered private placement financing (the "Offering") pursuant to the Listed Issuer Financing...

12 avr 2024
Sierra Grande Minerals Inc. (the "Company")  is pleased to announce that it has appointed Buckley Dodds CPA, as independent auditor of the Company, effective as of April 12, 2024 (the "Successor Auditor"). The Successor Auditor is being appointed...



News published on and distributed by: