March 27, 2023 – Trailbreaker Resources Ltd. (TBK.V) (“Trailbreaker” or “the Company”) is pleased to announce that it has received a permit to drill at their 100%-owned Eakin Creek gold property in south-central British Columbia (BC).
Phase 1 of the program will consist of diamond drilling up to 10 holes to test coincident induced polarization (IP) and geochemical anomalies outlined during the 2022 exploration program (see September 14, 2022 news release), as well as the numerous surficial gold showings found within these anomalies.
Daithi Mac Gearailt, CEO of Trailbreaker, commented: “It’s not every day that you get to be the first company to drill a gold project on the highway that has mineralized outcrops right at surface. We are thrilled to finally take it to the next level of exploration and properly test this target. We’ve consolidated the claims, done the work, de-risked the project, and have demonstrated that there is real potential for a sizable gold deposit at Eakin Creek.”
Located 100 km north of Kamloops, BC, the target was initially acquired due to: the historic ‘G Occurrence’ found on the highway in one of the few exposed outcroppings on the property, a field of gold-bearing boulder samples (inferred to be local), and a grouping of some of the highest gold-in-till values from regional till sampling in BC.
During 2022, Trailbreaker performed a 10.75 line-kilometre IP survey, a 302-sample Mobile Metal Ion (MMI) soil survey, and prospecting. A 1,000 x 600-metre area was defined as having an Au-Ag-Cu-Sb (gold-silver-copper-antimony) soil anomaly coincident with an IP geophysical anomaly. Also, widespread gold mineralization in bedrock and float samples was identified (see Figure 1).
Prospecting identified gold-bearing mineralization hosted by two main lithologies, with the majority of mineralized samples occurring within the geochemical and geophysical anomalies:
An altered diorite unit that is found outcropping along the highway. Grab samples from this unit returned assay values up to 2 g/t Au and 130 g/t Ag from separate outcrops more than 1 km apart. The historic ‘G Occurrence’ is a chip sample in one of these outcrops with an assayed interval of 14 metres grading 0.90 g/t Au, including 3 metres grading 3.15 g/t Au.
A limonitic felsic intrusive unit with disseminated and massive pyrite. This unit is constrained to a 400 x 300 metre boulder field with assay values up to 6 g/t Au and 30.7 g/t Ag. This boulder field is located ‘down-ice’ (along the direction of documented glacial ice flow) of the zone of highest resistivity identified from the IP survey.
Figure 1: Eakin Creek property IP and geochemical results. Resistivity and chargeability at 50m (left) and gold in soil (right) with overlaid rock grab sample. Link to full size.
Despite the historic mineral occurrences and its proximity to infrastructure, the Eakin Creek property has never been drilled. The maiden drill program will focus on three areas of heightened interest:
The historic ‘G Occurrence’ and associated mineralized outcrops
The zone of strongest chargeability and resistivity (north of Highway #24)
The felsic intrusive boulder field and strongest soil geochemical gold anomaly
More about the Eakin Creek property
The Eakin Creek property is located 100 kilometres north of Kamloops, BC and can be accessed via Highway #24 and by well-maintained forest service roads (see Location map). The property covers 1,610 hectares of prospective ground that drains into placer gold-bearing Eakin Creek. The property lies in an underexplored portion of the Quesnel tectonic terrane which hosts many of BC’s producing copper and gold mines, such as the New Afton, Ajax, Mt Polley, Highland Valley, and Copper Mountain mines. The claim package is 100%-owned by Trailbreaker Resources with no underlying royalties or payments.
A regional-scale till sampling survey conducted by the Geological Survey of Canada has shown that this underexplored portion of the Quesnel terrane has an anomalous Cu-Au-As-Mo geochemical signature that is indicative of copper porphyry environments elsewhere in BC. Furthermore, some of BC’s highest gold grain-count values are recorded from till samples from the Eakin Creek property (see Regional Till Survey map).
