Tuesday 25th October 2016

Resource Clips

Partners in Abitibi

Bowmore, Threegold find broad Gold Mineralization in Quebec

By Greg Klein

Crowded as Quebec’s Abitibi region is with big players, it’s mostly the juniors who find the gold. Two of them think they’ve found something very big indeed in their Standard Gold-Duverny Project, a joint venture of Bowmore Exploration TSXV:BOW and Threegold Resources TSXV:THG. It’s early days, but Phase I drilling results announced last week have the partners very excited.

Bowmore, Threegold find broad Gold Mineralization in Quebec

“What I found incredibly positive about it, and I don’t think the market quite caught it, is that we define mineralization over 3.6 kilometers.” says Threegold President/CEO Victor Goncalves. “That’s huge. This is the kind of system you only see in major world-class mining camps, such as Timmins, Red Lake, Larder Lake in Ontario and Kalgoorlie in Australia. These are world-class deposits that obviously weren’t found overnight. But what this says to me is that it’s a huge discovery, and we now understand the system much better based on this first round of drilling.”

Assays (from intervals at depths between 10 metres and 373 metres) released March 29 include

  • 0.74 grams per tonne gold over 68 metres
    (including 19.05 g/t over 1 metre)
  • 0.59 g/t over 44 metres
  • 0.57 g/t over 26.5 metres
    (including 6.03 g/t over 1 metre)
  • 0.8 g/t over 16 metres
  • 1.43 g/t over 8 metres
  • 7.06 g/t over 1 metre

Standard Gold and Duverny are two contiguous properties that include the Standard Gold Mine (also known as the Goldvue Mine) which shut down in 1953. As Bowmore President/CEO Paul Dumas explains, the former underground mine now offers open-pit potential. “We wanted to target the initial shaft that was there,” he says. “We did some huge stepouts, 800 to 900 metres, testing the diorite dyke. We’re pleased with the results because we’re looking for a large, bulk-tonnage, open-pittable deposit. This is a kilometric, vast, ankerite-altered zone. So we’re pleased with the results we got. Obviously we’re going to do a follow-up this summer.” Next up will be more mapping and geophysics in preparation for Phase II drilling.

Bowmore holds 100% of Duverny while Threegold holds 100% of Standard. Bowmore, as project operator, has an option to earn up to 70% of Standard through a plan of arrangement with Osisko TSX:OSK. An initial 51% may be had by paying $280,000 and spending $4 million in exploration over five years. The other 19% would come after spending $6 million over an additional five-year period.

Osisko looms larger yet. This mid-cap holds 35% of Bowmore and has two key people on its board, Osisko President Sean Roosen and Executive VP Robert Wares.

“We benefit in several ways,” Dumas points out, “the knowledge that they have, the deal flows that come through their door. Obviously, they’re looking at deposits in excess of two million ounces, so a lot of the more grassroots projects are presented to us. If they fit our strategy, we’ll move on these transactions.”

Threegold‘s Goncalves sounds equally pleased. “What we end up with is 30% of something that we know can be huge, and we’ll have spent nothing to have achieved that. And I’m okay any time that happens.”

This is the kind of system you only see in major world-class mining camps, such as Timmins, Red Lake, Larder Lake in Ontario and Kalgoorlie in Australia —Victor Goncalves

In January, Threegold picked up additional land contiguous to the two properties, another 133 claims “which are about as large as the entire package of Duverny and Standard Gold put together,” Goncalves says.

Both companies have other projects, principally Bowmore‘s Chivas Gold-Silver Project in Sonora State, Mexico and Threegold‘s South Bay Gold Project in the Val-d’Or mining camp southeast of Standard-Duverny.

Bowmore has an option of up to 70% of Chivas, which in 2007 saw 3,100 metres of drilling by X-Ore Minerales. Assays released that year included

  • 1.26 g/t gold and 182 g/t silver over 15.2 metres
  • 1.16 g/t gold and 48 g/t silver over 9.2 metres
  • 0.64 g/t gold and 25.2 g/t silver over 19.8 metres

Bowmore has built about 32 kilometres of mountain road and now has a rig onsite ready to start drilling within a 5.2-square-kilometre epithermal system.

Threegold‘s wholly owned South Bay Project got 1,819 metres of drilling in its Phase II program last year. Assays released March 15 include

  • 1.01 g/t gold over 8.3 metres
  • 0.56 g/t over 1 metre
  • 1.33 g/t over 4.9 metres
  • 0.82 g/t over 5 metres
    (including 1.79 g/t over 2 metres)

Looking back at Standard-Duverny, Goncalves says, “We’re involved in something that could be a world-class mine or even a world-class camp, but without actually having to spend money to do it. Plus, we have our 100%-owned South Bay Project which produced very positive results and will get more drilling. So we have two really good opportunities here.”

Of Bowmore, Dumas says, “We have a great strategic alliance, access to capital, a very strong share structure and some great prospects. We’ve just come out with the results from Standard Gold; we’re presently drilling Chivas; and we’re going to start another drill program in southern Quebec at our St Victor Property. We’re aggressively looking at other assets as well.”

At press time, Threegold had 108.5 million shares trading at $0.10 a share for a market cap of $10.9 million. Bowmore had 49.3 million shares trading at $0.285 a share for a market cap of $14.1 million.

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