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16.06.2009
Triple Dragon Resources Inc.: Acquisition Of Camlaren And May Properties
Triple Dragon Resources Inc.: Acquisition Of Camlaren And May Properties
June 16, 2009 - Triple Dragon Resources Inc. (CNSX:TDN) (the "Company") is pleased to announce that it has acquired two additional gold properties in the Gordon Lake area of the Northwest Territories, Canada:
Camlaren Property
The Camlaren Property consists of two mineral claims covering approximately 2,425 acres (981 hectares), located 80 km northeast of Yellowknife and just 6 km east-southeast of the Company's wholly owned Murray Property. The Company acquired the claims by staking.
The Camlaren Property includes the past producing Camlaren Gold Mine, as well as other gold showings. Gold production commenced at the Camlaren Mine in 1963 when more than 11,000 tons of ore was trucked to the Discovery Mine, located 40 km to the northwest, and approximately 15,000 ounces of gold was produced. Noranda Mines Ltd. contracted the Mining Corporation of Canada Limited to erect a temporary milling plant on the property in 1980. The Camlaren Mine was developed to a depth of 1,000 feet (300 metres) and approximately 20,000 ounces of gold was produced from 1980 to 1981. During its two operational periods, the Camlaren Mine reportedly produced over 35,000 ounces of gold at an average grade of 0.57 oz/ton gold (19.54 g/t) and over 5,000 ounces of silver at an unreported grade.
In 1980, drilling was conducted below the 1,000-foot level by Discovery Mines Ltd. with promising results:
Hole U-80-1: depth of 1,060 feet, 1.63 oz/ton gold (55.89 g/t) across 12.9 feet
Hole U-80-2: depth of 1,120 feet, 2.65 oz/ton gold (90.86 g/t) across 21.2 feet
Hole U-80-3: depth of 1,155 feet, 0.35 oz/ton gold (12.00 g/t) across 12.0 feet
The Camlaren Property includes two other historic gold showings: the "H-Vein", less than ½ km west of Camlaren Mine, and the "No. 31 Vein", on Zenith Island about 1½ km west-southwest of the mine. These veins are similar in character to the Hump Vein historically mined at Camlaren.
The H-Vein reportedly ranges in width from 5 to 30 inches and is exposed over 110 feet, extending across an unnamed island. Surface samples have been reported to contain up to 2.09 oz/ton gold (71.66 g/t). The No. 31 Vein appears as irregular, discontinuous, quartz vein lenses. Trench samples have returned values from 0.014 to 0.254 oz/ton gold (0.48 to 8.71 g/t).
The geology of the Camlaren Property is similar to that of the Murray Property. The claims are underlain by metaturbidites of the Archean Burwash Formation, and the area is considered favorable for turbidite-hosted quartz vein gold deposits. Gold mineralization is commonly accompanied by sulphides and appears structurally controlled, contained within veins formed by folding.
Notable examples of similar deposit types include the Meguma Group deposits in Nova Scotia, which produced in excess of 1.5 million ounces of gold, and the Bendigo District deposits in Australia, which have produced in excess of 12 million ounces of gold. The grades of these types of deposits commonly range from 5 g/t to more than 30 g/t gold.
The Company intends on conducting exploration on the Camlaren Property in 2009 to follow up on historic showings and further assess the mineralization potential of the property. This includes a property-wide program of field mapping and sampling with an emphasis on known mineralized showings and trends. The current condition of the Camlaren Mine shaft will be reviewed and tailing piles near the mine will be sampled. A compilation of all available historic data on the area is currently ongoing.
May Property
The Company has also acquired a 100% interest in the May Property, which consists of one mineral lease covering 100.5 acres (40.67 hectares), located 5 km south-southwest of the Camlaren Mine.
In 1981, Echo Bay Mines Ltd. drilled eleven diamond drill holes at the May Property, intersecting high grades of gold within a quartz vein. Visible gold was intersected in four of the drill holes with values as high as 8.78 oz/ton gold (301.03 g/t) over 1.5 feet, encountered in hole M81-7 from 81.5 to 83.0 feet. Additional drilling was recommended by Echo Bay geologists to test the vein, which is open to the south and at depth.
The May Property is underlain by steeply dipping, isoclinally folded Archean greywacke and slates. Rock types, structure, and quartz veining are similar to those at the Camlaren Property.
The May Property was acquired from prospector Dave Nickerson for total consideration of $5,500 cash, the issuance of $10,000 of common shares of the Company on May 14, 2010, and a further $15,000 of common shares of the Company on May 14, 2011.
