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Triumph Gold Corp (2)
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Triumph Gold drills 7.23 m of 1.12 g/t Au at Freegold

2021-01-26 06:04 ET - News Release

Mr. John Anderson reports

TRIUMPH GOLD ANNOUNCES 2020 DRILL RESULTS INCLUDING NEAR-SURFACE GOLD DISCOVERIES AND EXTENSION OF THE HIGH-GRADE GOLDSTAR VEIN

Triumph Gold Corp. has released drill results from its flagship Freegold Mountain project located in Yukon's Dawson Range gold district. The 2020 exploration program was focused on drill testing near-surface gold targets in the Revenue-Nucleus and Mount Freegold areas (PR20-07). Nine holes were drilled for a total of 2,068.52 metres.

"The 2020 campaign was small but successful, with all nine holes returning significant gold intercepts in untested or underexplored areas," said John Anderson, executive chairman and chief executive officer of Triumph Gold. "We are very happy with these discoveries that complement existing prospects and deposits of the Freegold Mountain project."

Technical highlights:

  • Within the Irene-Goldstar epithermal corridor, 2020 drilling successfully tested the downdip extension of the Goldstar vein and validated the continuity of the system with long stepouts (up to 570 metres) into untested portions of the corridor intersecting multiple parallel gold-rich zones. Results include:
    • Extension of the high-grade Goldstar vein by over 85 metres downdip in IGC20-03 with:
      • 1.59 grams per tonne gold, 96 g/t silver and 2.3 per cent copper over 1.56 m (152.00 to 153.56 m), including 4.59 g/t Au, 200 g/t Ag and 6.9 per cent Cu over 0.50 m (153.06 to 153.56 m);
    • Extension of the Skarn zone by 570 metres to the northwest in IGC20-01 with the intersection of near-surface high-grade gold and silver in massive magnetite assaying:
      • 1.12 g/t Au and 15.6 g/t Ag over 7.23 m (27.82 to 35.05 m), including 7.49 g/t Au and 37 g/t Ag over one m (33.00 to 34.00 m);
    • Discovery of near-surface gold- and silver-rich zones in multiple holes along the Irene-Goldstar epithermal corridor including:
      • 0.89 g/t Au, 22 g/t Ag and 0.17 per cent Cu over 9.75 m (48.16 to 57.91 m) in IGC20-01, including 1.47 g/t Au, 35 g/t Ag, 0.23 per cent Cu, 0.05 per cent lead and 0.11 per cent zinc over 5.58 m (49.18 to 54.76 m);
      • 1.81 g/t Au and 8.6 g/t Ag over 7.62 m (42.67 to 50.29 m) in IGC20-02, including 2.87 g/t Au and 12 g/t Ag over 4.57 m (42.67 to 47.24 m);
  • In the Revenue-Nucleus area, drilling outside of known porphyry copper-gold mineralization resulted in multiple intersections of greater than one g/t gold, as well as the discovery of gold within an oxidized zone in KZ20-02 with assays of:
    • 0.82 g/t Au over 12.27 m (1.45 to 13.72 m), including 2.2 g/t Au over 3.12 m from surface (1.45 to 4.57 m), within a larger interval of porphyry-style gold and copper mineralization.

Details of drill results

Irene-Goldstar epithermal corridor

Four drill holes, totalling 555.18 metres, were drilled in the Mount Freegold area during 2020 exploration. Three of the four holes collared in previously undrilled portions of the Irene-Goldstar epithermal corridor, a 3.7-kilometre-long zone of gold- and silver-rich epithermal and skarn mineralization associated with a major splay of the Big Creek fault (first outlined in PR20-03).

Mineralization within the Corridor was first identified near Mount Freegold in 1930 with erratic but significant gold-rich intercepts of the Skarn zone (that is, chip samples that returned up to 366 g/t Au and 106 g/t Ag over five metres) and the Goldstar vein epithermal system. In 1989 C.A. Main estimated a mineral inventory for the Goldstar vein at 123,000 tonnes of 4.21 g/t Au and 47.2 g/t Ag contained within a shallow pit approximately 250 metres long by 60 metres deep. Prospecting 2.5 kilometres to the northwest of the Goldstar vein led to the discovery of the Irene vein in 2013, and inaugural drilling of the vein in 2018 outlined a mineralized strike length of at least 450 metres, with grades of up to 20.7 g/t Au over 0.70 m (PR19-02). Limited prospecting and trenching between the Goldstar vein and Irene zone resulted in significant grab (that is, 425 g/t Au and 321 g/t Ag) and chip sampling from trenches (that is, 3.85 g/t Au and 103 g/t Ag over two m) at the Red Fox/Vindicator zone, strongly indicating continuity of this mineralized trend.

