Trident Resources (TSX-V: ROCK; OTCQB: TRDTF) announced an upcoming fully-funded 5,000-metre drill program at its high-grade Contact Lake gold project, located in the La Ronge Gold Belt of Saskatchewan. This marks Trident’s first drill campaign and the first modern exploration on the historic Contact Lake target in nearly 30 years. The 16-hole program will begin this month as crews have begun to mobilize to the project.
Trident enters this program with over $11 million in cash and marketable securities, fully funding this drill program and positioning the company to act swiftly on future exploration opportunities across its Saskatchewan portfolio.
Jonathan Wiesblatt, CEO of Trident, said: “This inaugural drill program is a major milestone for Trident. We’re picking up where Cameco left off – except now, gold trades at over 10x the price it did when they shut the mine. We’re fully funded, highly motivated, and excited to unlock value at Contact Lake,”
Drilling will target the heart of the past-producing Contact Lake Mine, following up on historical high-grade intercepts.
The Contact Lake gold project has several notable highlights. It has a proven history of past production, with 1.0 million tonnes milled at an average grade of 6.16 g/t gold, resulting in the recovery of 190,088 ounces of gold (Cameco, 1999). The project boasts a high mill recovery rate of 95% over its expected life. Mineralization remains untested along strike and at depth, indicating potential for further exploration. According to Cameco’s internal estimate, a significant amount of gold still exists within the historic resource. Additionally, the site is infrastructure-ready, featuring onsite power supply, highway access, and historic underground workings.
To find out more about Trident Resources, visit the Company’s website at www.TridentResourcescorp.com.
