VANCOUVER, British Columbia, Oct. 04, 2017 (GLOBE NEWSWIRE) -- Trifecta Gold Ltd. (TSX-V:TG) (“Trifecta” or the “Company”) is pleased to announce that it has acquired a 100% interest in the Handsome Jack Property (the “Property”) in British Columbia’s Golden Triangle.
The Property lies less than five kilometres southeast of the town of Stewart, and immediately adjacent to Skeena Resources Limited’s past-producing Porter Idaho Project, which covers an extensive, high-grade, silver-bearing vein system.
The Porter Idaho Project hosts an historical Indicated Resource of 394,700 tonnes grading 868 g/t silver, 3.37% lead and 1.41% zinc (435,000 tons @ 25.2 oz/ton silver or a contained 11 million ounces silver) and an Inferred Resource of 88,900 tonnes grading 595 g/t silver (97,900 tons @ 17.3 oz/ton silver or a contained 1.7 million ounces silver). Details pertaining to this historic resource can be found in a Technical Report dated March 10, 2008, prepared by independent consulting geologist N.C. Carter, Ph.D., P. Eng. for Raimount Energy Inc. The Report is available on SEDAR under Raimount Energy Inc.’s profile. Skeena Resources Limited acquired the Porter Idaho Project from Mount Rainey Silver Inc. in August 2016, in return for 25,089,576 common shares, which at the time of the arrangement were worth CAD$4,516,124.
Investors are cautioned that Trifecta has not independently verified this historic data.
The Handsome Jack Property is underlain by metavolcanic and metasedimentary units of the Hazelton Group, which host most of the major gold and silver deposits in the Golden Triangle. Historically, most of the Property was capped by glaciers, but in the past 30 years the glaciers have receded. The Company plans to systematically prospect the newly exposed areas next summer.
Trifecta purchased the Property from an arm’s-length individual for CAD$5,000. The individual retains a 1% net smelter return royalty (“NSR”) on any precious metals production from the Property. The Company can elect to buy back the NSR at any time for CAD$500,000.
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.
