EXPLORATION & DEVELOPMENT

Triumph declares porphyry discovery at Freegold Mountain

Yukon explorer hits 400.48m at 1.21g/t gold-equivalent

Staff reporter
 The core yard at Triumph Gold’s Freegold Mountain project in Canada’s Yukon

The core yard at Triumph Gold’s Freegold Mountain project in Canada’s Yukon

It reported a 400.48m intersection grading 1.21g/t gold-equivalent from 77.52m at the WAu Breccia, more than doubling the previously known depth of mineralisation.

It also hit 102.5m at 1.26g/t Au-eq from 560.5m in the second of seven holes to be drilled, testing for a buried porphyry at Freegold Mountain.

"At the WAu Breccia, the first of three areas being drill tested in 2019 for buried porphyry mineralisation, we have discovered a porphyry copper-gold system," exploration vice president Dr Tony Barresi said.

"The discovery intersection is long, high-grade, gold-rich and closer to surface than we had expected."

Triumph last month optioned its Andalusite Peak property in British Columbia to Rio Tinto Exploration Canada in a five-year deal worth C$3 million (US$2.3 million), freeing up the junior to focus on Freegold Mountain.

Triumph closed a $5.1 million (US$3.86 million) raising in July at 49c per flow-through unit and 35c per unit, for exploration at Freegold Mountain and general working capital.

Newmont Goldcorp held 18% of the company at July 31.

Triumph's shares had traded as high as 63c last October but fell to 30.5c in May.

They last traded at 47c to capitalise it at $45.6 million (US$34.5 million).

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