Tri Origin Exploration Ltd. Provides an Update on Current Activities
Aurora, December 9, 2020 - Tri Origin Exploration Ltd. (TSXV:TOE) (the “Company”) is pleased to provide an update to shareholders on its current activities. In particular, the Company continues to advance logistical requirements and drill hole targeting at its Sky Lake gold project located 25 kilometres southwest of the Pickle Lake Mining District in northwest Ontario. Discussions with drilling contractors indicate that drill rigs and related equipment are currently available. Initial investigations into providing winter trail access to the Sky Lake drill site has ben completed. No significant obstacles have been identified during this preliminary investigation. Route planning and costing are now being considered. Providing winter trail access to the site will greatly increase the Company’s options regarding the timing of conducting its program, ease of site access, logging, sampling and removal of drill core and other logistical considerations. This will also result in cost efficiencies.
Targeting for the proposed drill program at Sky Lake is also continuing. Incorporation of geophysical and geological data into a three-dimensional drill hole model comprised of approximately 15,000 metres of drilling in over 130 drill holes is ongoing.
The Company continues to investigate the financing opportunities open to it. The objective is to identify and pursue access to capital that will provide funding for its projects and that will also provide sustainable sources of funding for future developments. Management is confident that funding will be available to the Company to carry out its exploration plans in the new year.
Tri Origin’s Sky Lake property consists of 446 single cell mining claims covering an area of approximately 112 square kilometres and the “Koval” property, optioned from Barrick Gold Corp, consisting of 28 patent claims and 1 licence of occupation covering an area of approximately 2 square kilometres. It extends over a well-mineralized segment of the Pickle Lake greenstone belt which has produced or hosts over 4 million ounces of gold. Sky Lake is midway between the past-producing gold deposits of the Pickle Lake Gold District and the Dona Lake Mine to the northeast and the Golden Patricia gold mine to the west. These past developments have provided nearby infrastructure and the eastern edge of the property adjoins highway 199 and power transmission lines.
The Koval patent claims host a gold deposit with a small, historic resource (non-compliant by NI43-101 standards) which was discovered and partially delineated during the 1950’s. Gold zones or “shoots” comprising the deposit were traced by drilling for a distance of 1.5 kilometres along strike however these gold zones were only drilled to an average of 100 metres below surface. During the 1980’s, Tri Origin’s management (then managing exploration for LAC Minerals Ltd) drilled confirmatory holes at the Koval property to depths of approximately 200 metres below surface. The deposit remains open at depth and deep-looking induced polarization (“IP”) surveying completed by Tri Origin has identified important targets below and adjacent to the deposit which highlight the potential to significantly expand the area of known gold mineralization through further drilling.
Drilling planned by the Company has three objectives: (1) to test for depth and strike extensions in order to expand the Koval zone, (2) to upgrade the existing database such that a resource estimate that adheres to the criteria required by NI43-101 can be prepared, and (3) to drill nearby targets which may represent new zones of gold mineralization.
Pending adherence to COVID 19 restrictions that might apply to its work programs and completion of financing it is the Company’s intent to commence diamond drilling as soon as practical. Shareholders will be informed of the commencement of the program as soon as plans are finalized.
As reported in the Company’s financial statements for the period ended June 30, 2020 the one-year term on exploration access agreements with De Beers Canada Inc for the Company’s Nipissing Cobalt and South Abitibi properties have expired. De Beers Canada has informed the Company that it has no current plans for further work. De Beers Canada retains no interest in the properties and any additional programs will require new agreements to be entered into.
About Tri Origin
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.
For more information about Tri Origin, please visit www.triorigin.com or SEDAR www.sedar.com or contact:
Dr. Robert Valliant, President
Tel: (905) 727-1779
E-mail: invest@triorigin.com
Forward Looking Statements:
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" which are not comprised of historical facts. 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. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.