Mar 16 2015
TRIGOLD RESOURCES INC. (the "Company" and "Trigold") is pleased to announce a non-binding letter of intent ("LOI") to acquire a 100% interest in eight Prospecting Permits (the 'Property') totaling 1,150km2 located in Nunavut, Canada from private owners.
The Prospecting Permits contain: (1) diamond bearing kimberlites and kimberlite dykes; (2) unexplained kimberlite indicator mineral ("KIM") trains identified in glacial till; (3) unsourced kimberlite float trains; and (4) unexplained geophysical targets in the vicinity of the heads of known KIM trains. More specifically, the Property(s) specific to diamonds are within the highly prospective northern portion of the Slave Structural Province of the Canadian Shield. Known diamondiferous kimberlite intrusion events in the area are typically Jurassic but may occur in a range from 54 to 604 million years old.
The Property contains the Rush, James River and Muskox diamond bearing kimberlites. Most noteworthy within the Property is the Muskox Kimberlite which was previously discovered by and worked on by Debeers Canada and Tahera Corp. The Muskox Kimberlite has two phases and is known to yield diamond grades in the magmatic phase of 0.53 carats per tonne and diamond grades in the pyroclastic phase of 0.35 carats per tonne from mini-bulk samples weighing 865 and 63 dry tonnes, respectively (2006). Little is publicly known about the chemistry of the Muskox kimberlite and the quality of diamonds obtained to date, other than it is reported to have a significant population of eclogitic diamonds.
A Definitive Agreement is targeted for completion by April 30, 2015 and is subject to acceptable financing and TSX Venture Exchange approval. Trigold has an exclusive right to the Property which expires May 20, 2015.
About Trigold Resources Inc.
Trigold is a Canadian mineral exploration company headquartered in Edmonton, Canada. Common shares of Trigold are listed for trading on the TSX Venture Exchange under the trading symbol "TGD". Trigold is backed by proven and seasoned resource sector professionals who have a track record of advancing exploration projects from grassroots through to production scenarios. The technical content of this news release have been reviewed and approved by Dean Besserer, P.Geol. the Technical Advisor of the Company and a Qualified Person as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
Jim Greig, President and Chief Executive Officer