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- Located directly adjacent to Consolidated Woodjam Copper Corp.’s Woodjam Cu-Au (copper-gold) porphyry project, which contains an inferred resource of 1.7 billion pounds of copper and 968,100 ounces of gold with an aggressive exploration program planned for 2022.
- Results from historical exploration limited to the Eagle Lake property include a drill intersection of 3.52 g/t Au over 9.9 meters which remains to be followed.
- Blankets 18,990 hectares of prospective land with potential for porphyry copper-gold and mesothermal gold discoveries.
- Wholly owned by Trailbreaker Resources, part of the claim file being subject to a 1% net smelter royalty (NSR) held by Teck.
- Located 55 km east of Williams Lake, British Columbia in the Caribou Mining District.
- Excellent road accessibility via an extensive network of well-maintained forest service roads.
- Located in the Quesnel Terrane which hosts many of British Columbia’s bulk tonnage Cu-Au porphyry deposits.
Daithi Mac Gearailt, CEO of Trailbreaker, commented: “This is a historic acquisition for Trailbreaker Resources and we are very grateful to Teck who clearly understood our vision to consolidate this land package and increase our chances of making a new discovery in this underexplored region of British Columbia.”
About the Eagle Lake Property
The 18,990 ha Eagle Lake property is an early-stage porphyry copper-gold and mesothermal gold prospect located in the Cariboo Mining District, approximately 55 km east of Williams Lake , in south-central British Columbia.
(see overview map). The property is accessible by an extensive network of well-maintained forest roads. The Eagle Lake property is 100% owned by Trailbreaker, a portion of which is subject to an underlying 1% NSR at Teck.
The newly consolidated Trailbreaker claims are located in the Quesnel terrane which hosts many of British Columbia’s bulk tonnage copper-gold porphyry deposits. These include New Gold’s Afton mine, Imperial Metals’ Mount Polley mine, Taseko’s Gibraltar mine, and Centerra Gold’s Mount Milligan and Kemess mines. The Quesnel Terrane is also home to many advanced-stage gold projects, such as the Spanish Mountain Gold Project (measured and indicated resources of >4.5 M oz Au) located 45 km north of Eagle Lake, and the FG of Karus Gold, located 35 km to the east.
The property is underlain by Late Triassic to Early Jurassic intrusive rocks of the Takomkane Batholith, with minor Late Triassic volcanic rocks of the Nicola Group (see regional geological map). The Eagle Lake property is contiguous to the advanced Woodjam Cu-Au project and shares a similar geological setting. The Woodjam project covers a Cu-Au porphyry deposit with an inferred resource of 1.7 billion pounds of copper and 968,100 ounces of gold.
The Trailbreaker team believes that the gold potential of the property has been overlooked in the past, as copper porphyry-type mineralization was the focus of all previous exploration conducted on the property. For example, in 2010, a small diamond drill program targeting Cu-Au porphyry mineralization (the “Moffat Zone”) at the southern end of the Eagle Lake property encountered significant gold-only mineralization. In the Moffat zone, drilling returned an intersection of 3.52 g/t Au over 9.9 m (starting at 253 m) in quartz stockworks and breccias (see Moffat zone map). No follow-up work was ever done. A regional-scale till sampling program performed in 2019 demonstrated that anomalous gold-in-till values were returned from the southern portion of the Eagle Lake property hosting this drillhole.
Exploration 2022 at Eagle Lake
Trailbreaker plans to focus its exploration efforts on the Moffat area with a detailed Mobile Metal Ion (MMI) geochemical survey. MMI geochemistry is a proven surface exploration technique that has proven successful in discovering deeply buried mineral deposits around the world. Unlike conventional soil geochemical surveys, MMI analysis measures metal ions that rise from bedrock and accumulate in the surface soil, allowing this method to detect deeply buried mineralization and provide more targeted anomalies. The planned MMI survey will be close spaced and is designed to provide targeted drill targets for potential future drilling campaigns.
Terms of the agreement with Teck
The sale of receivables held by Teck is subject to the following conditions:
- Trailbreaker will issue 125,000 common shares within 7 business days of receiving TSX Venture Exchange approval. Along with the stock issuance, Teck will transfer title to the property to Trailbreaker
- Teck will retain a 1% NSR on the property.
For more details and maps of the Eagle Lake property, see the dedicated section on the Trailbreaker website.
“I am very pleased with the addition of the Eagle Lake property to our growing portfolio of projects. We are all looking forward to a busy exploration season which has now improved significantly with the addition of our new projects in southern British Columbia. The Eagle Lake property could be a game-changer for Trailbreaker.
There is plenty of ground to explore here, with excellent access and infrastructure, and with a neighbor like the Woodjam copper-gold project, it is easy to imagine the potential of this area.
As always, stay tuned for further updates!”
ON BEHALF OF COUNCIL
Daithi Mac Gearailt
President and CEO
Carl Schulze, P. Geo., Consulting Geologist with Aurora Geosciences Ltd, is a Qualified Person as defined by NI 43-101 for Trailbreaker Exploration Projects in British Columbia and the Yukon, and has reviewed and approved the technical information contained in this press release.
For new information on company projects, please visit the Trailbreaker website at TrailbreakerResources.com and sign up to receive updates. For more information, follow Trailbreaker’s tweets at Twitter.com/TrailbreakerLtduse the “Contact” section of our website or contact us at (604) 681-1820 or [email protected]
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.
Statements contained in this press 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 laws and the Private United States Securities Litigation. Reform Act of 1995. Forward-looking information includes, but is not limited to, disclosure of possible events, conditions or financial performance that is based on assumptions about future economic conditions and plans of action; expectations regarding future exploration and drilling programs and the receipt of related permits. In some instances, forward-looking information can be identified by the use of words and phrases such as “anticipates”, “expects”, “includes”, “agreed” or variations of such words and phrases or statements that certain actions, events or results “would occur”, “occur”, or “would be achieved”. Although Trailbreaker has attempted to identify important factors that could affect Trailbreaker and cause actual actions, events or results to differ materially from those described in the forward-looking information, there may be other factors that may prevent actions, events, or results from occurring as intended. , estimated or predicted. In making the forward-looking statements contained in this press release, if any, Trailbreaker has applied several important assumptions, including the assumption that general business and economic conditions will not change adversely. 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 undertakes no obligation to publicly release any revisions to the forward-looking information contained in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events.