VAL-D'OR, QUEBEC, CANADA, Nov 26 (MARKET WIRE) --
Threegold Resources Inc. (TSX VENTURE: THG) is pleased to announce the
final results from the 2008 drilling program on the alkaline intrusive
complex of the Mercier Project located some 175 to the northeast of
Val-d'Or, Quebec. A diamond drilling program is planned for early 2010
that will focus on late-stage mineralization in the Complex that is
believed to contain higher concentrations of rare earth elements (REE).
Anomalous copper, niobium, strontium, titanium, phosphorus and tantalum
from the first drill program will also be investigated. The Company has
recently staked an area of approximately 218km2 that covers targets
having similar geophysical signature as Mercier.
Rare earth element results
Results of rare earth element assays from the 2008 program, presented in
Table 1, show strong variations in the heavy (HREE) to light (LREE) rare
earth ratios. These variations suggest that the intrusive complex is
evolved and that REE partitioning occurred. Recent research suggests that
heavy and light REE behave differently during their emplacement within
alkaline geological environments and will therefore be found in distinct
facies of the intrusive body. These ratios were calculated from the
previously announced dataset (see August 6 2009 press release).
Table 1
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Hole # From To Width(i) TREO LREO HREO LREO HREO HREO
+ Y (ii) + Y + Y + Y/LREO
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(m) (m) (m) (ppm) (ppm) (ppm) (%) (%) (%)
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MER08-04 112.42 113.87 1.45 9746 9546 200 0.95 0.02 2.05
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118.01 118.37 0.36 15211 14722 489 1.47 0.05 3.21
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144.25 144.60 0.35 21712 21336 376 2.13 0.04 1.73
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214.48 215.75 1.27 2277 2199 78 0.22 0.01 3.42
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327.50 329.00 1.50 2346 2267 79 0.23 0.01 3.37
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331.00 334.32 3.32 12887 12594 293 1.26 0.03 2.28
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including 331.93 332.74 0.81 30401 29906 495 2.99 0.05 1.63
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339.23 340.23 1.00 7962 7815 147 0.78 0.01 1.85
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MER08-07 196.00 209.00 13.00 1534 1432 102 0.14 0.01 6.67
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246.75 247.49 0.74 2798 2610 188 0.26 0.02 6.71
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MER08-08 121.80 150.91 29.11 1546 1400 146 0.14 0.01 9.44
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156.61 162.00 5.39 2057 1856 201 0.19 0.02 9.77
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172.09 175.28 3.19 1151 1051 100 0.11 0.01 8.66
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178.22 195.00 16.78 1719 1572 147 0.16 0.01 8.55
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205.00 237.00 32.00 2083 1940 143 0.19 0.01 6.87
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MER08-10 362.00 375.00 13.00 1391 1288 102 0.13 0.01 7.37
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385.00 432.29 47.29 2045 1897 148 0.19 0.01 7.24
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MER08-13 94.76 108.00 13.24 2020 1896 125 0.19 0.01 6.18
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110.43 117.00 6.57 2910 2762 148 0.28 0.01 5.07
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119.00 133.29 14.29 2205 2072 132 0.21 0.01 6.01
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147.00 197.00 50.00 2600 2435 165 0.24 0.02 6.34
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(i)Drill intercept length
(ii)TREO equals total rare earth oxides; LREO equals light rare earth
oxides; HREO equals heavy rare earth oxides; Y equals yttrium
Threegold will work towards a better understanding of the geological
evolution of the Mercier alkaline complex, which is considered to be a
crucial step in locating late-stage zones with higher HREE potential.
Geochemical analyses for the 659 rock samples from the 2008 drill program
also revealed other favourable indicators commonly associated with REE
deposits, including high Th/U ratios and high zirconium values (up to
4,380 ppm).
Rare earth elements are a collection of 17 chemical elements, from
lanthanum to lutetium, that have unique chemical properties and
characterisitics. They are found in a growing number of new
high-technology applications such as hybrid cars, miniature electronic
devices, LED lighting, computer monitors and plasma televisions, computer
hard disks, in catalysts for industrial chemical processes and many more.
Prices for individual REE vary based on their availability and HREE
command a substantially higher price due to their scarcity. There is
increasing concern over world's REE supply largely due to China's,
currently the world's largest producer, decision to impose tariffs and
quotas on exports.
