October 29, 2009 Triple Dragon Resources Inc. Options Burnt Island Gold Property, Northwest Territories
October 29, 2009 -- Triple Dragon Resources Inc. (CNSX: TDN) (the "Company") is pleased to announce that it has optioned two additional mineral claims in the Gordon Lake area of the Northwest Territories, Canada, known as the Burnt Island Property (the "Property"). It encompasses the historic Burnt Island Gold Mine and several other gold showings located on the island.
The Property, approximately 230 acres (94 ha), is located 8 km north-northeast of the Company's wholly-owned Camlaren Property on Gordon Lake. The Property is similar to the Camlaren and lies less than 2 km east of the winter road to the Diavik and Ekati diamond mines.
Historical Exploration
The Burnt Island Gold Mine is a historic gold producer with a history of sporadic development and production. The first documented exploration of the island occurred in the mid to late 1930's and consisted of trenching and mapping. Between 1942 and 1945, the Good Hope Mining Syndicate sunk a 5 foot by 8 foot shaft to a depth of 43 feet on the No. 1 Vein. Historical records indicate that approximately 120 tons of ore were mined during this period and approximately 60 tons were processed at a small milling plant onsite. Subsequent exploration until 1981 included minor sampling and mapping.
Burnt Island Gold Ltd. completed a 20-hole diamond drill program and an additional 21-hole program in 1982. They later began the construction of a portal to the ore beneath the main shaft in 1984. Due to a lack of funding, construction was abandoned 80 feet short of its destination.
In 1989, New Era Developments Ltd. entered into a partnership with Cameron Mining Ltd. and planned the mining and processing of known reserves using a small portable mill. The same year, the 1984 decline was extended to its destination and approximately 1,000 tons of ore were mined and stockpiled; as well as the completion of additional diamond drilling. In 1990, approximately 1,600 tons of ore was milled onsite at a reported grade of 1.1 oz/ton (37.7 g/t) Au. The project was shut down by the end of 1990 due to a combination of high operating costs and poor mill recovery.
In total, the documented historic production from the Burnt Island Gold Mine is approximately 1,700 tons at an approximate grade of 1 oz/ton (34.3 g/t) Au.
The Property remained dormant until 1998, when the area was re-staked by prospector Walt Humphries.
The geology of the Burnt Island Property is similar to that of the Camlaren and Murray Properties. The claims are underlain by metaturbidites of the Archean Burwash Formation, and the area is considered favorable for turbidite-hosted quartz vein gold deposits. Gold mineralization is commonly accompanied by sulphides and appears structurally controlled, contained within veins formed by folding.
Notable examples of similar deposit types include the Meguma Group deposits in Nova Scotia, which produced in excess of 1.5 million ounces of gold, and the Bendigo District deposits in Australia, which have produced in excess of 12 million ounces of gold. The grades of these types of deposits commonly range from 5 g/t to more than 30 g/t gold.
All historical production quoted herein are based on prior data and reports obtained and prepared by previous operators and information provided by government filings. The Company has not completed the work necessary to verify the existence of any classification of mineral resource estimate. The Company has also not undertaken any independent investigation of the historical information detailed above nor has it independently analyzed the results of the previous exploration work in order to verify the reported results and therefore the historical information should not be relied upon. The property will require considerable further evaluation which the Company's management and consultants intend to carry out in due course. The Company believes these historical results of the presence of a gold mineralized body at Burnt Island provide an indication of the potential of the properties and are relevant to ongoing exploration.
The Company performed limited initial prospecting and sampling of the Burnt Island Property during its recently completed Camlaren Property field project. Approximately 80 samples were collected and sent to ACME Analytical Laboratories of Vancouver, British Columbia for analysis. Samples were collected from several sources, including outcrops, historic trenches, muck piles, mill debris, and tailings ponds. In addition, a compilation of all available historic data on the area is currently ongoing.
Option Agreement
The Burnt Island Property was optioned from Walt Humphries for total consideration of $10,000 cash and the payment of $10,000, in either cash or shares of the Company, for every year that the Company holds the option. Mr. Humphries will also retain a 3% NSR royalty on the Property.
The acquisition of the Burnt Island Property further expands the Company's position in the Gordon Lake area of the Northwest Territories. A map detailing the properties of the Company can be viewed on our website: http://www.tripledragonresources.com.
John Gorham, P. Geo. of Dahrouge Geological Consulting Ltd., a qualified person as defined by National Instrument 43-101, reviewed the technical information in this news release.
About Triple Dragon Resources Inc.
Triple Dragon Resources Inc. is a mineral exploration company focused on gold exploration in the Gordon Lake region of south-central Northwest Territories, Canada. Management will continue to capitalize on its land position in the region as well as evaluate additional value-creating opportunities. The Company's shares are listed on the Canadian National Stock Exchange under the symbol "TDN".
For further details on Triple Dragon Resources Inc. visit the corporate website at www.tripledragonresources.com, or contact Sean Charland, Shareholder Services at (604) 681 1568 or Toll Free at (877) 377 6222.
On Behalf of the Board of Directors TRIPLE DRAGON RESOURCES INC.
David Hodge
Director
Phone: 604.681.1568
Email:
The CNSX does not accept responsibility for the adequacy or accuracy of this news release.
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release include the Company conducting exploration on the Camlaren Property to follow up on historic showings, assessing the Camlaren Property mineralization potential through a property-wide program of field mapping and sampling, reviewing the condition of the Camlaren Mine shaft, reviewing and sampling tailing piles near the Camlaren Mine and compiling all available historic data on the area.
It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Factors that could cause actual results to differ materially may include: misinterpretation of data; that we may not be able to get equipment or labour as needed; that we may not be able to raise sufficient funds to complete our intended exploration and development; that our applications to drill may be denied; that weather, logistical problems or hazards may prevent us from exploration; that equipment may not work as well as expected; that analysis of data may not be possible accurately and at depth; that results which we or others have found in any particular location are not necessarily indicative of larger areas of our properties; that we may not complete environmental programs in a timely manner or at all; market prices may not justify commercial production costs; and that despite encouraging data there may be no commercially exploitable mineralization on our properties. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
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