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Triumph to focus on exploration after Freegold update

Newmont-backed Triumph Gold (TSXV: TIG) says it will continue with discovery-focused exploration in the near-term as it announced a resource update for its Freegold Mountain project in Canada’s Yukon.
Triumph to focus on exploration after Freegold update Triumph to focus on exploration after Freegold update Triumph to focus on exploration after Freegold update Triumph to focus on exploration after Freegold update Triumph to focus on exploration after Freegold update

Triumph Gold is focused on its Freegold Mountain project in the Yukon

Staff reporter

The update takes the combined indicated resource at the Revenue and Nucleus deposits to 42.4 million tonnes at 0.58g/t gold, 0.08% copper and 1.2g/t silver for 1 million ounces gold-equivalent.

The inferred resource for the Revenue, Nucleus and Tinta deposits totals 39Mt at 0.56g/t gold, 0.1% copper and 4.5g/t silver for 1.1Moz Au-eq.

Triumph said the changes from the unconstrained 2015 estimates were the result of a combination of new drilling and applying updated technical and economic parameters.

Two of the three updated pit-constrained resources also had high-grade underground resources, president Tony Barresi said.

"The new pit constraint, and other stringent economic parameters applied to the three resource estimates demonstrate that the mineral deposits exhibit reasonable prospects for eventual economic extraction as required under NI 43-101," he said.

The 2015 estimate for Nucleus had comprised an indicated 1.31Moz of gold, 2.18Moz of silver and 105 million pounds of copper and an inferred 0.8Moz gold, 3.15Moz silver and 69Mlb copper.

The 2015 inferred resource for Revenue had held 2.52Moz Au-eq and for Tinta, 131,000oz gold, 3.81Moz silver, 13Mlb copper, 47Mlb lead and 67Mlb zinc.

Triumph is focused on Freegold Mountain after optioning its Andalusite Peak property in British Columbia to Rio Tinto Exploration Canada in August.
 
Newmont (NYSE: NEM) is one of Triumph's major shareholders, holding 18% at February 7.

Triumph had raised C$5.1 million (US$3.8 million) in July at 49c per flow-through unit and 35c per unit.

Its shares are trading near a 52-week low of 21c reached in January, well below August's peak of 58c.

It closed unchanged yesterday at 22.5c to capitalise Triumph about $23 million (US$17.3 million).