The 2020 drill program along the Irene-Goldstar epithermal corridor successfully tested the downdip extent of the Goldstar vein and demonstrated continuity of both skarn and epithermal vein styles of mineralization within the 2.5 km long previously undrilled portion of the corridor.

Drill hole IGC20-03 tested beneath the known extent of the Goldstar vein and intersected 1.59 g/t Au, 96.04 g/t Ag and 2.28 per cent Cu over 1.56 m at 152 m depth extending the Goldstar vein by at least 85 metres downdip. This intercept demonstrates continuity of the high-grade vein to depth and presents an immediate opportunity for resource definition work along the corridor.

Drill holes IGC20-01 and IGC20-02 form a fence across the Irene-Goldstar epithermal corridor at the Red Fox/Vindicator zone and successfully extend gold, silver, and base metal mineralization within the corridor by at least 570 metres along strike from the nearest drill hole at the Goldstar vein. IGC20-01 intersected massive magnetite at 33 m depth, assaying 7.49 g/t Au and 37 g/t Ag over one metre, while testing a moderate magnetic response along the flanks of a prominent 870-metre magnetic not tested by drilling in this area.

Additional intersections of new epithermal gold and silver mineralization in all four 2020 drill holes support continuity of both gold-rich skarn and epithermal vein mineralization within the corridor (that is, values up to 2.87 g/t Au and 12.33 g/t Ag over 4.57 m in IGC20-02). IGC20-04 also identified epithermal mineralization, returning 1.14 g/t Au and 10 g/t Ag over 1.02 m, but terminated prematurely due to a catastrophic drill failure at the end of the program.

Of the 3.7-kilometre length of the corridor, less than two kilometres have currently been tested by drilling. Inaugural drill testing at the Red Fox/Vindicator zone is strong evidence for continuity of mineralization through the entire corridor. Work in 2020 also included updating infrastructure in the area, which will allow for efficient access to untested portions of the corridor in 2021.

Jesse Halle, vice-president of exploration for Triumph Gold, commented: "Multigram gold and silver results from the southeastern and central portions of the Irene-Goldstar epithermal corridor provide ample incentive to continue exploration and definition of this long and fertile mineralized system. Elsewhere in the corridor, increased drill density has been the key to identifying higher-grade sections of the system -- with recent compilation and 3-D modelling we are now able to explore more effectively and efficiently than ever before."

Revenue-Nucleus area

Five drill holes totalling 1,513.34 metres were completed in the Revenue-Nucleus area during 2020 exploration. The Revenue-Nucleus area is defined by a six-kilometre-long intense soil geochemical anomaly related to widespread porphyry copper-gold and associated epithermal mineralization. Since 2017, renewed focus on the area has resulted in multiple discoveries including the high-grade Blue Sky and WAu breccias.

Two thousand twenty exploration resulted in multiple mineralized drill intersections in the Revenue-Nucleus area including highly anomalous gold related to newly discovered structures at the Keirsten zone in KZ20-01, previously unidentified gold enrichment in an oxidized horizon from surface (within a broader interval of highly anomalous gold and copper) at Keirsten South in KZ20-02, and multiple intersections of over one g/t gold at Revenue East in RVD20-02 and RVD20-03.

Keirsten zone and Keirsten South

Two holes were drilled in the Keirsten area during the 2020 exploration season. KZ20-01 was designed to target strong coincident chargeability and magnetic geophysical anomalies in the Keirsten zone, highlighted by a new drill hole-constrained 3-D magnetic inversion model. The drill hole intersected altered granodiorite and porphyritic dikes, with a structurally controlled, weak to moderate oxide overprint persisting to 175 m depth. Modelled magnetic geophysical anomalies were supported by observed magnetics in drill core resultant from anomalous concentrations of pyrrhotite and primary magnetite. Gold mineralization increased between the magnetic anomalies, within a faulted domain host to various porphyritic dikes, returning values up to 1.37 g/t Au over 1.27 m. This highly prospective, over-500-metre-long structural-magmatic corridor stands out as a broad magnetic low not previously tested by drilling, despite being coincident with significant Cu and Au in soil anomalies.