Placer gold was first discovered in Eakin Creek in the late 1800s, with small scale placer mining occurring through to the 1940s. The hard rock source of the placer gold remained a mystery for over 100 years. Gold in bedrock was first discovered on the property in 1983 during the construction of Highway #24, with subsequent hard rock discoveries continuing through to the early 1990s.
Prospecting and trenching have proved difficult in the area due to widespread glacial till cover; however, the limited historical exploration completed to date has been successful in determining the sources of gold-in-soil anomalies. Numerous high-grade float rock grab samples have been obtained from surficial pits, assaying up to 2.60 oz/ton (89.13 g/t) Au and locally containing visible gold. Historic outcrop sampling returned a 3.0 m chip sample interval grading 3.15 g/t Au, within a 14.0 m interval grading 0.9 g/t Au (see Historic Rock Geochemistry map).
For more details and maps on Eakin Creek see the dedicated section on Trailbreaker’s website.
Message from the President
“This is going to be a landmark program for the company and the project. The team is excited to mobilize to the area and get the program started. On top of this, Trailbreaker has a lot of exciting developments in the works, so stay tuned for further updates.”
ON BEHALF OF THE BOARD
Daithi Mac Gearailt
President and Chief Executive Officer
OTHER
For new information about the Company’s projects, please visit Trailbreaker’s website at TrailbreakerResources.com and sign up to receive news. For further information, follow Trailbreaker’s tweets at Twitter.com/TrailbreakerLtd, use the ‘Contact’ section of our website, or contact us at (604) 681-1820 or at info@trailbreakerresources.com.
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.
Forward-Looking Statements
Statements contained in this news 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 legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; expectations regarding future exploration and drilling programs and receipt of related permitting. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “anticipates”, “expects”, “understanding”, “has agreed to” or variations of such words and phrases or statements that certain actions, events or results “would”, “occur” or “be achieved”. Although Trailbreaker has attempted to identify important factors that could affect Trailbreaker and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. In making the forward-looking statements in this news release, if any, Trailbreaker has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. 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 does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
March 6, 2023 – Trailbreaker Resources Ltd. (TBK.V) (“Trailbreaker” or “the Company”) today announces that the Company has received approval from the TSX Venture Exchange (the “Exchange”) to close its previously announced (see news release March 1, 2023) non-brokered private placement of flow-through and non-flow through units (the “Private Placement”) for combined aggregate gross proceeds of $809,120.
The Company will now issue 4,216,000 flow-through units (“FT Unit”) at a price of $0.12 per FT Unit, for gross proceeds of $505,920, each FT Unit consisting of one (1) flow-through common share and one (1) common share purchase warrant, each warrant being exercisable for an additional common share of the Company at a price of $0.15 for 36 months following the date of issuance, subject to the right of the Company to accelerate the exercise period to 30 days if, following the expiry of the 4-month hold, shares of the Company close at or above $0.25 for 10 consecutive trading days. The flow-through shares will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).
The Company will also now issue 3,032,000 non-flow through units (“NFT Unit”) at a price of $0.10 per NFT Unit for aggregate gross proceeds of $303,200, each NFT Unit consisting of one (1) common share and one (1) common share purchase warrant, each warrant being exercisable for an additional common share of the Company at a price of $0.15 for 36 months following the date of issuance, subject to the right of the Company to accelerate the exercise period to 30 days if, following the expiry of the 4-month hold, shares of the Company close at or above $0.25 for 10 consecutive trading days.
In connection with the Private Placement, the Company is is paying cash finders’ fees totalling $7,860 and issuing 72,000 broker warrants, such broker warrants being exercisable at $0.15 for 36 months. All securities issued pursuant to the Private Placement are subject to a four month and one day hold period. The Private Placement is subject to approval by the TSX Venture Exchange.
