Geophysical Survey Detects Deep Targets At Tri Origin’s Sky Lake Gold Project, Ontario And AGM Date Set
December 4, 2019
Aurora, Ontario- Tri Origin Exploration Ltd. (TOE: TSX-V) (“Tri Origin” or the “Company”) is pleased to announce that a “deep-looking” induced polarization (“IP”) survey has been completed at the Company’s Sky Lake project located 30 kilometres southwest of the Pickle Lake Gold Mining District in northwest Ontario. IP results were positive and detected possible depth extensions to known gold zones and identified new targets all of which warrant drill testing.
The survey consisted of 13 line kilometres in 8 separate lines covering 2 kilometres of strike length along gold zones located near the centre of the Sky Lake property. The survey was conducted by Dias Geophysical Ltd with a modern, proprietary survey technology which returned readings taken from surface to an estimated depth of up to 400 metres below surface.
The gold zones surveyed were discovered and partially delineated during the 1950’s and have seen little work for the past 60 years. The zones are closely-spaced and sub-parallel to each other and collectively comprise a deposit (the “Koval” deposit) which has been traced by drilling for a distance of 1.5 kilometres along strike however it was only drilled to between 50 and 100 metres in depth. A small, non-compliant resource was calculated for the Koval deposit in the past. Significant previous drill results and modelling of the Koval deposit was reported in detail in a Tri Origin news release of September 14, 2017.
The deposit is open and, in places, was intersected at 200 metres below surface by historic drilling conducted by LAC Minerals Ltd during the 1980’s. This work, conducted over 30 years ago, confirmed the potential to significantly expand the area of gold mineralization through further drilling. Results from the deep-looking IP survey were positive and detected a number of strong responses from surface to depths of 400 metres or greater below surface. These responses occur below the Koval deposit and also at new targets located 100’s of metres from the Koval deposit which have yet to be tested by diamond drilling. During the 1950’s gold was mined at the nearby Pickle Lake Mining District to depths of over 1.2 kilometres. The IP results are now being fully assessed and modelled to target a diamond drill program to test for depth extensions of the deposit.
Tri Origin controls 100% interest in a 27 kilometre long property with an area of approximately 124 square kilometres. It covers a well-mineralized belt of volcanic and sedimentary rock that lies 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. Collectively the area hosts over 3.5 million ounces of gold. At the core of this property Tri Origin has the option to earn a 96% interest in patent claims covering an area of almost 3 square kilometres held by Barrick Gold Corp. These patent claims host the Koval gold deposit. Infrastructure is nearby and at its eastern edge the property adjoins highway 199 and power transmission lines. The geological environment at Sky Lake is interpreted by management to strongly resemble that of the important Bousquet-LaRonde Gold District in Quebec where over 25 million ounces of gold has been recovered by mining companies including Agnico Eagle Mines Ltd, IAMGOLD Corporation, Barrick Gold Corporation and LAC Minerals Ltd.
Planning for an upcoming drill program is proceeding. Shareholders will be informed of the next phase of work at the Sky Lake property upon commencement of the program.
Annual General Meeting Date and Election of Directors
Tri Origin has announced that its annual general meeting of shareholders will be held on Wednesday, January 15, 2020. The date of record for shareholders entitled to vote at the meeting is Friday, November 29, 2019. Additional information regarding the meeting will be mailed to shareholders of record on or about December 16, 2019 and will be posted on the Company’s website at www.triorigin.com.
Tri Origin would also like to clarify an announcement made in its November 20, 2019 news release, in which the Company stated that it had appointed three new directors, Glenn Nolan, Mark Petersen and Jerry Blackwell to take effect December 1, 2019. The Company wishes to clarify that effective December 1, 2019 Mr Nolan and Mr Petersen are appointed to serve as directors until the next meeting of shareholders of the Company at which it is expected they will be nominated for re-election, and at which Mr Blackwell will also be nominated for election as a new director.
The Company also announces that following the expiration of the term of the service contract under which Jing Peng served as the Company’s chief financial officer, also announced in the November 20, 2019 news release, Dr. Robert Valliant will serve as the Company’s interim chief financial officer while Tri Origin searches for a suitable replacement.
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.
Assay results and other drill hole data regarding the Koval gold deposit 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. No available core or detailed descriptions of assay or sampling procedures are available and consequently, the assays cannot be considered to be NI43-101 compliant. In addition, reports sourced from MNDM files quote a small resource of gold however these resource estimates are not NI43-101 compliant and are not represented to be accurate by Tri Origin without confirmatory work being completed.
This press release may contain “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. 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. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, 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