Triumph Gold Corp. [TIG-TSXV; NFRGF-OTCQB; 8N61-FSE] said Thursday August 23 that it has delineated gold-rich porphyry-style mineralization in the Blue Sky Zone on its 100%-owned Freegold Mountain property in the Canadian Yukon.
Highlights from drilling include 125.13 metres of 1.24 g/t gold, 7.0 g/t silver, 0.31% copper and 0.01% molybdenum contained within 201.10 metres of 0.87 g/t gold, 5.8 g/t silver, 0.26% copper and 0.01% molybdenum in hole RVD18-17.
Triumph shares eased 5.71% or $0.04 to 66 cents in early trading Thursday on active volume of 864,697. The 52-week range is 25.5 cents and 74 cents.
Triumph is a mineral explorer which is focused on its Freegold Mountain Project located in the Dawson Range gold-copper belt. The area also hosts Western Copper and Gold’s [WRN-TSX] Casino Project as well as Goldcorp Inc.’s [G-TSX; GG-NYSE] Coffee deposit. Goldcorp recently gained exposure to the road-accessible Freegold Project by taking a 19.9% stake in Triumph for $6.3 million.
Since 2016, Triumph Gold’s exploration has been focused on the 6-km-long intense multi-element soil and geological anomaly that encompasses the Revenue and Nucleus deposit areas.
Within the anomaly, the Blue Sky Zone covers a broad area extending 2.3 km east of Revenue to the eastern margin of the anomaly.
It was drill tested in 2017 with significant intersections including RVD17-13, which returned 57 metres of 1.08 g/t gold, 6.6 g/t silver, 0.285% copper and 0.01% molybdenum from 121 metres, and RVD17-01, which returned 94.38 metres of 0.34 g/t gold, 3.9 g/t silver, 0.17% copper and 0.02% molybdenum from 369.6 metres.
In June, 2017 the company said it planned to launch a 13,000-metre diamond drilling program to test several targets that were identified during 2016, when the aim was to identify geological controls on mineralization at the Revenue and Nucleus porphyry deposits. Triumph said planned to spend $4 million in 2017 at Freegold Mountain.
The 2018 drill holes were designed as a follow-up to the successful exploration conducted in 2017.
Three of those holes, including RVD18-05, RVD18-16 and RVD18-17, were drilled roughly perpendicular to RVD17-01 and RVD17-13 and together they delineated high-grade gold-rich mineralization over a 180-metre area that is open in all directions and to depth.
It is contained within an at least a 3.6-km long zone of porphyry mineralization that extends from the Happy Creek showing (290 m of 0.29 g/t gold equivalent in RVD17-09) to the Keirsten Zone (100 m of 0.31 g/t gold equivalent in KZ18-01).
“Triumph’s exploration team continues to have incredible success drilling the Blue Sky Porphyry, which was discovered last season,” said Triumph Gold President and CEO Paul Reynolds. “With these new intersections, we have begun to delineate a high-grade gold-rich core to the system, which is open in all directions and to depth,” he said.
Reynolds went on to say that the company will focus on extending the mineralization envelope and defining a resource.
In keeping with that goal, the company has completed an additional seven holes to test the extent and geometry of the Blue Sky Porphyry. The results will be reported separately once they have been received and checked for quality.
Crews are currently upgrading the soil grid and conducting trenching in the Blue Sky Zone.