North of 60 Mining News - The mining newspaper for Alaska and Canada's North

Triumph Gold Corp. July 11 announced that it has raised C$5.1 million via a private placement financing that included participation by Goldcorp Inc., Palisade Global Investments Ltd. and a Hong Kong-based investment fund.

The money raised will help fund the ongoing exploration at Triumph's Freegold Mountain gold-copper project in the Yukon's Dawson Range.

Goldcorp initially invested in Triumph Gold early in 2017 with a C$6.3 million investment that provided the major with a 19.9 percent stake in the explorer.

Goldcorp increased this stake slightly with the purchase 2.7 million shares in the latest financing.

"Goldcorp has participated in this financing to increase its interest in the company to 19.999 percent on a partially diluted basis," said Triumph Gold Chairman John Anderson. "We view this investment as a validation of our exploration philosophy and look forward to continuing to work with Goldcorp's technical team as we continue to advance the Freegold Mountain project."

Overall, the financing involved the issuance of 14.64 million units of Triumph at C35 cents per unit. Each unit consists of one Triumph share and one half of a purchase warrant, with each whole warrant exercisable into an additional share at C55 cents for a period of two years.

Included in Goldcorp's participation, a private Hong Kong fund invested roughly C$2.5 million and Palisade Global Investments invested about C$1 million in the financing.

"We are excited to have new institutional investors investing directly into the company as we continue to explore the Freegold Mountain project," said Triumph Gold Chairman John Anderson. "As well, we are overwhelmed that current shareholders requested to increase their investment at this time."

Exploring Freegold Mountain

Triumph Gold is in the midst of an 18,000-meter drill program at Freegold Mountain, where the company has already outlined two porphyry-related gold-copper deposits – Nucleus and Revenue.

The Nucleus deposit hosts 74.74 million metric tons of indicated resource averaging 0.54 grams per metric ton (1.3 million ounces) gold and 0.06 percent (105.3 million pounds) copper; plus 63.79 million metric tons of inferred resource averaging 0.4 g/t (800,000 oz) gold and 0.05 percent (491,800 lb) copper.

The Revenue deposit east of Nucleus, hosts 80.8 million metric tons of inferred resource averaging 0.39 g/t (1 million oz) gold and 0.14 percent (241.4 million lb) copper.

Further east, the Tintina Hill deposit hosts an additional 2.16 million metric tons of inferred resource averaging 1.89 g/t (131,000 oz) gold 54.9 g/t (3.8 million oz) silver, 0.27 percent (13 million lb) copper, 1.41 percent (67.2 million lb) zinc and 0.99 percent (47.1 million lb) lead.

Together with the delineated deposits, Freegold Mountain hosts a number of earlier staged exploration targets, including the Keirsten zone tested early this year.

Triumph Gold Corp.

A drill targets gold and copper mineralization during Triumph Gold's 2017 exploration program at Freegold Mountain.

The company targeted this zone first because the swampy ground overlaying the mineralization there is easier and less expensive to access and drill while still frozen.

"Phase-1 drilling of the Keirsten zone demonstrates Triumph Gold's commitment to test and advance the exploration concept that Revenue and Nucleus are not discrete deposits, but instead they are parts of a five- to six-kilometer-long magmatic-hydrothermal mineralizing system with porphyry and epithermal components," said Triumph Gold Vice President of Exploration Tony Barresi. "The Keirsten zone is centered almost exactly between the Revenue and Nucleus deposits and represents a high priority exploration target as a potential core or focus of the broad mineralizing system."

Triumph currently has two rigs drilling at Freegold Mountain.

–SHANE LASLEY