Highlights:
Trifecta Gold secures option to acquire up to 100% interest in Mt Hinton gold-silver project, next to Hecla's Keno Hill Mines, as well as 10 other highly prospective projects.
All 11 projects show characteristics of reduced intrusion related gold systems, like Snowline Gold's recent Valley discovery.
VANCOUVER, BC / ACCESSWIRE / July 9, 2024 / Trifecta Gold Ltd. (TSXV:TG)(OTCQB:TRRFF) ("Trifecta" or the "Company") is pleased to announce that further to its March 1st, 2024 news release, the Company has received final approval from the TSX Venture Exchange to acquire up to 100% of Mt. Hinton and 10 other highly prospective, intrusion-related gold projects located in Yukon's Tombstone Gold Belt. Under a two stage earn-in agreement with Strategic Metals Ltd. ("Strategic"), Trifecta can acquire up to a 100% interest in all 11 properties.
Tombstone Gold Belt
Extending for more than 1,000 km from Alaska into Yukon, the Tombstone Gold Belt hosts many large Reduced Intrusion-Related Gold System (RIRGS) deposits such as Fort Knox and Pogo in Alaska (>14 million oz), Eagle and Olive in Yukon (>4 million oz) and the past-producing Brewery Creek Mine, also in Yukon. Recent discoveries including Snowline Gold's Tier 1 Valley discovery, Sitka Gold's RC deposit, Banyan Gold's AurMac deposits and Victoria Gold's Raven deposit have drawn renewed exploration interest to the belt (>17 million new ounces added to resources in the belt since May 2020).
These gold systems are characterized by sheeted, auriferous quartz veins forming in the carapace zones of Cretaceous-age plutons. They have a characteristic geochemical signature of Au-Bi-Te±W within and surrounding the intrusion, and a characteristic geophysical signature of a magnetic low (ie. reduced) together with a coincident conductivity low. Moving outward from the intrusions, Au-As veins are common with Ag-Pb-Zn veins further out.
Option Terms
Trifecta can acquire an initial 70% interest in the properties (the "First Option") by incurring aggregate exploration expenditures of $6 million by December 31, 2027, with $500,000 to be incurred by December 31, 2024, and issuing 305,000 shares to Strategic. Following the exercise of the First Option, Strategic will retain a one percent (1%) net smelter return royalty interest in the properties. (These 305,000 have been issued to Strategic and are subject to a hold period in Canada until November 10, 2024.)
Trifecta can acquire the remaining 30% interest in the properties (the "Second Option") by issuing additional Trifecta shares to Strategic equal to 9.99% of the then outstanding Trifecta share capital at any time after the exercise of the First Option and prior to February 28, 2028, which number of shares to be issued to Strategic will not include any shares of Trifecta then held by Strategic but will be subject to a maximum number of 8,920,000 shares of Trifecta. Following the exercise of the Second Option, Strategic will retain an additional one percent (1%) net smelter return royalty interest. Trifecta can purchase the second royalty interest from Strategic for the payment of 1,500 ounces of gold or the cash equivalent.
If Trifecta exercises the First Option only, the parties shall form a joint venture to further explore and develop the properties.
Project Portfolio
The optioned portfolio covers approximately 30,000 hectares of highly prospective land within the Yukon portion of the Tombstone Gold Belt across 11 properties - namely, Mt. Hinton, Rye, Lance, Liam, Lois, Leroy, Luke, Leah, Lisa, Husky and Naws. The locations of and the properties are available on the Company's website.
About Trifecta Gold Ltd.
Trifecta is a Canadian-based precious metals exploration company dedicated to increasing shareholder value through the discovery and development of 100% held gold projects in Yukon and Nevada. Initial drilling at its Yuge Gold Project, located in northern Nevada, has identified multiple broad zones of gold mineralization near historical high-grade mines. The Company's Eureka Project hosts an 8 x 2.5 kilometre belt of surface showings and anomalous gold-in-soil that straddle the headwaters of two of the most productive placer creeks in Yukon's southern Klondike Goldfields. The Company's Treble Project covers a large hydrothermal system, located midway between Western Copper and Gold Corporation's Casino Deposit, the largest copper and gold deposit in the Yukon, and Rockhaven Resources Ltd.'s Klaza Deposit, a high-grade gold-silver deposit.
ON BEHALF OF THE BOARD
"Richard Drechsler"
President and CEO
For further information concerning Trifecta or its various exploration projects please visit www.trifectagold.com or contact:
Corporate Information Trifecta Gold Ltd. |
This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.
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 news release.
SOURCE: Trifecta Gold Ltd.
View the original press release on accesswire.com