Druid Exploration Inc., a company fully owned by the CEO and President of Trailbreaker, has participated in the Financing for 300,000 Flow-Through Units ($36,000), that portion of the Financing a “related party transaction” as such term is defined under MI 61-101 – Protection of Minority Security Holders in Special Transactions. The Company is relying on exemptions from the formal valuation requirement of MI-61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than 25% of the Company’s market capitalization.
The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Units, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”) on or before December 31, 2024, and to renounce all the Qualifying Expenditures in favour of the subscribers of the FT Units effective December 31, 2023.
The proceeds of the Private Placement will be used to advance the Company’s various exploration projects, and for working capital purposes.
ON BEHALF OF THE BOARD
Daithi Mac Gearailt
President and Chief Executive Officer
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.
March 1, 2023 – Trailbreaker Resources Ltd. (TBK.V) (“Trailbreaker” or “the Company”) today announces that the Company has filed documents with the TSX Venture Exchange (the “Exchange”) seeking approval to close its previously announced (see news release February 9, 2023) non-brokered private placement of flow-through and non-flow through units (the “Private Placement”) for combined aggregate gross proceeds of $809,120.
On receipt of TSX Venture Exchange approval, the Company will issue 4,216,000 flow-through units (“FT Unit”) at a price of $0.12 per FT Unit, for gross proceeds of $505,920, each FT Unit consisting of one (1) flow-through common share and one (1) common share purchase warrant, each warrant being exercisable for an additional common share of the Company at a price of $0.15 for 36 months following the date of issuance, subject to the right of the Company to accelerate the exercise period to 30 days if, following the expiry of the 4-month hold, shares of the Company close at or above $0.25 for 10 consecutive trading days. The flow-through shares will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).
The Company will also issue up to 3,032,000 non-flow through units (“NFT Unit”) at a price of $0.10 per NFT Unit for aggregate gross proceeds of $303,200, each NFT Unit consisting of one (1) common share and one (1) common share purchase warrant, each warrant being exercisable for an additional common share of the Company at a price of $0.15 for 36 months following the date of issuance, subject to the right of the Company to accelerate the exercise period to 30 days if, following the expiry of the 4-month hold, shares of the Company close at or above $0.25 for 10 consecutive trading days.
In connection with the Private Placement, and on receipt of Exchange approval, the Company will pay 3 finders cash finders’ fees totalling $7,860 and issue 72,000 broker warrants, such broker warrants being exercisable at $0.15 for 36 months. All securities issued pursuant to the Private Placement will be subject to a four month and one day hold period. The Private Placement is subject to approval by the TSX Venture Exchange.
Druid Exploration Inc., a company fully owned by the President and CEO of Trailbreaker, has participated in the Financing for 300,000 Flow-Through Units ($36,000), that portion of the Financing a “related party transaction” as such term is defined under MI 61-101 – Protection of Minority Security Holders in Special Transactions. The Company is relying on exemptions from the formal valuation requirement of MI-61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than 25% of the Company’s market capitalization.
The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Units, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”) on or before December 31, 2024, and to renounce all the Qualifying Expenditures in favour of the subscribers of the FT Units effective December 31, 2023.
The proceeds of the Private Placement will be used to advance the Company’s various exploration projects, and for working capital purposes.
ON BEHALF OF THE BOARD
Daithi Mac Gearailt
President and Chief Executive Officer
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.
February 9, 2023 – Trailbreaker Resources Ltd. (TBK.V) (“Trailbreaker” or “the Company”) today announces that the Company intends to complete a non-brokered private placement of flow-through and non-flow through units (the “Private Placement”) for combined aggregate gross proceeds of up to $900,000. The Private Placement is expected to close on or before February 24, 2023.
On receipt of TSX Venture Exchange approval, the Company will issue up to 5,000,000 flow-through units (“FT Unit”) at a price of $0.12 per FT Unit, for gross proceeds of up to $600,000, each FT Unit consisting of one (1) flow-through common share and one (1) common share purchase warrant, each warrant being exercisable for an additional common share of the Company at a price of $0.15 for 36 months following the date of issuance, subject to the right of the Company to accelerate the exercise period to 30 days if, following the expiry of the 4-month hold, shares of the Company close at or above $0.25 for 10 consecutive trading days. The flow-through shares will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).
