November 8, 2023 – Trailbreaker Resources Ltd. (TBK.V) (“Trailbreaker” or “the Company”) is pleased to provide a company update on exploration activities during the 2023 field season, and on our continued efforts to build shareholder value.
2023 was an active year for Trailbreaker, with work conducted across a wide array of our projects. Work included the filing of an NI 43-101 technical report on the Atsutla project, optioning out of a portion of the Eagle Lake property, drill testing on the Eakin Creek project, conducting surface exploration at the Golden Sable and Castle Rock projects, and conducting a site visit at the Sheldon project. As well, the technical team was bolstered by the appointment of a new position of Vice President of Exploration. Work towards permitting of projects in order to conduct drill testing is ongoing. As well, the technical team is actively engaged in conducting project generation to bring new highly prospective properties into the Trailbreaker portfolio. Trailbreaker intends to carry the momentum from this year’s activities into 2024, and to continue to build on the 2023 exploration successes.
Message from the President
“Thank you to our base of loyal shareholders who have continued to believe in and support our exploration approach through a tough metals market. We are excited to be advancing numerous projects and are looking forward to an active 2024 exploration season. We are also excited about the ongoing target generation that our technical team has been engaging in, which we feel will continue to add highly prospective projects into our pipeline.” – Daithi Mac Gearailt
2023 Exploration Activities
Click the hyperlinks below for more information on each project, news release, or presentation.
Atsutla: Prior to the start of the field season, Trailbreaker filed an NI 43-101 technical report for the Atsutla project, located in northwestern BC (see news release dated May 15, 2023). The technical report and accompanied structural geology report with drill recommendations, provide a geological framework and clear exploration methodology to advance the Atsutla project. There is strong potential both for intrusion‑hosted auriferous quartz veins in the western portion of the property, where rock samples assayed up to 630 g/t gold (Au); and for porphyry copper-gold (Cu-Au) mineralization at the Swan zone, where rock samples returned up to 11.7 g/t Au.
Eagle Lake: Trailbreaker optioned out a portion of the Eagle Lake project, located in central BC, to Vizsla Copper. These four claims abut Vizsla Copper’s Woodjam project (see news release dated June 12, 2023). Vizsla Copper has the option to acquire a 100% interest in the four optioned claims by issuing an aggregate of 400,000 common shares to Trailbreaker over three years. Trailbreaker and Teck Resources Ltd. retain a combined 2% net smelter return (NSR) royalty on these claims. Trailbreaker retains the prospective Moffat zone portion of the Eagle Lake project, where historic drill results returned grades up to 3.52 g/t Au over 9.9 m. Also at the Moffat zone, a 2022 MMI (mobile metal ion) soil survey defined an 850 x 700 m gold-copper-silver-molybdenum (Au-Cu-Ag-Mo) anomaly.
Eakin Creek: Trailbreaker’s field season began with a successful diamond drill program at the Eakin Creek project, south-central BC (see news release dated September 5, 2023). Gold was intersected in all eleven drillholes, highlighted by intervals including: 1.0 m of 14.3 g/t Au in hole EC-23-02; 3.0 m of 2.42 g/t Au in hole EC‑23‑01; and 15.7 m of 0.32 g/t Au in hole EC-23-05. This drill program represented a successful and cost-effective first pass test of a highly prospective target, with 2,039 m of drilling completed for less than CAD$500k. Additional drilling is recommended to expand the known extent of mineralized zones.
Golden Sable: Surface work at the Golden Sable project, south-central BC, extended the gold-in-soil anomaly to 4 km in length (see news release dated September 14, 2023). The Golden Sable project was newly acquired by Trailbreaker (see news release dated May 29, 2023). The project was subsequently explored by Trailbreaker, focusing on a previously identified significant gold-in-soil anomaly. This anomaly is locally supported by 2018 drill results, including 24.0 m of 0.83 g/t Au, in turn including a sub-interval of 4.0 m of 2.4 g/t Au. Outcrop exposure on the property is limited, and no follow-up drilling along the gold-in-soil anomaly has occurred, leaving a majority of the highly prospective anomaly untested.
Sheldon: A site visit to the Sheldon project, central Yukon, confirmed historic gold-in-rock values, as well as numerous key geological features indicating a potential “reduced intrusion-related gold system” (RIRGS). Rock samples collected in an area hosting abundant sheeted quartz veins containing arsenopyrite and bismuthinite, near the contact of the Sheldon Stock granite and hornfels sedimentary rocks, returned assays up to 6.48 g/t Au. The site visit confirmed the geological model, presence of high‑priority targets, and supported our exploration approach to be applied at the Sheldon property. An updated project presentation may be found on our website.
