A flow-through private placement of 880,000 shares of Triumph Resources (VSE) to Teck (TSE) has increased Teck’s interest in Triumph to 2.49 million shares or 52.6%. The placement, priced at 50 cents per share, will be used to fund the ongoing 1990 drilling program on the Mt. Alcock property. The property is in northern British Columbia about 22 km northwest of the Cirque deposit, owned by Curragh Resources (TSE) and along the 160-km-long Gataga District.
The district is said to be unique in that known deposits along the trend contain high grade zinc-lead- silver sulphide zones within a bedded barite host.
The Mt. Alcock deposit consists of a 25- to 30-metre-thick, west- dipping zone of massive bedded barite exposed along a strike length in excess of 300 metres. Surface sampling has returned values of up to 14.8% combined lead-zinc.
Nine holes were drilled on the property in 1989, six intersecting an average of 11.5 metres grading 6-8% combined lead-zinc and 1 oz. silver per ton.
The drilling lost the zone at a depth of 130 metres and John Brock, president of Triumph, noted that the company believes the zone is offset by a fault.
This year’s program, currently in progress, will total about 1,500 metres of drilling and is testing the zone on strike, and probing for the offset.
The program will also drill an IP (geophysical) anomaly which is coincident with a lead-zinc geochemical anomaly to the southeast of the original showing. Brock noted that three holes have been completed but no results have been received.
Teck has the right to earn a 60% interest in the Mt. Alcock property by providing $2.4 million on a staged basis by Dec. 31, 1991, through private placements in Triumph stock, priced in accordance with the market.
Triumph is also planning a drilling program on its Quash Creek and Castle properties in the Stikine Arch region in northwestern British Columbia. The company can earn a 50% interest in the properties from Teck by making expenditures totaling $1 million.
The Quash Creek property contains porphyry copper mineralization over an area measuring 1,000 x 360 metres. Surface mineralization previously assayed for copper contained 0.3% copper but gold was not systematically assayed for.
On the Castle property, previous exploration has outlined two target areas. One target is a 7,000-metre- long zone containing disseminated to semi-massive pyrite and chalcopyrite up to 250 metres wide. Within this zone is a central zone about 2,400 metres long containing a copper-gold soil geochemical anomaly coincident with an IP anomaly.
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