The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
TON: ASX
Chairman: John Loney
Chief Executive Officer: Allen Lance Govey
Principal Geologist: Carl Young
Triton Gold Ltd., formerly Australian Mineral Fields Inc., is seeking deep high-grade gold below the bulk-tonnage target at its Tushtena gold project located about 20 miles, or 32 kilometers, east of Tok in Interior Alaska.
In July Western Australia nickel producer Panoramic Resources Ltd. agreed to fund US$2.6 million of drilling at Tushtena over three years and pay Triton US$300,000 in order to earn a 51 percent interest in the gold project.
The exploration, to be completed by June 2013, will satisfy Triton's commitment to earn an 80 percent interest in the property from Tushtena Resources Inc. Triton will manage exploration during the earn-in phase, thereafter the parties would contribute to a joint venture in proportion to their respective interests; Panoramic at 51 percent (as manager), Triton at 29 percent and Tushtena Resources at 20 percent.
Panoramic is required to fund a phase-one exploration program of up to US$1 million before it can withdraw from the project.
The 2010 drill targets where defined by geological mapping, surface sampling, multi-spectral alteration mapping, and re-sampling of shallow historic drill holes.
High-grade rock chips with peak value of 1,450 grams per metric ton gold in the Discovery Zone, 163 g/t gold at the RS Zone and coherent areas of greater than 1g/t gold in soils occur within a target zone extending for over 3,000 meters.
Triton has completed four holes of the 1,600-meter phase-one drill program at the property's Discovery zone, targeting potentially high-grade gold mineralization that lies below extensive surface showings of gold in veins and soils.
Triton said the initial core appears to contain significant sulfide mineralization and has been sent for assaying.
While the primary objective is to discover high-grade lodes at depth, it is possible that the property also could host shallow low-grade, bulk tonnage gold mineralization.
Panoramic said the tremendous mineral endowment of Alaska coupled with improvements in the regulatory and business climate for mining makes the Far North state an attractive place for the Australian miner to invest its exploration dollars.
Cash and short-term deposits: A$2.1 million (as of June 30, 2010)
Working capital: A$1.7 million (as of June 30, 2010)
Market capitalization: A$8.76 million (as of Sep. 24, 2010)
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Australia 6005
Tel: 61-8-9215-4222 Fax: 61-8-9226-1799
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