Castle Rock: Trailbreaker announced the acquisition of the Castle Rock property, northern Vancouver Island, BC, through a combination of claim staking and a partnership agreement with Cazador Resources (see news release dated January 20, 2023). The property was subsequently consolidated through a secondary agreement with Cazador Resources, giving Trailbreaker the option to gain a 100% interest in the property (see news release dated August 8, 2023). A surface exploration program, consisting of 497 soil samples, 50 rock samples, and geological mapping, was completed at Castle Rock. This program followed up on the 2022 gold-in-soil anomaly identified near the gold-rich Heart porphyry prospect, and on historic rock samples at the Flan zone (see news release dated September 25, 2023). Assay samples for this work are still outstanding and will be reported separately once received.
Vice President of Exploration: In addition to Trailbreaker’s field exploration activities, Dillon Hume, M.Sc., P.Geo., joined the team as the Vice President of Exploration in July, 2023. Mr. Hume brings a wealth of mineral exploration experience to Trailbreaker, having been involved in significant discoveries, including the East Ridge Zone at the Red Chris Cu-Au porphyry mine, and the Krakatoa Zone at the Kudz Ze Kayah VHMS deposit. Mr. Hume completed an M.Sc. degree on the structural and mineralogical controls of gold mineralization at the Tajitos orogenic gold deposit in Sonora, Mexico, and is registered as a professional geoscientist in British Columbia. He brings a strong management and technical foundation to help propel Trailbreaker’s exciting project portfolio.
Project Generation
Trailbreaker is continually conducting project generation, including reviewing projects that may add significant exploration potential and fit well within Trailbreaker’s portfolio. Project generation is primarily focused on identifying underexplored and undervalued projects which the technical team feels have realistic potential for significant advancement. Project generation work is primarily focused on gold projects in British Columbia and Yukon.
Outlook for future work
Trailbreaker is preparing for another year of exploration across a suite of prospective projects. Surface work and geophysical surveys will be conducted at numerous properties to develop drill targets that could lead to significant discoveries. As well, the technical team is planning first-pass drill programs for several projects. Additional news on specific work programs can be expected through the winter and spring months, as these planning efforts solidify.
In addition to field work for 2024, the Trailbreaker team will be attending conferences over the winter months, including but not limited to: the AMEBC RoundUp conference from January 22-25, 2024 in Vancouver; the Prospectors and Developers Association of Canada conference from March 3-6, 2024 in Toronto; and the Kamloops Exploration Group Conference from April 9-10, 2024 in Kamloops.
ON BEHALF OF THE BOARD
Daithi Mac Gearailt
President and Chief Executive Officer
Carl Schulze, P. Geo., Consulting Geologist with Aurora Geosciences Ltd, is a qualified person as defined by National Instrument 43-101 for Trailbreaker’s BC and Yukon exploration projects, and has reviewed and approved the technical information in this release.
Other
For new information about the Company’s projects, please visit Trailbreaker’s website at TrailbreakerResources.com and sign up to receive news. For further information, follow Trailbreaker’s tweets at Twitter.com/TrailbreakerLtd, use the ‘Contact’ section of our website, or contact us at (604) 681‑1820 or at info@trailbreakerresources.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; expectations regarding future exploration and drilling programs and receipt of related permitting. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “anticipates”, “expects”, “understanding”, “has agreed to” or variations of such words and phrases or statements that certain actions, events or results “would”, “occur” or “be achieved”. Although Trailbreaker has attempted to identify important factors that could affect Trailbreaker and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. In making the forward-looking statements in this news release, if any, Trailbreaker has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Trailbreaker does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
September 25, 2023 – Trailbreaker Resources Ltd. (TBK.V) (“Trailbreaker” or “the Company”) is pleased to announce that it has completed a surficial exploration program at its Castle Rock property on northern Vancouver Island, British Columbia (BC).
The program consisted of the collection of 497 soil samples, 50 prospecting grab samples, and geological mapping. It was primarily designed to follow up on the channel sample and associated 400 m x 50 m gold-in-soil anomaly defined as the Heart zone in 2022.
