(TheNewswire)
January 25, 2022 – TheNewswire - NewOrigin Gold Corp. (TSXV:NEWO) (OTC:TROIF) hassuccessfully completed its earn-in requirements to acquire 100% of theinterest held by an affiliate of Barrick Gold Corporation(“Barrick’) in the Koval Property. The 28 patented claims andLicense of Occupation that comprise the Koval Property are locatedwithin NewOrigin’s 100% owned Sky Lake Gold Project in northwesternOntario.
“The conclusion of the earn-in agreement with Barrick consolidatesNewOrigin’s 27 kilometre long Sky Lake claim package, located at thesouthwest end of the Pickle Lake District. In December of 2021NewOrigin received a 3 year drill permit at Sky Lake, and is workingtowards conducting a summer drill program.” commented DavidFarquharson, President of NewOrigin Gold.
NewOrigin completed a $500,000 expenditure requirement to acquire thepatented Koval Property from Barrick. Work performed to earn-inincluded geological, geochemical and geophysical surveys.
As per the terms of the earn-in agreement, NewOrigin has grantedBarrick:
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a 0.5% NSR royalty on the Koval Property and to the Sky Lake claimpackage owned by NewOrigin at the time of theinitial agreement. Claims subsequently acquired by NewOriginare excluded from this royalty.
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a Back-In Right which provides Barrick the right, following delivery of apositive feasibility study, to back-in for a 51%interest on the Koval Property and on the Sky Lake claim package ownedby NewOrigin at the time of the initialagreement. On exercise of the Back-In, Barrick’s royaltywould be extinguished. In order to back-in,Barrick would be required to complete a payment of threetimes NewOrigin’s expenditures incurred on the properties covered in the agreement.
The acquisition of the Koval Property marks a major step inNewOrigin’s plans to advance the Sky Lake project . OnDecember 7, 2021 the Company received a 3 year drill permit at SkyLake to include the area covering the Koval Property. In addition, theCompany is seeking an Early Exploration Agreement with theMishkeegogamang First Nation in order to carry out furtherexploration, and a diamond drill program. The Koval Property hosts ahistoric gold resource where initial drilling is planned. No mininghas ever been carried out at Sky Lake or within the Koval Property.
The Koval Property, within NewOrigin’s Sky Lake Gold Project hostthe partially-delineated Koval gold deposit which has seen littledetailed exploration work since its discovery in the 1950’s. SkyLake is located within the Red Lake-Uchi Subprovince, of northwesternOntario which hosts over 40 million ounces of past production andcurrently delineated gold resources. The property is bounded by thePickle Lake Gold Mining Camp to the northeast, the Dona Lake Gold Mineto the east and the Golden Patricia Gold Mine to the west. These mineshave collectively produced over 4 million ounces of gold. The sharedRed Lake-Uchi geological terrain which hosts the world-class Red LakeMining District, the Pickle Lake Mining Camp, the partially-delineated Koval deposit and important new discoveries in the region,all contribute to management’s belief that significant new golddeposits can be discovered at Sky Lake.
Technical information in this press release was reviewed by Mr. MarkPetersen, P. Geo., He is a Qualified Person as defined by NationalInstrument 43-101.
NewOrigin Gold Corp. (formerly Tri Origin Exploration Ltd.) is a Canadian gold exploration company focused on drill discovery on its NorthAbitibi and Sky Lake gold projects in the Canadian Shield.NewOrigin’s management and board haveextensive experience in the delineation and development of golddeposits. Company shareholders include O3 MiningInc. and Osisko Mining Inc. NewOrigin Gold trades on the TSX Venture Exchange under the ticker “NEWO”.
For Further Information Contact:
David Farquharson, President
Phone: (905) 727-1779 or visit www.neworigingold.com
Cautionary Statement regarding Forward Looking Statements:
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof 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 ofhistorical facts. Forward-looking statements include estimates andstatements that describe theCompany’s future plans, objectives or goals, including words to theeffect 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-lookingstatements are based on assumptions and address future events and conditions, by theirvery nature they involve inherent risks and uncertainties. Althoughthese statements are based oninformation currently available to the Company, the Company providesno 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 andopportunities to differ materially from those expressed or implied bysuch forward-looking information. Forward looking information in this news release includes, but is not limited to, the intention to complete the foregoing, the Company’s objectives,goals or future plans, statements, exploration results, potentialmineralization, the estimation of mineral resources, exploration and mine development plans,timing of the commencement of operations and estimates of marketconditions. Factors that could cause actual results to differ materially from suchforward-looking information include, but are not limited to, theCompany’s ability to obtainall approvals required in connection with the foregoing, theCompany’s ability to predict or counteract potential impact of COVID-19 coronavirus on factors relevant to the Company’s business failure to identify mineral resources, failure to convert estimated mineralresources to reserves, the inability to complete a feasibility studywhich recommends a production decision, the preliminary nature of metallurgical testresults, delays in obtaining or failures to obtain requiredgovernmental, environmental or other project approvals, political risks, inability to fulfill theduty to accommodate First Nations and other indigenous peoples, uncertainties relating to theavailability and costs of financing needed in the future, changes inequity 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 otherrisks involved in the mineral exploration and development industry,and those risks set out inthe Company’s public documents filed on SEDAR. Although the Companybelieves that the assumptions and factors used in preparing the forward-looking informationin this news release are reasonable, undue reliance should not beplaced on such information,which only applies as of the date of this news release, and noassurance can be given that such events will occur in the disclosed time frames or at all. TheCompany disclaims any intention or obligation to update or revise anyforward-looking information,whether as a result of new information, future events or otherwise, other than as required by law.
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