The acquisition of the Camlaren and May Properties expands the Company's position in the Gordon Lake area of the Northwest Territories. A detailed map showing the properties of the Company along with historic photos of the Camlaren Mine can be viewed on our website: www.tripledragonresources.com.
Jocelyn Klarenbach, P.Geol of Dahrouge Geological Consulting Ltd., a qualified person as defined by National Instrument 43-101, reviewed the technical information in this news release.
The Company has not undertaken any independent investigation of the historical information detailed above nor has it independently analyzed the results of the previous exploration work in order to verify the reported results and therefore the historical information should not be relied upon. The Company believes that the historical information provides a conceptual indication of the potential of the properties and is relevant to ongoing and future exploration.
About Triple Dragon Resources Inc.
Triple Dragon Resources Inc. is a mineral exploration company focused on gold exploration in the Gordon Lake region of south-central Northwest Territories, Canada. Management will continue to capitalize on its land position in the region as well as evaluate additional value-creating opportunities. The Company's shares are listed on the Canadian National Stock Exchange under the symbol "TDN".
For further details on Triple Dragon Resources Inc. visit the corporate website at www.tripledragonresources.com, or contact Sean Charland, Shareholder Services at (604) 681 1568 or Toll Free at (877) 377 6222.
On Behalf of the Board of Directors
TRIPLE DRAGON RESOURCES INC.
David Hodge
Director
Phone: 604.681.1568
Email: info@tripledragonresources.com
The CNSX does not accept responsibility for the adequacy or accuracy of this news release.
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release include the Company conducting exploration on the Camlaren Property to follow up on historic showings, assessing the Camlaren Property mineralization potential through a property-wide program of field mapping and sampling, reviewing the condition of the Camlaren Mine shaft, reviewing and sampling tailing piles near the Camlaren Mine and compiling all available historic data on the area.
It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Factors that could cause actual results to differ materially may include: misinterpretation of data; that we may not be able to get equipment or labour as needed; that we may not be able to raise sufficient funds to complete our intended exploration and development; that our applications to drill may be denied; that weather, logistical problems or hazards may prevent us from exploration; that equipment may not work as well as expected; that analysis of data may not be possible accurately and at depth; that results which we or others have found in any particular location are not necessarily indicative of larger areas of our properties; that we may not complete environmental programs in a timely manner or at all; market prices may not justify commercial production costs; and that despite encouraging data there may be no commercially exploitable mineralization on our properties. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
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June 16, 2009 - Triple Dragon Resources Inc. (CNSX:TDN) (the "Company") is pleased to announce that it has acquired two additional gold properties in the Gordon Lake area of the Northwest Territories, Canada:
Camlaren Property
The Camlaren Property consists of two mineral claims covering approximately 2,425 acres (981 hectares), located 80 km northeast of Yellowknife and just 6 km east-southeast of the Company's wholly owned Murray Property. The Company acquired the claims by staking.
The Camlaren Property includes the past producing Camlaren Gold Mine, as well as other gold showings. Gold production commenced at the Camlaren Mine in 1963 when more than 11,000 tons of ore was trucked to the Discovery Mine, located 40 km to the northwest, and approximately 15,000 ounces of gold was produced. Noranda Mines Ltd. contracted the Mining Corporation of Canada Limited to erect a temporary milling plant on the property in 1980. The Camlaren Mine was developed to a depth of 1,000 feet (300 metres) and approximately 20,000 ounces of gold was produced from 1980 to 1981. During its two operational periods, the Camlaren Mine reportedly produced over 35,000 ounces of gold at an average grade of 0.57 oz/ton gold (19.54 g/t) and over 5,000 ounces of silver at an unreported grade.
In 1980, drilling was conducted below the 1,000-foot level by Discovery Mines Ltd. with promising results:
Hole U-80-1: depth of 1,060 feet, 1.63 oz/ton gold (55.89 g/t) across 12.9 feet
Hole U-80-2: depth of 1,120 feet, 2.65 oz/ton gold (90.86 g/t) across 21.2 feet
Hole U-80-3: depth of 1,155 feet, 0.35 oz/ton gold (12.00 g/t) across 12.0 feet
The Camlaren Property includes two other historic gold showings: the "H-Vein", less than ½ km west of Camlaren Mine, and the "No. 31 Vein", on Zenith Island about 1½ km west-southwest of the mine. These veins are similar in character to the Hump Vein historically mined at Camlaren.
The H-Vein reportedly ranges in width from 5 to 30 inches and is exposed over 110 feet, extending across an unnamed island. Surface samples have been reported to contain up to 2.09 oz/ton gold (71.66 g/t). The No. 31 Vein appears as irregular, discontinuous, quartz vein lenses. Trench samples have returned values from 0.014 to 0.254 oz/ton gold (0.48 to 8.71 g/t).
