Trailbreaker Resources Ltd. (TBK.V)
(“Trailbreaker” or “the Company”) is pleased to announce the
signing of an option agreement with Vizsla Copper Corp. (“Vizsla
Copper”) for a portion of Trailbreaker’s Eagle Lake property.
The Eagle Lake property borders Vizsla Copper’s
Woodjam copper-gold porphyry project. The option deal includes four
of the fourteen claims comprising Eagle Lake. The four claims
account for 6,482 hectares (ha) of the 19,000 ha property (see
Figure 1).
Daithi Mac Gearailt, CEO of Trailbreaker,
commented: “We are very pleased to come to an arrangement with
Vizsla Copper. This is a win-win deal: Vizsla gets to acquire and
explore ground to expand their Woodjam project, while Trailbreaker
retains the Moffat zone area where we have outlined a significant
gold-copper zone.”
Vizsla Copper acquired the Woodjam project in
late 2022 from Consolidated Woodjam Copper Corp. Shortly after the
acquisition, Vizsla flew a large-scale airborne magnetic survey and
has since been identifying targets for an extensive drill
program.
Trailbreaker Resources acquired the Eagle Lake
property in early 2022 due to its historic drill results (including
the 2011 intercept of 3.52 g/t Au over 9.9m in DDH MOF-5), local
geological setting, and position between the Woodjam deposit and
Engold’s Lac La Hache deposits.
During the summer of 2022, Trailbreaker
completed a 432-sample MMI (Mobile Metal Ion) soil survey designed
to cover the historic drill showings (see September 6, 2022 news
release). The survey identified an 850 x 700 metre Au-Cu-Ag-Mo
(gold-copper-silver-molybdenum) anomaly which covers DDH MOF-5 and
extends east and north into an area without documented historic
drilling (see MMI soil anomaly map).
The exploration team also located the historic
drill core from the 2011 drill campaign and was able to examine and
re-log the gold- and copper-bearing mineralized intercepts.
Significant amounts of hydrothermal breccia,
quartz-carbonate-potassium feldspar veining and fault gouge were
observed within the gold-bearing interval of MOF-5, which commences
at 252 metres depth. Trailbreaker geologists have determined that
these features are representative of a regional-scale fault
structure that parallels the northwest-trending geological contact
between the late Triassic Copper Mountain Plutonic Suite and the
early Jurassic Takomkane Batholith. The MMI soil anomaly occurs
along this contact.
Figure 1: Trailbreaker and Vizsla Copper claims
with the optioned ground.
Terms of the option
agreement
Vizsla Copper has the option to acquire a 100%
interest in the four claims by issuing an aggregate of 400,000
common shares to Trailbreaker over three years.
The optioned claims are subject to a 2% NSR (Net
Smelter Return royalty). Trailbreaker and Teck Resources Limited
will retain a 1% NSR each on three of the claims and Trailbreaker
will retain a 2% NSR on the fourth claim. Half of the 1% NSR may be
bought from Trailbreaker for $500,000. Half of the 2% NSR may be
bought from Trailbreaker for $1,000,000.
More about the Eagle Lake
property
Located 55 km east of Williams Lake, BC, the
Eagle Lake property was generated by Trailbreaker in early 2022
through an agreement with Teck Resources Limited, combined with
additional claim staking (see May 18, 2022 news release). The
property covers 19,000 hectares that are accessible by an extensive
network of well-maintained forest service roads. It is situated
directly adjacent to Vizsla Copper Corp.’s Woodjam Cu-Au
(copper-gold) porphyry project (see Geology Map, Location Map, and
Overview Map).
Trailbreaker’s claims are situated within the
Quesnel terrane which hosts several of BC’s large-tonnage
copper-gold porphyry deposits. These include: New Gold’s Afton
mine, Imperial Metals’ Mount Polley mine, Taseko Mines’ Gibraltor
mine, and Centerra Gold’s Mount Milligan and Kemess mines. The
Quesnel terrane also hosts numerous advanced-stage gold projects,
such as the Spanish Mountain gold project (measured and indicated
resource of >4.5 M oz Au) located 45 km north of Eagle Lake, and
Karus Gold’s FG gold project, located 35 km to the east.
Message from the President
“We are very excited to be working with Vizsla
Copper while retaining the target that originally brought us to
this area. On top of this, there is still a significant amount of
unexplored ground in this extremely prospective locale. We have
more exciting updates to come, so as always, stay tuned!”
ON BEHALF OF THE BOARD
Daithi Mac GearailtPresident and Chief Executive Officer
Carl Schulze, P. Geo., Consulting Geologist with
Aurora Geosciences Ltd, is a qualified person as defined by
National Instrument 43-101 for Trailbreaker's BC and Yukon
exploration projects, and has reviewed and approved the technical
information in this release.
For new information about the Company’s
projects, please visit Trailbreaker’s website at
TrailbreakerResources.com and sign up to receive news. For further
information, follow Trailbreaker’s tweets at
Twitter.com/TrailbreakerLtd, use the ‘Contact’ section of our
website, or contact us at (604) 681-1820 or at
info@trailbreakerresources.com.
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 release.
Forward-Looking Statements
Statements contained in this news release that
are not historical facts are "forward-looking information" or
"forward-looking statements" (collectively, "Forward-Looking
Information") within the meaning of applicable Canadian securities
legislation and the United States Private Securities Litigation
Reform Act of 1995. Forward-Looking Information includes, but is
not limited to, disclosure regarding possible events, conditions or
financial performance that is based on assumptions about future
economic conditions and courses of action; expectations regarding
future exploration and drilling programs and receipt of related
permitting. In certain cases, Forward-Looking Information can be
identified by the use of words and phrases such as "anticipates",
"expects", "understanding", "has agreed to" or variations of such
words and phrases or statements that certain actions, events or
results "would", "occur" or "be achieved". Although Trailbreaker
has attempted to identify important factors that could affect
Trailbreaker and may cause actual actions, events or results to
differ materially from those described in Forward-Looking
Information, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. In
making the forward-looking statements in this news release, if any,
Trailbreaker has applied several material assumptions, including
the assumption that general business and economic conditions will
not change in a materially adverse manner. There can be no
assurance that Forward-Looking Information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on Forward-Looking
Information. Except as required by law, Trailbreaker does not
assume any obligation to release publicly any revisions to
Forward-Looking Information contained in this news release to
reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7fcf5ebc-0608-4d29-98b1-573ae9375c1c
Trailbreaker Resources (TSXV:TBK)
Historical Stock Chart
From Jul 2024 to Aug 2024
Trailbreaker Resources (TSXV:TBK)
Historical Stock Chart
From Aug 2023 to Aug 2024