Daithi Mac Gearailt, CEO of Trailbreaker, commented: “The program provided excellent coverage of the already robust gold anomaly at the Heart zone. This is a very recent discovery in an underexplored area of the Island. With the results in hand, we will have a more complete picture of the strike length of the anomaly and whether there are additional geochemical trends.”
All assays for the program remain pending.
About the Castle Rock property
The Castle Rock property covers 3,108 hectares on Northern Vancouver Island, approximately 70 km northwest of Campbell River, BC (Figure 1). It was acquired by Trailbreaker in 2022 and was recently consolidated through an option agreement (see August 8, 2023 news release).
The claims cover five BC Minfile occurrences along a district-scale structure that is >5 km long, with newly identified gold ± copper-enriched intrusions. These Minfile occurrences are relatively new discoveries, mostly due to access created by recent logging activity.
Northern Vancouver Island is host to several large copper-gold (Cu-Au) porphyry deposits including Northisle’s Hushamu deposit (Inferred Resource of 5.57 Moz AuEq)1, and BHP Billiton’s past producing Island Copper porphyry copper deposit (has produced >2.7 B lb Cu and >1.0 Moz Au) 1.
At the Castle Rock property, gold is dominantly hosted in Jurassic granodiorite dykes emplaced along a regional-scale fault zone separating Lower to Middle Triassic Daonella Bed sedimentary rocks from Upper Triassic Karmutsen Formation basalts.
Figure 1: Location of the Castle Rock property on Vancouver Island1.
2023 exploration at the Heart and Flan zones
The Heart zone was the primary focus of the 2023 exploration program. The Heart showing (upon which the zone is centered) was discovered in 2012 and consists of a brecciated granodiorite dyke containing 5% to 10% combined pyrite and chalcopyrite. Historic chip sampling returned assays of 2.0 g/t Au over 30 metres2.
During 2022, Trailbreaker completed a channel sampling program at the Heart showing which returned values up to 0.68 g/t Au over 13.11 m, including a subinterval of 1.85 g/t Au over 2.92 m. A small soil geochemical survey outlined a 400 m x 50 m, northwest-southeast trending gold-in-soil anomaly. This is interpreted to represent the surface footprint of the gold-bearing dyke exposed at the Heart showing. Soil values up to 5.44 g/t Au were returned, and the anomaly remains open. This area is referred to as the Heart zone.
During the 2023 program, the exploration team expanded the soil grid, now covering 3.2 km x 1.5 km with 497 soil samples (see Figure 2). Additional prospecting was also done along trend of the Heart zone to explore for similar mineralization to that of the main Heart showing.
The soil survey was also extended to cover the Flan zone, located approximately 1.5 km west of the Heart zone. The zone was originally discovered in 2000 and comprises numerous high-grade boulders assaying up to 135 g/t Au3. Prospecting at the Flan zone during the 2023 program uncovered significant pyrrhotite-chalcopyrite mineralization hosted in a mafic volcanic unit. While the boulders were originally interpreted as sourced from the Heart zone, the mineralized volcanic rocks may represent a recently exposed bedrock source discovered in 2023 within 200 metres of the historic location of the boulders.
Figure 2: 2023 sample locations at the Castle Rock property with inset showing 2022 results at the Heart zone.
ON BEHALF OF THE BOARD
Daithi Mac Gearailt
President and Chief Executive Officer
Carl Schulze, P. Geo., Consulting Geologist with Aurora Geosciences Ltd, is a qualified person as defined by National Instrument 43-101 for Trailbreaker’s BC and Yukon exploration projects, and has reviewed and approved the technical information in this release.
Other
For new information about the Company’s projects, please visit Trailbreaker’s website at TrailbreakerResources.com and sign up to receive news. For further information, follow Trailbreaker’s tweets at Twitter.com/TrailbreakerLtd, use the ‘Contact’ section of our website, or contact us at (604) 681-1820 or at info@trailbreakerresources.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; expectations regarding future exploration and drilling programs and receipt of related permitting. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “anticipates”, “expects”, “understanding”, “has agreed to” or variations of such words and phrases or statements that certain actions, events or results “would”, “occur” or “be achieved”. Although Trailbreaker has attempted to identify important factors that could affect Trailbreaker and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. In making the forward-looking statements in this news release, if any, Trailbreaker has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Trailbreaker does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
September 14, 2023 – Trailbreaker Resources Ltd. (TBK.V) (“Trailbreaker” or “the Company”) is pleased to announce results from its 2023 surficial exploration program at the Golden Sable property in south-central British Columbia (BC). Efforts were focused on investigating a historic 3-kilometre-long gold-in-soil anomaly. The program was successful in extending the anomaly a further 1 kilometre to the southeast, where it remains open.
