www.tritongold.com.au
Triton Gold (ASX: TON) is a mineral explorer and resource management company headquartered in Perth, Australia. The Company applies exploration techniques to geologically fertile areas in Australia and elsewhere in the world that enable quick and precise detection of the next generation of economic mineral resources.
They hold the rights to explore for gold on Poseidon Nickel’s Windarra project tenements (Laverton WA), which have historically had a nickel focus.
Triton Gold and Panoramic Resources close farm-in deal on Tushtena Gold Project in Alaska
In a ringing endorsement of the potential prospectivity of Triton Gold's (ASX: TON) Tushtena Gold Project in Alaska, $500 million-market capped Panoramic Resources (ASX: PAN) has agreed to fund US$2.6 million of drilling at the Tushtena Project and reimburse Triton US$0.3 million of previously committed funds.
The attraction for Triton (and now Panoramic) is clearly evident as Tushtena covers an area of 41.4 square kilometres in the 1,200 km long Tintina Gold Belt, a metallogenic province stretching from Northern British Columbia to SW Alaska and adjacent to the region of the famous Klondike Gold Rush. The province is host to world class gold deposits such as Pogo (5 Moz), Fort Knox (7 Moz), and Livengood (6.8 Moz) and remains a prime area for gold exploration.
Under the deal between Panoramic Resources’ wholly owned subsidiary Pindan (USA) Inc., Triton and Tushtena allows Panoramic the right to farm in to a 51% interest by funding the balance of approximately US$2.6 million to satisfy a total of US$3.0 million in exploration expenditure required before June 2013.
Triton had spent US$400,000 on the project and will manage exploration during the earn in phase by Panoramic. Thereafter the parties would contribute to a Joint Venture in proportion to their respective interests of Panoramic Resources 51% (as manager), Triton Gold 29% and Tushtena Resources 20%, subject to normal dilution provisions and minimum holding levels.
Triton has commenced diamond drilling at the Discovery Zone prospect targeting potentially high grade gold mineralization below extensive surface showings of gold in veins and soils.
The first of four holes has been completed with the 1,600 metre program scheduled for completion in August, weather permitting. The initial core appears to contain significant sulphide mineralization and has been sent for assaying.
Triton expects to release results in the next few weeks.
Prior to ASX listing in 2009 Triton had completed two field seasons at Tushtena including geological mapping, surface sampling, multi-spectral alteration mapping and resampling of shallow historic drill holes.
High-grade rock chips with peak value of 1,450g/t Au (Discovery Zone), 163 g/t Au (RS Zone) and coherent areas of greater than 1g/t gold in soils occur within a target zone extending for over three kilometres. Historic drilling intersected up to 2.9m @ 24.6 g/t Au and 1.8m @ 49.6 g/t Au.
The targets at Tushtena in the current program were modelled in 3D from structural and lithological mapping. While the primary objective is to discover high grade lodes at depth it is possible that bulk tonnage low grade mineralisation could occur at shallow depth. Drilling activity at site is limited to a relatively short three month northern summer.
