VANCOUVER, British Columbia, Jan. 22, 2024 (GLOBE NEWSWIRE) — Trailbreaker Resources Ltd. (TBK.V) (“Trailbreaker” or “the Company”) is pleased to announce it has entered into an option agreement to acquire 100% of the 2,071-hectare Liberty property in central British Columbia (BC).
The Liberty property covers a copper-molybdenum (Cu-Mo) porphyry target, located approximately 60 km northwest of Quesnel, BC, and accessible by forest service roads.
Highlights of the Liberty Property
- TARGET: Strong porphyry target is defined by a coincident Induced Polarization (IP) chargeability and Cu-Mo±Gold (Au)±Silver (Ag) soil and rock geochemical anomalies on the margin of a poly-phase Mesozoic granitic pluton.
- POTENTIAL: Multiple styles of mineralization across the property, including porphyry-style mineralization, as well as associated skarn mineralization.
- PROVEN RESULTS: Historic drilling in the 1960s by Rio Tinto, to the south of the modern coincident IP and geochemical anomaly, returned an assay result of 123.1 m of 0.11% Cu and 0.04% MoS21, from the top of bedrock to the end of hole.
- UNDEREXPLORED: Coincident geophysical and geochemical anomalies were defined in the 2010s but have never been drill-tested.
- ACCESS: Fully road-accessible through a network of forestry service roads. Low annual precipitation allows for year-round access to the property.
- VALUE: Trailbreaker has the option to acquire 100% of the project with a value-driven deal.
Message from the President
“We are excited to add the Liberty project to our portfolio. Liberty shows many of the key characteristics of a strong porphyry target which has never been adequately tested. With this option agreement and great access, we will be able to effectively and efficiently advance the project.” – Daithi Mac Gearailt
Figure 1: Location of the Liberty property relative to other advanced stage mining projects and mines within the region.
Geology and Exploration Potential
The Liberty property is located in the Cache Creek Terrane, which hosts significant calc-alkaline porphyry Cu-Mo deposits such as the second largest open-pit copper mine in Canada2, the Gibraltar Mine (Figure 1). The Gibraltar Mine contained 6.4 billion pounds of copper from past production and in current reserves3. The current reserves have an average copper grade of 0.24% Cu and a cut-off grade of 0.15% Cu3.
The Liberty property covers a poly-phase granitic to dioritic pluton of presumed Jurassic to Cretaceous age, which has intruded into the Cache Creek Complex, comprising a package of sedimentary rocks (Figure 2). Eocene Endako Group basalt flows and Miocene to Pleistocene Chilcotin Group basalt flows cover the older Cache Creek Complex on the eastern and western margins of the property, respectively.
The primary target of interest on the Liberty property is a 1,750 m by 750 m northwest-trending Cu-Mo±Au±Ag mobile metal ion (MMI) soil anomaly1 (Figure 3), which overlaps a moderate to strong IP chargeability1 feature on the margin of the granitic intrusion. Historic trenching rarely reached bedrock, but where exposed, results include a weighted average chip sample of 0.11% Cu over 10 m 4. Additionally, Rio Tinto conducted exploration on the southern portion of the property between 1967 and 1969, culminating in a small ~1,000 m drill program. Rio Tinto’s northernmost hole is believed to have been drilled at the southern margin of the MMI and chargeability anomalies, returning an interval of 123.1 m of 0.11% Cu and 0.04% MoS21. Drill holes to the south did not intersect significant Cu-mineralization, but did intersect abundant disseminated pyrite, potentially representing the pyrite-halo surrounding porphyry-style mineralized core. These results indicate potential for a Cu-Mo porphyry-style system, and represent a high-priority exploration target.
Figure 2: Target zones and past exploration highlights of the Liberty property overlain on the local geology.
Other target areas on the property, likely associated with the magmatic-hydrothermal system that formed the Cu-Mo porphyry target, include the Cu Skarn target (Figure 2). Historic trenching has returned assay values of >8% Cu2, which is believed to be associated with coeval skarn mineralization.
Due to overall low bedrock exposure, much of the rest of the property remains underexplored, with only minor amounts of prospecting having been completed. Systematic geochemical and/or geophysical surveys designed to identify additional prospective areas within the hydrothermal system have not been completed yet.
Figure 3: Copper, molybdenum, silver, and gold MMI soil geochemical response within the northwest trending anomaly, which overlaps with the chargeability high. The strong correlation between all four elements and the high chargeability feature, along with historic drill results along the south margin, signifies strong prospectivity of this target.
Readers are cautioned that all data presented in this news release are historical in nature. Sufficient work to independently verify the historical results has not been completed at this time. Historical results should not be treated as fact and reproduction of these results is not guaranteed.
Terms of Acquisition
Trailbreaker consolidated the Liberty property through an option agreement with Mr. Bernie Kreft.
This option agreement enables Trailbreaker to acquire a 100% interest in five claims held by Mr. Kreft. This agreement is subject to the approval of the TSX-Venture Exchange. The terms of the option agreement consist of:
- Upon signing: a cash payment of CAD$5,000 and a transfer of 50,000 Trailbreaker common shares
- First anniversary: a cash payment of CAD$5,000 and a transfer of 50,000 Trailbreaker common shares
- Second anniversary: a cash payment of CAD$5,000 and a transfer of 50,000 Trailbreaker common shares
- Third anniversary: a cash payment of CAD$30,000 and a transfer of 150,000 Trailbreaker common shares
- Fourth anniversary: a cash payment of CAD$57,500 and a transfer of 450,000 Trailbreaker common shares
- The claims are subject to a 2% net smelter return (NSR), 1% of which can be purchased back for CAD$1,000,000
About Trailbreaker Resources
Trailbreaker Resources is a mining exploration company focused primarily on mining-friendly British Columbia and Yukon Territory, Canada. Trailbreaker is committed to continuous exploration and research, allowing maintenance of a portfolio of quality mineral properties which in turn provides value for shareholders. The company has an experienced management team with a proven track record as explorers and developers throughout the Yukon Territory, British Columbia, Alaska and Nevada.
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 [email protected].
References
1) https://apps.nrs.gov.bc.ca/pub/aris/Report/32899.pdf/
2) https://www.tasekomines.com/properties/gibraltar-mine/
3) https://www.tasekomines.com/properties/reserves-and-resources/
4) https://apps.nrs.gov.bc.ca/pub/aris/Report/35992.pdf/
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.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/ece67575-8654-40c8-a466-d39ad8fb4fd2
https://www.globenewswire.com/NewsRoom/AttachmentNg/09fa285d-dfea-402e-87e7-26cdb018fd40
https://www.globenewswire.com/NewsRoom/AttachmentNg/92b5cba1-f236-4aa4-a860-57c2cf13487d
Bay Street News