Other metals and elements
Other metals and elements to be targeted during the upcoming diamond
drilling program include copper, niobium, phosphorus, strontium, tantalum
and titanium. These were found in highly anomalous quantities in the
eleven (11) assayed holes, and it is believed that even higher
concentrations will be discovered by refining the targeting process using
the existing data.
Table 2
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Average value(i) Highest assay
-----------------------------------------
-----------------------------------------
Element (ppm) (ppm)
-----------------------------------------
copper 305 2 460
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niobium 0.824 586
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phosphorus 6 771 47 700
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strontium 1 114 23 700
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tantalum 9.22 90
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titanium 16 420 67 500
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(i) average value of 659 rock samples
All of these metals and elements are essential to modern societies and
find their way into many everyday applications, such as electrical
equipment and appliances (copper), steel-alloys for the aerospace
industry (niobium), fertilizers (phosphorus), safety flares (strontium),
cellular phones and electronics (tantalum), and specialty steel alloys
(titanium).
Mineralogical study
Threegold initiated a petrological study to better characterize the
REE-bearing phases present at Mercier. Scanning electron microprobe using
qualitative analyses and semi-quantitative spectroscopy identified
bastnaesite, parasite-synchisite as the main minerals of interest. These
minerals define a series of REE fluorocarbonates characterized by
increasing REE content within their structures from synchisite to
bastnaesite. Along with monazite, they form the bulk of the REE minerals
currently mined worldwide and the least complex ore to process.
2010 drill program
Management is very enthusiastic about resuming drilling on the Mercier
Project. Results to date have been extremely positive and provide an
insight into the true potential of the project for REEs as well as other
metals and minerals. The drill core yielded critical information about
the nature of the intrusive facies, their geochemistry, and the overall
mode of emplacement of the intrusive complex. The 2010 drilling program
will consist of approximately 4,000 metres of diamond drilling to test a
series of new targets generated by the work performed by Threegold since
2005.
The Mercier project is centered on a bi-lobate alkaline intrusive
covering an area of approximately 29 km2 in the transition zone of the
Grenville Province. The geology of the complex is still not well known
due to the limited availability of outcrops and diamond drill holes.
Threegold completed a 4418m -- 11 hole NQ diamond drill program in 2008,
based on the targets generated from geophysical and geochemical surveys.
A total of 659 samples were sent for assaying using broad spectrum ICP-MS
(ALS CHEMEX ME-MS61) on sawed half core samples and the results for
numerous elements were above detection limits for those elements. These
samples were re-assayed using techniques allowing for higher detection
limits and better defined REE series (ME-MS81). Additional assaying using
ICP-AES 61a was required for some samples to complete the detection of
the higher grade elements. Strategic Staking
Based on the results obtained during the first phase of diamond drilling,
Threegold staked approximately 218km2 in the general area to cover
targets that have geophysical signatures similar to that of Mercier.
Helicopter field reconnaissance was carried out in the fall over portions
of the targets.
Antoine Fournier, geologist and president of the company is the qualified
person under NI 43-101 responsible for the technical content of this
press release. Mr. Fournier holds a M.Sc. degree from McGill University
in Montreal, Quebec where he studied the REE mineralization associated
with the St-Honore carbonatite.
ABOUT THREEGOLD
Threegold Resources is a dynamic and active Quebec-based junior explorer
with a diversified property portfolio. Threegold is pursuing exploration
on three main projects in Quebec: the Lemieux Dome on the Gaspe Peninsula
for copper, zinc, lead, silver and gold, the Mercier project in the
Abitibi where the company recently made a rare earth element discovery
with base and rare metals (see press release August 6 2009), and the
Adanac gold project located a few kilometres from downtown Rouyn-Noranda.
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.
Contacts:
Threegold Resources Inc.
Antoine Fournier, P.Geo.
President
819-825-3883
819-825-7545 (FAX)
info@threegold.ca
Threegold Resources Inc.
Octavio Soares, FCA
Chief Financial Officer
418-999-8811
418-652-8149 (FAX)
info@threegold.ca
S.D.N.L. Financial Communications
Sylvain Laberge
Investor Relations
514-380-5610
You can also visit our website:
www.threegold.ca
Copyright 2009, Market Wire, All rights reserved.
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