Daithi Mac Gearailt, CEO of Trailbreaker, commented: “This was an excellent first-pass evaluation of a property with known gold mineralization. There is a very significant gold-in-soil trend here, with historic drilling to verify the presence of gold mineralization in bedrock.”
About the Golden Sable property
The 2,852-hectare Golden Sable property is located 75 km northeast of Kamloops, BC, and 20 km south of Bridge Lake, BC. It is easily accessible via Highway 24 and the Bonaparte Forest Service Road. Golden Sable comprises two main areas, Golden Sable (GS) East and GS West, which are contiguous (see Figure 1 and May 29, 2023 news release).
The Golden Sable property covers an intrusion-related gold target. The claims lie within the Quesnel tectonic terrane that hosts many of British Columbia’s active and past-producing gold mines. Middle to Upper Triassic Nicola Group volcanics and sedimentary rocks comprise the majority of the underlying bedrock geology. The property also straddles the margins of a large, early Jurassic hornblende-biotite granodiorite pluton with prevalent younger mafic and andesitic dikes.
From 2006 to 2013 Amarc Resources delineated the 3-kilometre-long soil anomaly on the GS West block, which was subsequently drill tested by Sable Resources in 2018.
The inaugural, 1,339-metre drill program conducted by Sable Resources on the GS West block encountered gold mineralization in 5 of 7 drill holes. Results include an intersection of 0.83 g/t gold (Au) over 24.0m, including 2.4 g/t gold over 4.0m. Gold mineralization was found to be associated with mafic and intermediate dike swarms trending northwest – southeast along the granitic contacts.
No follow-up drilling has been conducted to date, and the majority of the gold-in-soil anomaly remains untested.
Figure 1: Location of Trailbreaker’s Golden Sable property.
Trailbreaker’s 2023 exploration program
The 2023 surficial exploration program was designed to evaluate the quality of the historic soil sample locations, locate the historic drill holes, map and prospect available outcrops, and continue soil sampling to the southeast of the GS West historic gold-in-soil trend.
The program was successful in extending the GS West gold-in-soil anomaly 1 km farther to the southeast, where it remains open. Assaying of the soil samples within this trend returned values up to 242 ppb Au (see Figure 2).
A tightly-spaced soil sample grid was also performed over historic soil samples in the area of drilling to evaluate the consistency and quality of previous results. Assay results within this grid returned values up to 601 ppb Au and displayed a similar anomalous signature to that of the historic soil sampling, confirming the validity of the historic anomaly.
Geological mapping revealed outcrops of granite and andesitic dikes within the gold-in-soil trend. Significant pyrite mineralization occurs in the area of the historic drilling.
Figure 2: 2023 exploration at Golden Sable West.
ON BEHALF OF THE BOARD
Daithi Mac Gearailt
President and Chief Executive Officer
Carl Schulze, P. Geo., Consulting Geologist with Aurora Geosciences Ltd, is a qualified person as defined by National Instrument 43-101 for Trailbreaker’s BC and Yukon exploration projects, and has reviewed and approved the technical information in this release.
OTHER
For new information about the Company’s projects, please visit Trailbreaker’s website at TrailbreakerResources.com and sign up to receive news. For further information, follow Trailbreaker’s tweets at Twitter.com/TrailbreakerLtd, use the ‘Contact’ section of our website, or contact us at (604) 681-1820 or at info@trailbreakerresources.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; expectations regarding future exploration and drilling programs and receipt of related permitting. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “anticipates”, “expects”, “understanding”, “has agreed to” or variations of such words and phrases or statements that certain actions, events or results “would”, “occur” or “be achieved”. Although Trailbreaker has attempted to identify important factors that could affect Trailbreaker and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. In making the forward-looking statements in this news release, if any, Trailbreaker has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Trailbreaker does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
September 12, 2023 – Trailbreaker Resources Ltd. (TBK.V) (“Trailbreaker” or “the Company”) on August 2, 2023, gave 30 days’ notice to warrant holders that it was exercising the Warrant Acceleration Provision for warrants issued on March 6, 2023, pursuant to its $0.12 Flow-Through Unit and $0.10 Non-Flow-Through Unit Private Placement Financings. The Warrant Expiry Date was accelerated from March 6, 2026 to September 3, 2023.
