Drilling Commences To Initiate Purchase Option Of Tri Origin’s Cobalt Property
August 16, 2018
Aurora, Ontario- Tri Origin Exploration Ltd (TSX-V:TOE) (“Tri Origin” or the “Company”) has been informed by MetalsTech Limited (“MTC”) that MTC is initiating a diamond drilling program at the Company’s Nipissing now named Bay Lake North (“BLN”) cobalt property located 10 kilometres west of Cobalt in east-central Ontario.
In preparation for drilling, MTC has notified the Company that it has completed due diligence and will proceed with the initial cash and share issuance required for settlement of the BLN acquisition.
In an announcement made by MTC to the Australian Securities Exchange on August 16 MTC states that it has mobilized a diamond core drilling rig to the BLN property to commence drilling. The program will comprise an initial six to eight drill holes for approximately 1,000 to 1,200m of drilling over the next three weeks. The program will focus on two BLN prospects referred to by MTC as “Sixth Sense” and “Basic Instinct” both of which have cobalt mineralization exposed at surface in historic pits and trenches.
As detailed in a Tri Origin news release of July 26, 2018, MTC has an option to purchase 100% interest in the BLN property by making cash payments and share issuances to Tri Origin and completing exploration work commitments over a two year period. In addition, performance shares will be issued to Tri Origin based on MTC’s share price performance over the two year term and if resources are delineated within the first four years of exploration. If the purchase is completed Tri Origin will be granted a 1.75% net smelter return royalty on future production.
MTC is an Australian lithium and cobalt exploration company listed on the Australian Securities Exchange with an extensive background in the industry. Tri Origin is pleased that MTC is moving ahead quickly with an aggressive exploration program at the BLN property.
Tri Origin’s shareholders will be kept up to date with progress of the MTC work as results are received by Tri Origin.
Dr. Robert Valliant, President
Tri Origin Exploration Ltd.
Tel: (905) 727-1779
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 press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Tri Origin's periodic reports including the annual report or in the filings made by Tri Origin from time to time with securities regulatory authorities.