KZ20-02 was drilled a kilometre south of KZ20-01 and was designed to explore a 400-metre-wide-by-400-metre-long gold and copper geochemical anomaly. The hole encountered a zone of iron oxidation returning gold grades of 2.2 g/t Au from 1.45 to 4.57 metres, and elevated gold to 16.76 metres. Pervasive iron oxidation extends to approximately 40 metres downhole but persists to 110 metres as moderate to locally intense patches. Assays from this interval yielded 0.3 g/t AuEq (gold equivalent) over 87 metres from top of hole. This drill hole intersected clay-altered monzonitic to monzodioritic rock with quartz veins and local feldspar porphyry dikes to approximately 230 m depth where it penetrated Yukon Tanana country rock. Gold, copper and molybdenum were highly anomalous throughout the hole indicating proximity to a porphyry-related mineralizing system.

Brian Bower, lead technical director for Triumph Gold, added: "The intersection of highly anomalous gold in this area makes Keirsten South an exciting new zone warranting more exploration. The technical team is reviewing spectral data to determine alteration zonation and is now modelling the oxidation surface to determine the oxide gold potential of the area."

Revenue East

Revenue East is approximately 250 metres east of the high-grade gold and copper Blue Sky and WAu breccias and is defined by an over 400-metre-long gold, copper and bismuth geochemical anomaly. Three drill holes were completed in the area during the 2020 exploration program, all confirming widespread gold mineralization in the area. Visible gold and bismuthinite were identified in drill core from RVD20-01 and RVD20-02 and elevated gold grades of up to 1.64 g/t Au over one metre were intersected. Results confirm that the geochemical anomaly is in situ and is an effective vector to subsurface mineralization.

RVD20-03 was designed to test another geophysical anomaly identified by the drill-hole-constrained 3-D magnetic inversion model. Drilling confirmed a magnetic body immediately following a shear zone at approximately 275 m depth. The drill hole contained visible gold and bismuthinite associated with quartz-carbonate veining, as well as long intervals of anomalous gold and copper, locally returning grades up to 1.51 g/t Au over two metres. The anomalous magnetic target was encountered where expected providing additional support to the accuracy and predictability of the 3-D magnetic inversion model.

COVID-19 response

Triumph Gold is committed to the health and safety of its employees and contractors. With recommendations from the Yukon government and Yukon Chamber of Mines, the company developed and implemented infection prevention and control measures at the Freegold Mountain project to help reduce and minimize the risk of potential COVID-19 transmission in the camp and related work sites. During the 2020 field campaign, employees, contractors and visitors were regularly monitored for symptoms and required to adhere to federal and territorial regulations, as well as company prevention policies outlined in the Triumph Gold COVID-19 operational and emergency response plans. Visitors and cross-shifts were not permitted during the field program, and camp employees and service providers were sourced from Yukon, with the exception of Triumph Gold corporate management who strictly followed regulations and guidelines upon entering the territory.

Sampling methods and qualified person

Drill core samples ranged between 0.5 and two m length and were cut at Triumph Gold's core logging facility at the Freegold Mountain project. The samples were analyzed by SGS Canada of Vancouver, B.C. They were prepared for analysis according to SGS method PRP89: each sample was crushed to 75 per cent passing two millimetres and a 250 g split was pulverized to better than 85 per cent passing 75-micron mesh. Gold was tested by fire assay with atomic absorption finish on a 30 g nominal sample (method GE-FAA30V5), and samples that tested over 10 g/t Au were retested using a 50 g sample and a gravimetric technique. Additional 33 elements were tested by ICP-AES (inductively coupled plasma atomic emission spectroscopy) using a four-acid digestion (method GE-ICP40Q12), overlimit samples for copper were retested using the same technique, but with ore-grade four-acid digestion and a higher range of detection (method GO-ICP42Q100). Quality assurance and quality control (QA/QC) are maintained at the lab through rigorous use of internal standards, blanks and duplicates. An additional QA/QC program was administered by Triumph Gold: A minimum of three quality control samples, consisting of blanks, certified reference standards and duplicates, is blindly inserted into each 75 sample batch. QA/QC samples that return unacceptable values trigger investigations into the results and reanalysis of samples that were tested in the batch with the failed QA/QC sample.

The technical content of this news release has been reviewed and approved by Jesse Halle, PGeo, vice-president, exploration, for the company and qualified person as defined by National Instrument 43-101.

About Triumph Gold Corp.

Triumph Gold is a growth-oriented, Canada-based gold exploration and development company with a district-scale land package in mining-friendly Yukon. The company's flagship Freegold Mountain project is located in the Dawson Range and is host to three National Instrument 43-101 mineral deposits. The project covers an extensive section of the Big Creek fault zone, a structure related to epithermal gold and silver mineralization as well as gold-rich porphyry copper mineralization. The company, led by an experienced management team, is focused on creating value through the advancement of its strategic gold-first exploration program.

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