7,039,520 of the 7,320,000 warrants with the exercising price at $0.15 issued were exercised for gross proceeds to the Company of $1,055,928.
The proceeds of the warrant exercises will be used to advance the Company’s various exploration projects, and for working capital purposes.
Message from the President
“I appreciate the confidence and continued support of Trailbreaker’s shareholders, Thank you.”
ON BEHALF OF THE BOARD
Daithi Mac Gearailt
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
September 5, 2023 – Trailbreaker Resources Ltd. (TBK.V) (“Trailbreaker” or “the Company”) is pleased to announce drill results from the recent 2,039-m first-pass diamond drill program at the Eakin Creek gold property in south-central British Columbia (BC) (see June 29, 2023 news release). Drilling returned gold-bearing intervals in all eleven drillholes, and successfully identified a bedrock source of the surface geochemical anomalies. Additional drilling is recommended in order to expand the known zones of mineralization.
Highlights
Gold-bearing mineralization was intersected in all eleven drill holes
Drilling intersected the bedrock source of the gold-bearing boulder-hosted surface geochemical anomaly comprised of silicified intermediate intrusive rocks
Highlights of the drill intersections include:
EC-23-02: 1.0 m of 14.3 g/t Au from 67.0 m
EC-23-01: 3.0 m of 2.42 g/t Au from 145.0 m, including 1.0 m of 4.94 g/t Au from 147.0 m
EC-23-05: 15.7 m of 0.32 g/t Au from 38.3 m, including 2.0 m of 1.50 g/t Au from 52.0 m
About Eakin Creek
The Eakin Creek property is located 100 kilometres north of Kamloops, BC and can be accessed via Highway #24 and by well-maintained forest service roads. The claims cover 1,610 hectares of prospective ground that drains into placer gold-bearing Eakin Creek.
The target was initially acquired due to: the historic ‘G Occurrence’ located on the highway in one of the few exposed outcroppings on the property; a field of gold-bearing boulder samples (inferred to be local), and a grouping of some of the highest gold-in-till values in BC from regional till sampling.
During 2022, Trailbreaker completed a 10.75 line-kilometre Induced Polarization (IP) survey, a 302-sample Mobile Metal Ion (MMI) soil survey, and a prospecting program. A 1,000 x 600-metre area was defined as having a gold-silver-copper-antimony (Au-Ag-Cu-Sb) soil anomaly coincident with chargeability and resistivity anomalies. Also, widespread gold mineralization in bedrock and float samples was identified. The 2023 drill program was designed to comprehensively test this area.
Figure 1: Downhole assay results from maiden Eakin Creek drill program.
Drill Results
Drilling has successfully defined a widespread system of gold mineralization at the Eakin Creek property. Intervals returning anomalous gold values were encountered in all eleven drillholes.
Gold mineralization in drill core is associated with zones of silicified intermediate intrusive rocks hosting disseminated pyrite and quartz-carbonate-chlorite veins containing pyrite ± magnetite. Gold mineralization is strongly correlated with silver (Ag) and tellurium (Te). This style of mineralization is similar to that observed within “float” material at surface. It is therefore interpreted that drilling has encountered the bedrock source of the surface geochemical anomaly.
Gold mineralization was also found to be structurally associated, particularly with faulting. Zones of faulting, brittle deformation, and brecciation were found to be spatially associated with increased gold grades.
Figure 2: Close-up photographs of mineralized, silicified intermediate intrusive rocks with disseminated pyrite and quartz-carbonate-chlorite-pyrite veinlets. A) ~67.8 m in EC-23-02 from interval grading 1.0 m of 14.3 g/t Au from 67.0 m ; B) ~52.9 m in EC-23-05 from interval grading 2.0 m of 1.50 g/t Au from 52.0 m; C) ~28 m in EC-23-05 from interval grading 0.7 m of 2.01 g/t Au from 27.3 m.
Additional geological modelling will be undertaken to gain an improved three-dimensional understanding of the controls of gold mineralization and the distribution of gold, in order to improve targeting for high-grade gold mineralization such as that encountered in EC-23-02 (1.0 m of 14.3 g/t Au from 67.0 m), and for targeting of wider intervals of gold mineralization, such as EC-23-05 (15.7 m of 0.32 g/t Au from 38.3 m, including 2.0 m of 1.50 g/t Au, from 52.0 m).
