VANCOUVER, British Columbia, June 15, 2017 (GLOBE NEWSWIRE) -- Trifecta Gold Ltd. (TSX-V:TG) (“Trifecta” or the “Company”) announces that it has successfully completed a Plan of Arrangement (the “Arrangement”) with Strategic Metals Ltd. (“Strategic”), pursuant to which Strategic has distributed a total of 19,872,254 common shares to Strategic’s shareholders pursuant to the Arrangement, in conjunction with the listing of Trifecta’s common shares on the TSX Venture Exchange (the “Exchange”). In this regard, Trifecta’s common shares commence trading on the Exchange today, June 15, 2017, under the trading symbol “TG”. Strategic continues to hold 2,127,747 Trifecta common shares for investment purposes, representing 9.19% of the 23,150,001 common shares of Trifecta currently issued and outstanding.
Figure 1. Mineral Claim Owners, Dawson Range Gold Belt
Of Trifecta’s currently issued and outstanding share capital, 22,000,001 shares are free of any resale restrictions. Trifecta has also issued a total of 1,150,000 common shares to two arm’s-length property optionors, all of which shares are subject to a hold period which expires on October 16, 2017.
“We are very pleased to begin trading today,” stated Dylan Wallinger, Trifecta’s President and Chief Executive Officer. “Once a trading range for the Company’s shares has been established, we expect to arrange additional financing to accelerate exploration at our projects in Yukon’s White Gold District.”
Trifecta’s projects and proposed work programs are briefly described below.
Eureka
The wholly-owned and road accessible Eureka project is located in the legendary Klondike Goldfields. It lies 110 km by road south of Dawson City, approximately 50 km north of White Gold Corp.’s White Gold Deposit, and directly on the proposed haulage road for Goldcorp’s Coffee Deposit. Gold on the Eureka property is hosted in a series of gently to moderately dipping breccia zones that are partially delineated by mineralized trenches and drill holes. A 6 km long by up to 2 km wide gold-in-soil geochemical anomaly has been outlined and creeks draining the property are prolific placer gold producers. Drilling by previous operators has identified bulk tonnage (0.59 g/t gold over 18.3 m) and high grade (9.99 g/t gold over 1.5 m) targets, with depths of oxidation exceeding 100 m in drill holes.
Trifecta plans to begin diamond drilling in late June or early July at the Eureka property to test beneath and along strike of known gold showings. Additional soil sampling will also be done to expand the grid coverage along prospective trends. Pending results of initial exploration, phase II drilling may be done later in the summer.
Trident
The road accessible Trident property covers the headwaters of the Matson Creek placer gold camp, located about 60 km northwest of the White Gold Deposit. The property has an extensive system of roads and trails that connects the main exploration areas to an established trailer camp and a gravel airstrip. Limited drilling by previous operators has produced very promising results including 1.55 g/t gold and 114 g/t silver over 21.0 m at the Exploits Zone. Where observed in trenches and drill holes, the mineralized zone is shallowly dipping and strongly oxidized.
Trifecta expects to start drilling at the Trident property in July, immediately following completion of the drill program at Eureka. Phase I soil sampling will be followed by approximately 800 m of diamond drilling that will focus on expanding the Exploits Zone along strike and down dip. Pending favourable results, drilling can be extended into late fall.
Triple Crown and Treble
The Triple Crown and Treble properties are located midway between the Coffee Deposit and Rockhaven Resources’ Klaza Deposit. Both Triple Crown and Treble host numerous strong multi-element soil geochemical anomalies, none of which have been tested by drilling or mechanized trenching. Historical results include a rock sample from Triple Crown assaying 6,690 g/t silver, 30.22% lead and 0.80 g/t gold, and a hand trench returning 570 g/t silver, 2.76% lead and 0.08 g/t gold over 6.4 m. The best gold results from rock samples taken at Treble and Triple Crown graded 14.15 g/t and 6.55 g/t, respectively.
Trifecta plans to conduct mapping, prospecting, soil sampling and hand trenching at both properties in order to better define targets, which could be followed by drilling later in 2017.
Technical information in this news release has been approved by Matthew R. Dumala, P.Eng., a geological engineer with Archer, Cathro & Associates (1981) Limited and a qualified person for the purpose of National Instrument 43-101.
About Trifecta Gold Ltd.
Trifecta is a Canadian precious metal exploration company dedicated to increasing shareholder value through the acquisition and development of attractive exploration projects in Canada and other mining-friendly jurisdictions.
