(TheNewswire)
September 23, 2020- TheNewswire - Aurora, Ontario- Tri OriginExploration Ltd. (TSXV:TOE)("Tri Origin" or "The Company") is pleased toannounce that the term of the "Koval" patent claim propertyoption agreement at the Company's Sky Lake project has been extendedby one year.
The Koval option was entered intobetween Tri Origin and Lac Properties Inc a wholly-owned subsidiary ofBarrick Gold Corporation on October 7, 2016 and had a term of fouryears. An amending agreement entered into between the two parties hasextended the term of the option agreement by one year. Tri Origin willearn all of Barrick's 96% interest in the "Koval" patentclaims by incurring an exploration expenditure of $500,000 over theterm of the option. To date, approximately $375,000 of thisexpenditure has been completed.
The Koval property consists of 28patent claims and 1 licence of occupation covering an area ofapproximately 2 square kilometres. The Koval patent claims are withinthe west-central part of Tri Origin's 100%-owned Sky Lake propertywhich is 27 kilometres in length and covers an area of approximately127 square kilometres located 30 kilometres southwest of the PickleLake Gold Mining District in northwest Ontario.
The Koval patent claims host a golddeposit discovered and partially delineated during the 1950's. Goldzones or "shoots" comprising the deposit were traced bydrilling for a distance of 1.5 kilometres along strike however thesegold zones were only drilled to an average of 100 metres belowsurface. During the 1980's, Tri Origin's management (then managingexploration for LAC Minerals Ltd) drilled confirmatory holes at theKoval property to depths of approximately 200 metres below surface.The deposit remains open at depth. In addition, Tri Origin recentlycompleted a deep-looking induced polarization ("IP") surveywhich identified important targets below and adjacent to the depositwhich highlight the potential to significantly expand the area ofknown gold mineralization through further drilling.
A small, non-compliant resource wascalculated for the Koval deposit in the past. Tri Origin has completedthree dimensional modelling of the deposit using a database comprisedof 13,954 metres of drilling with 105 drill holes having extensive,recoverable assay records. Drilling planned by the Company has threeobjectives; to verify and convert the earlier resource into NI43-101standards, to test for depth and along strike extensions to expand theresource and to drill nearby gold occurrences and targets which mayrepresent new gold deposits.
Infrastructure is nearby and theeastern edge of the property adjoins highway 199 and powertransmission lines. Tri Origin's Sky Lake gold project covers an extensive, well-mineralized segmentof the Pickle Lake greenstone belt midway between the past-producinggold deposits of the Pickle Lake Gold District and the Dona Lake Mineto the northeast and the Golden Patricia gold mine to the west whichcollectively have produced or host over 4 million ounces of gold. The geological environment beinginvestigated by the Company is interpreted by management to stronglyresemble that of the important Bousquet-LaRonde Gold District inQuebec where over 25 million ounces of gold has been recovered bymining companies including Agnico Eagle Mines Ltd, IAMGOLDCorporation, Barrick Gold Corporation and LAC Minerals Ltd.
The Company is also encouraged by newwork being conducted by competitor companies in the area which confirmthe exploration potential of this portion of a productive butover-looked greenstone belt. The Kasagiminnis gold resource now beingdrilled by a competitor company is only 10 kilometres east of Kovaland is surrounded by the eastern extension of Tri Origin's Sky Lakeclaims. A substantial gold resource has also recently been announcedat the past-producing Pickle Crow Gold Mine 30 kilometres to thenortheast.
Tri Origin has been in contact withdrill contractors to confirm the availability of drill rigs and toinquire about logistics and access for a drill program being plannedby the Company. Pending adherence to COVID 19 restrictions that mightapply to its work programs and completion of a financing announced bythe Company in a news release of September 9, 2020 it is the Company's intent to commencediamond drilling as soon as practical. Shareholders will be informedof the commencement of the program as soon as plans arefinalized.
For more information about Tri Origin,please visit www.triorigin.com or SEDAR at www.sedar.com , orcontact:
Dr Robert Valliant, President
Tri Origin Exploration Ltd.
Tel: (905) 727-1779
E-mail: explore@triorigin.com
Tri OriginExploration Ltd. is publiclylisted on the TSX Venture Exchange under the trading symbol TOE. TriOrigin is a leading Canadian exploration company with gold and basemetal projects in Canada.
CAUTIONARY STATEMENT: Neither TSX Venture Exchangenor its Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
Assay results andother drill hole data were obtained from the mineral assessment filesof the Ministry of Northern Development and Mines ("MNDM")and have not yet been confirmed by Tri Origin drilling. No availablecore or detailed descriptions of assay or sampling procedures areavailable and consequently, the assays cannot be considered to beNI43-101 compliant. In addition, reports sourced from MNDM files quotea small resource of gold however these resource estimates are not43-101 compliant and are not represented to be accurate by Tri Originwithout confirmatory work being completed.
This press release maycontain forward-looking statements that are subject to known andunknown risks and uncertainties that could cause actual results tovary materially from targeted results. Such risks and uncertaintiesinclude those described in Tri Origin's periodic reports including theannual report or in the filings made by Tri Origin from time to timewith securities regulatory authorities.
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