Table 1: Summary of significant cDomposite assay results from Eakin Creek drilling
Quality Assurance/ Quality Control (QA/QC)
Drill core samples were cut in half using a core cutting saw on site at the Eakin Creek property. The resulting half-core samples were shipped via bonded courier to the Bureau Veritas Minerals (BV) analytical lab in Vancouver, BC, which is a certified and accredited laboratory (ISO 17025). Samples were prepared using industry-standard preparation methods, which involved crushing the entire sample until 70% passed through a 2 mm screen. A resulting 250 g split was pulverized to > 85% passing a 75-micron screen. All samples were analysed using analytical process FA350 (50 g fire assay, ICP-ES finish) for gold (Au). Samples that returned values >200 ppb Au were also analysed by procedure AQ200 (0.5 g ICP ES/MS) for 37-element analysis. Gold values >10,000 ppb from FA350 analysis were re-analysed by the overlimit method of FA530 (30 g fire assay, gravimetric finish).
Trailbreaker inserted regular certified reference material (CRM) standards and blanks into the sample stream. Additionally, BV undertakes its own internal CRM standard, blank, and coarse and pulp-duplicate procedures to ensure proper sample preparation and equipment calibration. Review of all QA/QC data was undertaken by Trailbreaker to ensure that all results are accurate.
Batches containing sample intervals with potentially significant assay results, that also included CRM values outside of industry-standard acceptable ranges of three standard deviations from certified values, were re‑analysed to verify accuracy of results.
Message from the President
“With our first drill program at Eakin Creek, we have shown the presence of a wide-spread gold system based on strong fundamental geological principles. Drill-testing blind systems is always difficult. We have successfully intersected gold-bearing mineralized structures in every drillhole, locally returning significant grades. As well, we have gained valuable insight into the controls of gold mineralization at the Eakin Creek project, which will allow us to continue targeting higher grade mineralization within the system. These strong principles of exploration are what will aide us in continuing to advance our property portfolio, and to guide us towards potentially making the next big discovery.”
ON BEHALF OF THE BOARD
Daithi Mac Gearailt
President and Chief Executive Officer
Carl Schulze, P. Geo., Consulting Geologist with Aurora Geosciences Ltd, is a qualified person as defined by National Instrument 43-101 for Trailbreaker’s BC and Yukon exploration projects, and has reviewed and approved the technical information in this release.
Other
For new information about the Company’s projects, please visit Trailbreaker’s website at TrailbreakerResources.com and sign up to receive news. For further information, follow Trailbreaker’s tweets at Twitter.com/TrailbreakerLtd, use the ‘Contact’ section of our website, or contact us at (604) 681-1820 or at info@trailbreakerresources.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; expectations regarding future exploration and drilling programs and receipt of related permitting. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “anticipates”, “expects”, “understanding”, “has agreed to” or variations of such words and phrases or statements that certain actions, events or results “would”, “occur” or “be achieved”. Although Trailbreaker has attempted to identify important factors that could affect Trailbreaker and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. In making the forward-looking statements in this news release, if any, Trailbreaker has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Trailbreaker does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
August 8, 2023 – Trailbreaker Resources Ltd. (TBK.V) (“Trailbreaker” or “the Company”) is pleased to announce that it has consolidated the Castle Rock property on northern Vancouver Island, British Columbia (BC).
The property was initially acquired through claim staking, then expanded through a partnership with Cazador Resources Ltd. (“Cazador”) in January, 2023 (see January 20, 2023 news release). Trailbreaker has now signed an agreement with Cazador which provides Trailbreaker with the option to own 100% of the 3,108-hectre (ha) Castle Rock property.
