VANCOUVER, BC / ACCESSWIRE / April 30, 2019 / Trifecta Gold Ltd. (TSX-V: TG) ('Trifecta' or the 'Company') announces a series of corporate changes undertaken to preserve working capital as the Company seeks partners and evaluates transactions to benefit Trifecta shareholders. First, Dylan Arnold-Wallinger is stepping down as President and CEO of Trifecta effective April 30, 2019. Second, the Company has agreed to settle an amount of $75,000 by the issuance of 1,500,000 common shares of Trifecta at deemed price of five cents per share, pending TSX Exchange approval. Third, Trifecta has withdrawn from its option agreement with Pacific Ridge Exploration Ltd. (TSX-V: PEX) covering the Eureka Dome property (see Trifecta news release dated April 26, 2018).
The debt settlement was negotiated as part of a severance package with Dylan Arnold-Wallinger. Richard Drechsler, a Director of Trifecta, will assume the role of Interim President and CEO of Trifecta.
'The Board wishes to thank Dylan for his efforts on behalf of Trifecta and wishes him success in his future endeavors,' states Rosie Moore, Director.
Trifecta retains four highly prospective 100% owned gold projects in Yukon which include Eureka, Trident, Triple Crown and Treble, as well as an option to acquire a 75% interest in the past producing Yuge gold project located in northern Nevada.
Trifecta's 100% owned road accessible Eureka Property lies directly on the proposed haulage road for Goldcorp's Coffee Deposit, between Klondike Gold Corp.'s Klondike project and White Gold Corp.'s Black Hills property. The property straddles the headwaters of Black Hills and Eureka creeks, two of the most productive placer creeks in the southern part of the Klondike Goldfields and has many geologic similarities to White Gold's nearby Vertigo discovery. The property hosts multiple drill ready targets and drill confirmed mineral showings within an 8 km long by 2.5 km wide gold-in-soil geochemical anomaly.
The Yuge Property covers the historical Columbia and Juanita Mines, which produced high-grade gold on a small scale between 1870 and 1937 from strong veins located more than 1,000 m apart within the same structural corridor. Historical mining only extended down to the bottom of the oxidized zone. Diamond drilling by previous operators below the Columbia workings produced a true-width sulphide intersect, which graded 9.70 g/t gold over 3.3 m starting 49 m below surface. This drilling was conducted in 1981 and no drilling has been completed since. Recent work by Trifecta has indicated that gold mineralization at Yuge is more widespread than documented in the limited historical data and may occur in undocumented structural settings.
Technical information in this news release has been approved by Jackson Morton, P. Geo., a geologist with Archer, Cathro & Associates (1981) Limited and a qualified person for the purpose of National Instrument 43-101.
About Trifecta Gold Ltd.
Trifecta is a Canadian precious metal exploration company dedicated to increasing shareholder value through the acquisition and development of attractive exploration projects in Canada and other mining-friendly jurisdictions.
ON BEHALF OF THE BOARD
For further information concerning Trifecta or its various exploration projects please visit www.trifectagold.com or contact:
Trifecta Gold Ltd.
Interim President & CEO
Tel: (604) 687-2522 ext. 262
This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.
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.
SOURCE: Trifecta Gold Ltd.