Option Agreement at Tri Origin's Red Lake Extension Property Terminated
17.10.2013 | FSCwire
Aurora, October 17, 2013 - Tri Origin Exploration Ltd. (TOE - TSX Venture), ("Tri Origin" or the "Company") announces that it has been informed by Osisko Mining Corp. ("Osisko") that an option agreement allowing Osisko to earn an interest in the Company's Red Lake Extension property ("RLX") at Red Lake, Ontario has been terminated. Under the terms of the option agreement, Osisko does not retain any interest in the property following termination. RLX is 100%-owned by Tri Origin and had been subject to the earn-in option with Osisko since February, 2012. During the option period, Osisko has funded approximately $850,000 of geological, geochemical and geophysical surveying and diamond drilling at the property. This work has significantly advanced the understanding of the property and outlined large areas of prospective, but as yet, untested terrain. This has added to the value of the property and increased its exploration potential.
Tri Origin enjoyed working with Osisko and appreciates the contribution it made toward advancing the RLX property. Although the termination is unfortunate, management understands Osisko's new strategy of focussing all of its efforts on wholly-owned assets.
RLX is a gold exploration project covering an area of 141 square kilometres located at the southeast part of the Red Lake Gold Mining District contiguous with Goldcorp Inc.'s Red Lake Mine property. The highly prolific Red Lake District hosts major operating and past-producing gold mines and has produced over 20 million ounces of gold.
The intent of Tri Origin's work is to explore for new gold deposits of the Red Lake Mine-type. Results from work conducted at RLX have been promising and have identified both the extension of the Red Lake Mine structural trend and alteration zones containing anomalous gold within rocks similar to those which host the important gold deposits at Red Lake. Prior to Tri Origin's work, RLX was essentially unexplored for gold.
For further information, please refer to the Company's website www.triorigin.com or SEDAR www.sedar.com or contact:
Dr Robert Valliant, CEO
Tri Origin Exploration Ltd.
Tel: (905) 727-1779
E-mail: explore@triorigin.com
Tri Origin Exploration Ltd. is a leading Canadian gold and base metal exploration company trading on the TSX Venture exchange under the symbol TOE. Tri Origin has leveraged exposure to mineral discoveries in Australia through its equity interest in TriAusMin Limited which holds gold and base metal resource-based assets in New South Wales.
Source: Tri Origin Exploration Ltd. (TSX-V: TOE) http://www.triorigin.com