Gold Zones Optioned at Tri Origin's Sky Lake Gold Project, Ontario
Aurora, Ontario / TheNewswire / November 2, 2016 - Tri Origin Exploration Ltd. (TOE: TSX-V) ("Tri Origin" or "The Company") is pleased to announce that it has obtained an option to acquire a group of patented mining claims from Barrick Gold Corporation ("Barrick") which host a number of significant gold zones which have seen only minimal exploration since the 1950's. The patents cover an area of 3 square kilometres and are surrounded by, and now form part of, Tri Origin's Sky Lake gold project located 30 kilometres southwest of Pickle Lake, Ontario.
The gold zones were discovered and partially delineated by drilling during the 1950's by Pickle Crow Gold Mines Ltd and subsequently Hasaga Gold Mining Ltd both of which had operating gold mines in the Pickle Lake District at the time. Additional drilling was conducted by Little Long Lac Gold Mines Limited during the 1970's and LAC Minerals Ltd (which was subsequently acquired by Barrick) during the 1980's. In total 133 drill holes have been completed on the property.
Selected gold assay results from historic drilling include near-surface drill core intervals of 5.49 grams of gold per tonne ("g/t") across 5.2 metres at 10.7 metres downhole, 11.66 g/t across 5.6 metres from 65.8 metres downhole, 4.11 g/t across 8.8 metres from 99.4 metres downhole and 5.14 g/t across 10.8 metres at 112.9 metres downhole. These assay results were obtained from the mineral assessment files of the Ministry of Northern Development and Mines ("MNDM") and have not yet been confirmed by Tri Origin drilling. In addition, reports sourced from MNDM files quote a small resource of gold however these resource estimates are not 43-101 compliant and are not represented to be accurate by Tri Origin without confirmatory work being completed.
Reconstruction and interpretation of historic drill results by Tri Origin indicates that the zones are part of a larger series of subparallel, steeply-dipping gold-rich rocks within an area of approximately 1,200 metres by 100 metres. Over the majority of this area, these rocks have only been drilled to a depth of 50 to 100 metres below surface. The deepest of the gold-bearing intersections at these zones is only 150 metres below surface.
The option agreement with Barrick calls for Tri Origin to spend a total of $500,000 on the patented claims within a four year period to vest a 96% equity interest in these claims. Upon completion of the option Barrick will retain a 0.5% net smelter return royalty on, and a back-in right to purchase a 51% interest in, the patented claims and contiguous Sky Lake property which can be exercised at its discretion based on review of a positive feasibility study completed by Tri Origin.
Tri Origin's Sky Lake property consists of 11 100%-owned, staked mining claims, 8 84.3%-owned staked claims as well as the recently optioned patented claims all of which total an area of 44 square kilometres. Previous work by Tri Origin at Sky Lake has consisted of Induced Polarization ("IP") geophysical surveying, geochemical sampling, geological mapping and a preliminary program of diamond drilling west of the patented claims. All of the work conducted to date has returned positive results and a number of interesting drill targets have been delineated along strike from the newly acquired gold zones on the patented claims.
The Sky Lake gold property covers a well-mineralized belt of volcanic and sedimentary rock that lies midway between the past-producing gold deposits of the 2 million ounce Pickle Lake Gold District to the northeast and the Golden Patricia gold mine to the west. The geological environment being investigated by the Company is interpreted by management to strongly resemble that of the important Bousquet-LaRonde Gold District in Quebec where over 25 million ounces of gold have been identified and recovered by mining companies including Agnico Eagle Mines Ltd., IAMGold Corp., Barrick Gold Corp. and LAC Minerals Ltd.
Tri Origin is excited about its prospects at Sky Lake. It has assembled a district-scale property cored by important gold zones which have been dormant for many decades. An exploration program focused on the systematic evaluation of these gold zones and other nearby drill targets identified by Tri Origin is being prepared. Shareholders will be informed of the next phase of work at the Sky Lake gold project prior to commencement.
Update to Tri Origin's news release of October 20, 2016 announcing that it had completed a non-brokered private placement financing to raise $602,400. At closing, the Company issued an additional 420,000 units at a price of $0.07 per unit for proceeds of $29,400 to bring the total of hard dollar units issued as a result of the placement to 7,650,000. The placement also included the issuance of 1,070,000 flow-through units (the "FT Units") at a price of $0.09 per Unit bringing the total gross proceeds to $631,800.
For more information about Tri Origin, please visit www.triorigin.com or SEDAR at www.sedar.com, or contact:
Dr. Robert Valliant, President
Tel: (905) 727-1779
E-mail: explore@triorigin.com
Tri Origin Exploration Ltd. is publicly listed on the TSX Venture Exchange under the trading symbol TOE. Tri Origin is a leading Canadian exploration company with gold and base metal projects in Canada.
CAUTIONARY STATEMENT: Neither 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.
This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
Copyright (c) 2016 TheNewswire - All rights reserved.