Highlights of the Castle Rock property
Covers 3,108 hectares of land on northern Vancouver Island, approximately 70 km northwest of Campbell River, BC (Figure 1)
Claims cover 5 Minfile occurrences on a district-scale structure that is >5 km-long, and newly identified gold ± copper-enriched intrusions
Relatively new discovery, in an area that hosts copper-gold (Cu-Au) porphyry and skarn deposits
Northern Vancouver Island is host to several large Cu-Au porphyry deposits including Northisle’s Hushamu deposit (Inferred Resource of 5.57 Moz AuEq)1, and BHP Billiton’s past producing Island Copper porphyry copper deposit (produced >2.7 B lb Cu and >1.0 Moz Au) 1
Newly accessible via recent logging activity
Historic chip sample returned assays of 2.0 g/t Au over 30 metres2 at the Heart zone, which is a brecciated zone containing 5 to 10% pyrite-chalcopyrite
Historic sampling returned assays up to 135 g/t Au from boulders, 1.5 km west of the Heart zone3
Gold is hosted in Jurassic granodiorite dykes which have been emplaced along a regional-scale fault zone separating Lower to Middle Triassic Daonella Bed sedimentary rocks from Upper Triassic Karmutsen Formation basalts
In September, 2022, Trailbreaker completed a 3-day first-pass evaluation program on the Castle Rock claims. The program successfully confirmed historic gold grades, with 2022 channel sample returning values up to 0.68 g/t Au over 13.11 m, including a subinterval of 1.85 g/t Au over 2.92 m. A soil geochemical survey outlined a 50 m x 400 m, northwest-southeast trending gold-in-soil anomaly interpreted to represent the surface footprint of the gold-bearing dyke exposed at the Heart zone. Soil values up to 5.44 g/t Au were returned, and the anomaly remains open.
Figure 1: Map of mineral claims colour-coded by pre-option agreement ownership. The soil anomaly associated with the Heart zone occurs on Trailbreaker claims and is open toward the southeast and northwest.
Option agreement with Cazador Resources
In January, 2023, Trailbreaker signed a partnership agreement with Cazador whereby each party owns 50% of the property.
Effective as of July 27th, 2023, Trailbreaker has signed an option agreement with Cazador which provides Trailbreaker the option to acquire the remaining 50% of the Castle Rock property (for 100% ownership) by completing the following:
Upon receipt of TSX-V approval for the option agreement, issuance to Cazador of 200,000 common shares;
A total of CAD$60,000 of expenditures on the Castle Rock property by the second anniversary of the effective date;
On the second anniversary of the effective date and annually to the fifth anniversary date, payment to Cazador of CAD$5,000 as advance payments on the royalty; and
On or before the fifth anniversary of the effective date, issuance to Cazador of a further 300,000 common shares.
Cazador will retain a 2% NSR (Net Smelter Return royalty) on claims currently 100% held by Cazador, and a 1% NSR on claims held jointly between Cazador and Trailbreaker. Once the option is exercised Trailbreaker may buy back 50% of the royalty by paying Cazador CAD$1 million.
2023 exploration at Castle Rock
During 2023 Trailbreaker plans to execute a property-wide geochemical soil survey to further expand the Heart zone soil anomaly outlined in 2022, and to explore for other mineralized intrusive dykes.
Numerous other historic showings remain underexplored, with no systematic exploration completed to date. The Flan showing, discovered in 2000, is located approximately 1.5 km west of the Heart zone. The showing consists of numerous high-grade boulders assaying up to 135 g/t Au. This indicates potential for the Castle Rock property to host much higher-grade gold mineralization than identified thus far.
The geochemical survey, combined with prospecting and geological mapping, is intended to lead to drill target generation at the Heart zone, and may result in further discoveries within the 3,108-ha property.
Message from the President
“This is a step in the right direction for Trailbreaker and the project. I believe the Castle Rock area has been overlooked in the past and remains considerably underexplored. Given the property’s association with large, district-scale structures and open-ended anomalies, Castle Rock has the potential to be rapidly expanded into a significant gold prospect.”
ON BEHALF OF THE BOARD
Daithi Mac Gearailt
President and Chief Executive Officer
Carl Schulze, P. Geo., Consulting Geologist with Aurora Geosciences Ltd, is a qualified person as defined by National Instrument 43-101 for Trailbreaker’s BC and Yukon exploration projects, and has reviewed and approved the technical information in this release.
Other
For new information about the Company’s projects, please visit Trailbreaker’s website at TrailbreakerResources.com and sign up to receive news. For further information, follow Trailbreaker’s tweets at Twitter.com/TrailbreakerLtd, use the ‘Contact’ section of our website, or contact us at (604) 681-1820 or at info@trailbreakerresources.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; expectations regarding future exploration and drilling programs and receipt of related permitting. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “anticipates”, “expects”, “understanding”, “has agreed to” or variations of such words and phrases or statements that certain actions, events or results “would”, “occur” or “be achieved”. Although Trailbreaker has attempted to identify important factors that could affect Trailbreaker and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. In making the forward-looking statements in this news release, if any, Trailbreaker has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Trailbreaker does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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