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Rio Tinto takes option over Triumph Gold’s BC project

27th August 2019

By: Creamer Media Reporter

     

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The share price of Vancouver-based explorer Triumph Gold jumped 11% on Monday, following news that the exploration arm of major miner Rio Tinto has entered into an option agreement to obtain a 100% interest in the Andalusite Peak property, in north-west British Columbia.

The Andalusite property (31.67 km2) was staked by Triumph Gold in January 2017. Work by Triumph Gold geologists in 2017 and 2018 verified an alteration zone and identified two trends of high grade copper, silver and gold mineralisation on ridge-tops about 1.5 km apart.

The Gentleman-Julep trend is delineated over 550 m with seven grab samples that grade between 0.5% and 3.3% copper, 22.1 g/t silver and 2.8 g/t gold.

The Tennessee trend is delineated over 1.5 km with 15 grab samples that grade between 0.5% and 67% copper, 500 g/t silver and 2.8 g/t gold.

While Rio Tinto’s technical expertise and proprietary exploration techniques will now be directed towards advancing the Andalusite Peak property, Triumph Gold will focus its financial and technical resources on its flagship property, the 100%-owned, road accessible, Freegold Mountain property, in the Yukon Territory.

“The agreement benefits Triumph Gold in the near term with cash payments and provides exposure to the upside of a potential future mine development through a 1% net smelter returns royalty,” said Triumph Gold president and CEO Paul Reynolds.

Under the terms of the option agreement, Rio Tinto Exploration will pay Triumph Gold $3-million over a five-year option period and reserve for Triumph Gold a 1% net smelter returns royalty, which is capped at $50-million. The sum of $25 000 is payable to the company within 45 days of the agreement date with a further $50 000 payable on or before the first anniversary date of the agreement.

Triumph Gold closed at C$0.50 a share on Monday, up from the previous close of C$0.44 a share, giving the junior a market capitalisation of C$48.09-million.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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