The geology of the Camlaren Property is similar to that of the Murray Property. The claims are underlain by metaturbidites of the Archean Burwash Formation, and the area is considered favorable for turbidite-hosted quartz vein gold deposits. Gold mineralization is commonly accompanied by sulphides and appears structurally controlled, contained within veins formed by folding.
Notable examples of similar deposit types include the Meguma Group deposits in Nova Scotia, which produced in excess of 1.5 million ounces of gold, and the Bendigo District deposits in Australia, which have produced in excess of 12 million ounces of gold. The grades of these types of deposits commonly range from 5 g/t to more than 30 g/t gold.
The Company intends on conducting exploration on the Camlaren Property in 2009 to follow up on historic showings and further assess the mineralization potential of the property. This includes a property-wide program of field mapping and sampling with an emphasis on known mineralized showings and trends. The current condition of the Camlaren Mine shaft will be reviewed and tailing piles near the mine will be sampled. A compilation of all available historic data on the area is currently ongoing.
May Property
The Company has also acquired a 100% interest in the May Property, which consists of one mineral lease covering 100.5 acres (40.67 hectares), located 5 km south-southwest of the Camlaren Mine.
In 1981, Echo Bay Mines Ltd. drilled eleven diamond drill holes at the May Property, intersecting high grades of gold within a quartz vein. Visible gold was intersected in four of the drill holes with values as high as 8.78 oz/ton gold (301.03 g/t) over 1.5 feet, encountered in hole M81-7 from 81.5 to 83.0 feet. Additional drilling was recommended by Echo Bay geologists to test the vein, which is open to the south and at depth.
The May Property is underlain by steeply dipping, isoclinally folded Archean greywacke and slates. Rock types, structure, and quartz veining are similar to those at the Camlaren Property.
The May Property was acquired from prospector Dave Nickerson for total consideration of $5,500 cash, the issuance of $10,000 of common shares of the Company on May 14, 2010, and a further $15,000 of common shares of the Company on May 14, 2011.
The acquisition of the Camlaren and May Properties expands the Company's position in the Gordon Lake area of the Northwest Territories. A detailed map showing the properties of the Company along with historic photos of the Camlaren Mine can be viewed on our website: www.tripledragonresources.com.
Jocelyn Klarenbach, P.Geol of Dahrouge Geological Consulting Ltd., a qualified person as defined by National Instrument 43-101, reviewed the technical information in this news release.
The Company has not undertaken any independent investigation of the historical information detailed above nor has it independently analyzed the results of the previous exploration work in order to verify the reported results and therefore the historical information should not be relied upon. The Company believes that the historical information provides a conceptual indication of the potential of the properties and is relevant to ongoing and future exploration.
About Triple Dragon Resources Inc.
Triple Dragon Resources Inc. is a mineral exploration company focused on gold exploration in the Gordon Lake region of south-central Northwest Territories, Canada. Management will continue to capitalize on its land position in the region as well as evaluate additional value-creating opportunities. The Company's shares are listed on the Canadian National Stock Exchange under the symbol "TDN".
For further details on Triple Dragon Resources Inc. visit the corporate website at www.tripledragonresources.com, or contact Sean Charland, Shareholder Services at (604) 681 1568 or Toll Free at (877) 377 6222.
On Behalf of the Board of Directors
TRIPLE DRAGON RESOURCES INC.
David Hodge
Director
Phone: 604.681.1568
Email: info@tripledragonresources.com
The CNSX does not accept responsibility for the adequacy or accuracy of this news release.
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release include the Company conducting exploration on the Camlaren Property to follow up on historic showings, assessing the Camlaren Property mineralization potential through a property-wide program of field mapping and sampling, reviewing the condition of the Camlaren Mine shaft, reviewing and sampling tailing piles near the Camlaren Mine and compiling all available historic data on the area.
It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Factors that could cause actual results to differ materially may include: misinterpretation of data; that we may not be able to get equipment or labour as needed; that we may not be able to raise sufficient funds to complete our intended exploration and development; that our applications to drill may be denied; that weather, logistical problems or hazards may prevent us from exploration; that equipment may not work as well as expected; that analysis of data may not be possible accurately and at depth; that results which we or others have found in any particular location are not necessarily indicative of larger areas of our properties; that we may not complete environmental programs in a timely manner or at all; market prices may not justify commercial production costs; and that despite encouraging data there may be no commercially exploitable mineralization on our properties. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
http://www.irw-press.com/alert_subscription.php?lang=en&isin=VGG906901019
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.