By Peter Kennedy
Triumph Gold Corp. [TIG-TSXV] has announced impressive drilling results from its 100%-owned Freegold Mountain property in the Yukon Territory, where the company has encountered buried porphyry gold-copper mineralization.
Assays release on September 12, 2019, are from the first two of seven holes that the company is planning to drill on the road accessible property, which covers 200 km2, and is located 70 kilometres northwest of Carmacks.
The two drill holes (1,664.21 metres) were completed at the WAu Breccia, a south-dipping tabular body of polymetallic mineralization which has been intersected by eight historic drill holes that tested to a maximum depth of 200 metres below surface.
Drill hole RVD19-01 was oriented northwards to test for a depth extension of the WAu Breccia, 250 metres beneath the previous intersection. RVD19-02, was drilled southward along the same section and was designed to drill down the dip-plane of the WAu mineralized zone. RVD19-02 was also designed to efficiently test continuity of the WAu mineralization to depth, while also using the breccia body as a vector towards an underlying porphyry system.
“At the WAu Breccia, the first of three areas being drill tested in 2019 for buried porphyry mineralization, we have discovered a porphyry copper-gold system,” said Dr. Tony Barries, Vice-president, exploration with Triumph Gold. “The discovery intersection is long, high grade, gold-rich and closer to surface than we had expected,” he said.
“We also more than doubled the known depth of the near surface, gold-rich, epithermal style WAu Breccia,” Barries said. Based on positive results from those two drill holes, an additional hole has been added to the program to further test for high grade porphyry mineralization beneath the WAu Breccia.
Highlights from the latest round of drilling include drill hole RVD19-02. It returned a 400.48-metre intersection of epithermal-style mineralization (77.52 to 478 metres) at the WAu Breccia. It assayed 1.21 g/t of gold equivalent (AuEq), containing 0.73 g/t gold and 0.23% copper, more than doubling the previously known depth of the mineralization.
RVD19-02 also returned a 102.50-metre intersection of gold-rich porphyry related mineralization that assayed 1.26 g/t AuEq equivalent, containing 0.73 g/t gold and 0.18% copper (from 560.50 to 663.00 metres).
Combined the two mineralized zones form an impressively long and rich intersection, 601.80 metres averaging 1.1 g/t AuEq equivalent, with 0.67 g/t of actual gold.
As well, RVD19-01 intersected a 52-metre thick down dip extension of the WAu Breccia. The best interval returned 0.40 g/t gold, 7.1 g/t silver, 0.20% copper and 0.025% molybdenum over 15.64 metres.
Triumph shares rallied on the news, rising 7.36% or $0.035 to 51 cents Thursday September 13 on volume of 367,050. The 52-week range is 30.5 cents and 70 cents.
Triumph is a mineral explorer which is focused on its Freegold Mountain Project in the Dawson Range gold-copper belt. The area also hosts Western Copper and Gold’s [WRN-TSX] Casino Project as well as Newmont Goldcorp Corp.’s, [NGT-TSX, NEM-NYSE] Coffee deposit. Newmont Goldcorp recently gained exposure to the road-accessible Freegold Project by taking a 19.9% stake in Triumph for $6.3 million.
Since Triumph Gold acquired the property in 2006, more than 20 mineralized zones have been identified, and NI 43-101-compliant mineralized resources have been delineated in the Revenue, Nucleus, and the Tinta Hill deposits
Within the last three years, exploration has been focused on the six-kilometre-long intense multi-element soil and geological anomaly that encompasses the Revenue and Nucleus deposit areas.
The Nucleus and Revenue deposits are known to be components of a larger porphyry-related mineralizing system.
The 2019 exploration program at Freegold Mountain was designed to test for a buried copper-gold porphyry system beneath the six-kilometre-long Revenue-Nucleus soil and geophysical anomaly.
With the addition of the third drill hole to the WAu Breccia area, the 2019 exploration program now includes seven drill holes totalling 6,000 metres, the company said Thursday. The current results indicate success at the WAu Breccia, the first area tested. Triumph said it now looks forward to receiving drill results from the other two target areas.
Meanwhile, Triumph has said the terms copper and gold equivalent are used for illustrative purposes to express the combined value of copper, gold, silver and molybdenum as a percentage of either copper or gold. No allowances have been made for recovery losses that would occur in a mining scenario.