Trifecta Gold Ltd. Announces $500,000 Private Placement to Drill High-Grade Gold Targets at Yuge Property, Nevada
October 09 2018 - 8:30AM
NOT FOR DISSEMINATION OR DISTRIBUTION IN
THE UNITED STATES AND NOT FOR DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES
Trifecta Gold Ltd. (TSX-V: TG) (“Trifecta” or the
“Company”) announces a non-brokered private placement offering (the
“Offering”) of C$500,000. The Offering will include the sale
of 7,142,857 non-flow-through units at a price of C$0.07 per
unit. Each non-flow-through unit will consist of one common
share and one share purchase warrant. Each warrant will
entitle the holder to purchase one additional non-flow-through
common share at a price of C$0.10 for a period of two years from
the closing of the placement, provided that, in the event the
closing price of Trifecta’s common shares as traded on the TSX
Venture Exchange is equal to or greater than C$0.17 for a period of
ten (10) consecutive trading days subsequent to the expiry of the
applicable hold period, Trifecta may give notice of an earlier
expiry of the warrants, in which case the warrants will expire
thirty (30) calendar days from the giving of such notice.
All securities issued as part of the Offering
will be subject to a hold period in Canada of four months plus one
day from closing. In connection with the offering, the
Company is proposing to pay finder’s fees of 7% cash and 7%
finder’s warrants. Each finder’s warrant shall have the same terms
as the unit warrants noted above. The Offering is subject to TSX
Venture Exchange acceptance.
The proceeds raised from the Offering will be
used to fund a reverse circulation (“RC”) drilling program at the
Company’s Yuge property, a high-grade mesothermal gold prospect in
Humboldt County, northern Nevada, and for working capital purposes.
Trifecta conducted a successful reconnaissance program at Yuge
earlier this spring which confirmed the location and high-grade
nature of known structures, and lead to the discovery of abundant
mineralization elsewhere on the property. Thirty-five of
the 68 rock and/or chip samples collected returned greater than 1
g/t gold, 18 of which graded higher than 5 g/t gold.
Yuge Property, Humboldt County,
Nevada
The Yuge property is located in Humboldt County,
norther Nevada, approximately 55 km south of Denio in the Varyville
Mining District. The property covers the historical Columbia
and Juanita Mines, which produced high-grade gold on a small scale
between 1870 and 1937 from strong veins located more than 1,000 m
apart within the same structural corridor. The most recent reported
production was several hundred tons of shipping ore per month
between 1936 and 1937 from the Columbia Mine. Historical mining
only extended down to the bottom of the oxidized zone. Diamond
drilling by previous operators below the Columbia workings produced
a true-width sulphide intersect, which graded 9.70 g/t gold
over 3.3 m starting 49 m below surface. This drilling was
conducted in 1981 and no drilling has been completed since.
Trifecta plans to test several targets on the
property utilizing a track-mounted RC drilling rig. This proposed
program will focus on areas of high-grade gold mineralization and
historical intersects. 2018 drill targets will include:
- Columbia, where 1981 drilling returned 9.70 g/t gold over 3.3 m
and 2018 surface rock sampling returned highlights of 150, 75.4,
34.9, 10.5, 7.4 and 7.13 g/t gold;
- Josie, where 2018 rock sample highlights include 86.1, 45.2,
42.2, 36.2, 25.7, 21.6, 16.7, 13.1 and 5.49 g/t gold;
- Juanita, where 2018 rock sample highlights include 11.4, 6.35
and 5.85 g/t gold; and,
- The shear zone corridor between Juanita and Columbia
workings.
Historical data cited in this press release is
based on reports by Homestake Mining Company, Westamerica
Enterprises and Extension Energy Inc. This data has not been
independently verified by Trifecta but has been checked for
internal consistency and against Nevada Bureau of Mines and U.S.
Bureau of Mines public domain data. 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 purposes 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, the United States and other mining friendly
jurisdictions.
ON BEHALF OF THE BOARD
“Dylan Arnold-Wallinger”
President and Chief Executive Officer
For further information concerning Trifecta or
its various exploration projects please visit our website at
www.trifectagold.com or contact:
Corporate InformationTrifecta
Gold Ltd.Dylan WallingerPresident and C.E.O.Tel: (604) 687-2522
The securities referred to in this news release
have not been, nor will they be, registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold within the
United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available. This news release does
not constitute an offer of securities for sale, nor a solicitation
for offers to buy any securities. Any public offering of
securities in the United States must be made by means of a
prospectus containing detailed information about the company and
management, as well as financial statements.
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 release.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/48679693-9bdc-487d-8deb-378b68a7cb2a.
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