The Yukon explorer Trifecta Gold Ltd. (TSX-V: TG) has received grant funding for two of its gold projects in the territory that will cover eligible expenditures valued at up to $50,000.
The Yukon and Nevada-focused junior mining company announced the awarded funding on Wednesday which will be put toward target evaluation at its Eureka and Treble projects. The funds came from the territorial government’s Yukon Mineral Exploration Program.
Trifecta has contracted a large excavator to assist with this year’s trenching and mapping program at the Eureka project with the intention of clearly defining drill targets at the site. The company says that soil sampling at Eureka has yielded extensive gold-in-soil geochemical anomalies similar to adjacent gold deposits.
Results taken from bulldozer trenches at Eureka include the following:
- 0.54 g/t gold over 20 metres
- 0.97 g/t Au over 17.9 metres
- 0.75 g/t across 10 metres
Trifecta says reverse circulation drilling results within the centre of the property returned 0.59 g/t gold over 18.3 metres and 2.34 g/t across 3.05 metres. The project is located about 65 kilometres south of Dawson City, the site of the Klondike Gold Rush in 1898 and former Yukon capital.
Placer gold production from the Eureka Creek located near the project between 1978-2022 totalled 109,760 ounces.
Eureka, 100 per cent owned by Trifecta, will be accessible via a road established by Newmont Corporation (TSX: NGT) (NYSE: NEM) leading to its Coffee gold project, a mining operation approved by Yukon’s government in March last year. The property spans 70 square kilometres and sits on the traditional territory of the Tr’ondëk Hwëch’in First Nation.
Eureka and Treble projects, Dawson Range Gold Belt, Yukon Territory. Map via Trifecta Gold
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The Treble project is 100 per cent owned by Trifecta and situated between the gold-silver Klaza Deposit owned by Rockhaven Resources Ltd (TSX-V: RK) and Western Copper & Gold’s (TSX: WRN) Casino Deposit, the territory’s largest copper and gold deposit.
Trifecta says Treble’s geological setting closely resembles Newmont’s Coffee deposit 65 kilometres northwest. The site contains five geochemical anomalies that hold significant quantities of gold, copper, molybdenum, arsenic and antimony.
The company plans on conducting detailed mapping and prospecting in areas with significant concentrations of gold, copper and molybdenum in the soil.
Map of geochemical anomalies at the Treble project. Image via Trifecta Gold
Trifecta has approximately 81 million issued and outstanding shares and a current market capitalization of $2.8 million.
Other Yukon-focused miners include Triumph Gold (TSX-V: TIG), whose flagship Freegold Mountain project is also located in the Dawson Range Gold Belt; White Gold Corp. (TSX-V: WGO), which operates exclusively in the White Gold District south of Dawson City; and Strategic Metals Ltd (TSX-V: SMD), a company focused on its 96 wholly-owned properties in the territory.
Trifecta’s shares dropped by 12.5 per cent Wednesday to $0.035 on the TSX Venture Exchange.
rowan@mugglehead.com
