VANCOUVER, June 16 /CNW/ - 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:
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
- Hole U-80-2: depth of 1,120 feet, 2.65 oz/ton gold (90.86 g/t) across
- Hole U-80-3: depth of 1,155 feet, 0.35 oz/ton gold (12.00 g/t) across
The Camlaren Property includes two other historic gold showings: the
"H-Vein", less than 1/2 km west of Camlaren Mine, and the "No. 31 Vein", on
Zenith Island about 1 1/2 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.
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
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".
On Behalf of the Board of Directors
TRIPLE DRAGON RE
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.
For further information:
For further information: 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; David
Hodge, Director, Phone: (604) 681-1568, Email: firstname.lastname@example.org