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Triumph declares porphyry discovery at Freegold Mountain

Yukon explorer Triumph Gold (TSXV: TIG) has claimed a porphyry discovery at its flagship Freegold Mountain property.
Triumph declares porphyry discovery at Freegold Mountain Triumph declares porphyry discovery at Freegold Mountain Triumph declares porphyry discovery at Freegold Mountain Triumph declares porphyry discovery at Freegold Mountain Triumph declares porphyry discovery at Freegold Mountain

The core yard at Triumph Gold’s Freegold Mountain project in Canada’s Yukon

Staff reporter

It reported a 400.48m intersection grading 1.21g/t gold-equivalent from 77.52m at the WAu Breccia, more than doubling the previously known depth of mineralisation.

It also hit 102.5m at 1.26g/t Au-eq from 560.5m in the second of seven holes to be drilled, testing for a buried porphyry at Freegold Mountain.

"At the WAu Breccia, the first of three areas being drill tested in 2019 for buried porphyry mineralisation, we have discovered a porphyry copper-gold system," exploration vice president Dr Tony Barresi said.

"The discovery intersection is long, high-grade, gold-rich and closer to surface than we had expected."

Triumph last month optioned its Andalusite Peak property in British Columbia to Rio Tinto Exploration Canada in a five-year deal worth C$3 million (US$2.3 million), freeing up the junior to focus on Freegold Mountain.

Triumph closed a $5.1 million (US$3.86 million) raising in July at 49c per flow-through unit and 35c per unit, for exploration at Freegold Mountain and general working capital.

Newmont Goldcorp held 18% of the company at July 31.

Triumph's shares had traded as high as 63c last October but fell to 30.5c in May.

They last traded at 47c to capitalise it at $45.6 million (US$34.5 million).