In addition, the Company will issue up to 3,000,000 non-flow through units (“NFT Unit”) at a price of $0.10 per NFT Unit for aggregate gross proceeds of up to $300,000, each NFT Unit consisting of one (1) common share and one (1) common share purchase warrant, each warrant being exercisable for an additional common share of the Company at a price of $0.15 for 36 months following the date of issuance, subject to the right of the Company to accelerate the exercise period to 30 days if, following the expiry of the 4-month hold, shares of the Company close at or above $0.25 for 10 consecutive trading days.
In connection with the Private Placement, the Company may pay finders’ fees in cash or securities or a combination of both, as permitted by the policies of the TSX Venture Exchange. All securities issued pursuant to the Private Placement will be subject to a four month and one day hold period. The Private Placement is subject to approval by the TSX Venture Exchange.
The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Units, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”) on or before December 31, 2024, and to renounce all the Qualifying Expenditures in favour of the subscribers of the FT Units effective December 31, 2023.
The proceeds of the Private Placement will be used to advance the Company’s various exploration projects, and for working capital purposes.
ON BEHALF OF THE BOARD
Daithi Mac Gearailt
President and Chief Executive Officer
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.
January 20, 2023 – Trailbreaker Resources Ltd. (TBK.V) (“Trailbreaker” or “the Company”) is pleased to announce the acquisition of the Castle Rock property on northern Vancouver Island, British Columbia (BC).
The property was acquired through claim staking, then expanded through a partnership with Cazador Resources Ltd. (“Cazador”) in January, 2023. Together, the companies own 100% of the property with no underlying payments or royalties.
In September, 2022, Trailbreaker completed a first-pass prospecting program at the Castle Rock claims. The program was designed to follow up on historic values and included channel sampling, prospecting, and soil sampling. A presentation PDF of the property highlights can be found here.
Highlights of the Castle Rock property
Covers 3,108 hectares of land on northern Vancouver Island, approximately 70 km northwest of Campbell River, BC (see Figure 1 – Location)
Relatively new discovery, in an area that hosts copper-gold (Cu-Au) porphyry, volcanogenic massive sulphide (VMS), and gold skarn deposits
Northern Vancouver Island is host to several large Cu-Au porphyry deposits including Northisle’s Hushamu deposit (Inferred Resource of 5.57 Moz AuEq), and BHP Billiton’s past producing Island Copper deposit (produced >2.7 B lb Cu and >1.0 Moz Au)
Vancouver Island is host to the Myra Falls VMS deposit (>1.5 Moz Au past production) and the Merry Widow gold skarn deposit (>200 Koz Au past production)
Newly accessible via recent logging activity
Historic chip sample returned assays of 2.0 g/t Au over 30 metres (source: Heart Minfile, 2012)
Historic grab sampling from boulders returned assays up to 135 g/t Au, 1.5 km west of Heart showing (source: Flan Minfile, 2007)
Gold is hosted in Jurassic granodiorite dykes which have been emplaced along a regional-scale fault zone separating Lower to Middle Triassic Daonella Bed sediments from Upper Triassic Karmutsen Formation basalts
Daithi Mac Gearailt, CEO of Trailbreaker, commented, “The Castle Rock property is Trailbreaker’s newest addition to our portfolio of high-quality precious metal and copper assets. This is an overlooked and underexplored area of Vancouver Island that has recently been made more accessible. With a short geochemical sampling and reconnaissance program, the team was able to delineate a large, gold-bearing dyke system over at least 400 metres, coinciding with a district-scale fault. This system has strong potential for expansion.”
Figure 1: Location of the Castle Rock property on Vancouver Island (Gold production and resource values obtained from Ministry of Energy and Mines, BCGS Information Circular 2014-04).
Partnership with Cazador Resources
In January, 2023, Trailbreaker signed a partnership agreement with Cazador Resources Ltd. This partnership will increase the effectiveness of future exploration in the Schoen Creek area, including the Castle Rock property. The details of the agreement are as follows:
Each party owns 50% of the property;
All agreed-upon expenses incurred and potential proceeds will be split between the parties;
All information will be shared between the parties to enhance development of the property;
The agreement is perpetual unless terminated by mutual consent of both parties.
Trailbreaker Resources’ 2022 exploration program
In September, 2022, Trailbreaker completed a first-pass, 3-day evaluation program on the Castle Rock claims.
The program included a detailed soil sample survey consisting of 116 samples, as well as 32 metres of channel sampling designed to confirm the historic grades and thickness. The program successfully confirmed historic gold grades, with 2022 values up to 0.680 g/t Au over 13.11m, including a subinterval of 1.85 g/t Au over 2.92m.
The soil sample survey outlined a 50m x 400m, northwest-southeast trending gold-in-soil anomaly interpreted to represent the surface footprint of the gold-bearing dyke exposed at the Heart showing. The soil values reached a maximum of 5.44 g/t Au, and the anomaly remains open (see Figure 2 – Surface Geochemistry).
Future Exploration at Castle Rock
No past systematic geochemical or geophysical work has been done on the property. Trailbreaker plans to execute a property-wide geochemical soil survey to further expand the Heart zone and identify other mineralized intrusive dykes. Historic silt sampling has outlined additional targets on the property, with samples returning up to 860 ppb Au that have undergone no follow-up exploration to date. Furthermore, a second historic gold showing (Flan showing) discovered in 2000, approximately 1.5 km west of the Heart showing, consists of numerous high-grade boulders assaying up to 135 g/ Au. These boulders are believed to be sourced from the Heart showing which is located upstream. This indicates potential for the Heart zone to host much higher-grade gold mineralization than that identified to date.
Trailbreaker’s team believes the Castle Rock project represents an exciting discovery that has been overlooked in the past, and, given its association with large district-scale structures and open-ended anomalies, has potential to be rapidly expanded into a significant gold prospect.
Figure 2: Surface geochemistry of the Castle Rock property. Trailbreaker’s 2022 exploration results at the Heart zone are shown on the top two maps.
“The Castle Rock property represents Trailbreaker’s continued focus as a project generator. We are very excited to sink our teeth into exploring a new gold district. The completed program has shown this to be a large mineralized system, with plenty of opportunity for new discoveries. The team, including myself, along with the team at Cazador Resources, will be diligently planning the next steps for this project.”
ON BEHALF OF THE BOARD
Daithi Mac Gearailt
President and Chief Executive Officer
Carl Schulze, P. Geo., Consulting Geologist with Aurora Geosciences Ltd, is a qualified person as defined by National Instrument 43-101 for Trailbreaker’s BC and Yukon exploration projects, and has reviewed and approved the technical information in this release.
For new information about the Company’s projects, please visit Trailbreaker’s website at TrailbreakerResources.com and sign up to receive news. For further information, follow Trailbreaker’s tweets at Twitter.com/TrailbreakerLtd, use the ‘Contact’ section of our website, or contact us at (604) 681-1820 or at info@trailbreakerresources.com.
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.
Forward-Looking Statements
Statements contained in this news 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 legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; expectations regarding future exploration and drilling programs and receipt of related permitting. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “anticipates”, “expects”, “understanding”, “has agreed to” or variations of such words and phrases or statements that certain actions, events or results “would”, “occur” or “be achieved”. Although Trailbreaker has attempted to identify important factors that could affect Trailbreaker and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. In making the forward-looking statements in this news release, if any, Trailbreaker has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. 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 does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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Figure 1: Eakin Creek property IP and geochemical results. Resistivity and chargeability at 50m (left) and gold in soil (right) with overlaid rock grab sample. Link to full size.
