(TheNewswire)
TheNewswire - January 11th, 2022 - NewOrigin Gold Corp. (TSXV:NEWO) hascompleted a 1,875 meter diamond drill program at its North AbitibiGold Project in northeastern Ontario. The drill program consisted offour holes testing six discrete Induced Polarization (“IP”)chargeability anomalies in the vicinity of known gold-bearing zones.
Hole NA-21-01 was drilled near the center of the 10 kilometer longproperty at the previously identified Road Gold Zone. It tested twoseparate IP anomalies. The first was intersected near surface in theupper part of the hole and identified a pyritic zone which had notpreviously been drilled. The second IP anomaly which represented adepth extension of the Road Gold Zone was intersected further downholeat a vertical depth of about 350 meters being approximately 100 metersbelow the extent of previous drilling. This intersection was intendedto follow-up on high-grade intercepts of up to 17.8 grams per tonne(g/t) of gold across 1.6 meters in nearby historic drill holes.
Hole NA-21-02 was located 4 kilometers east of hole 1 and drilled totest the extension of an IP anomaly where a previous drill hole hadreturned results of 0.74 g/t of gold over 20.0 meters including 1.44g/t of gold over 6.0 meters.
The remaining two holes (NA-21-03 & NA-21-04) were locatedapproximately 1.5 kilometers northeast of hole 1 along a segment ofthe Spade Lake Gold Zone. Both holes tested the near-surface source ofan IP anomaly north of and parallel to the Spade Lake Zone and thecontinuity of the Spade Lake Zone below previous drilling which waslimited to a depth of 150 meters. Previous shallow drilling nearNA-21-03 intersected 23.4 g/t of gold across 1.5 meters and 500 metersto the west at hole NA-21-04, previous intersections included 6.1 g/tof gold over 6.0 meters. Both of the current holes intersected broadzones of pyritic rock confirming the source of the targeted deep IPanomalies and possible extension of the Spade Lake Zone.
The Company is pleased with the preliminary, widely-spaced drill holesit was able to complete.
The 2021 program did meet with some technical difficulties associatedwith early winter conditions and the initial anticipated drillmeterage was not achieved. However, all primary targets wereintersected in the current program and valuable technical informationwas gained for future programs.
All sampling has been completed and assays for the 2021 drill programare pending. Final results will be released upon receipt and review bythe Company.
Figure 1 : North Abitibi Target Areas
About North Abitibi
North Abitibi is a 10 kilometer long property, coveringover 4,200 hectares extending along the “Casa Berardi Break”. TheProperty is located approximately 120 kilometers northeast of the townof Cochrane, Ontario near the Ontario-Quebec border, approximately 40kilometers west of Hecla’s Casa Berardi Gold Mine and approximately50 kilometers south of Agnico Eagle’s Detour Lake Gold Mine. Nearbyinfrastructure includes power lines servicing the Detour Lake Minewith highway and gravel road access.
NewOrigin holds 100% interest in the North Abitibiclaims. The claims are subject to a back in right held by Vista GoldCorp. whereby once NewOrigin has spent $2,000,000 on the property,Vista has the option to earn back a 51% interest by spending$4,000,000 on the property over three years. If Vista declines to backin, Vista’s interest will revert to a 3% NSR royalty. NewOrigin maybuy back 1% NSR for $1,000,000.
Technical Information
Technical information in this newsrelease has been reviewed by Mr. Mark Petersen, P. Geo. Mr. Petersenis a Technical Advisor to the Company and a Qualified Person asdefined by National Instrument 43-101.
About NewOrigin GoldCorp.
NewOrigin Gold Corp. (formerly Tri Origin ExplorationLtd.) is a well-funded, Canadian gold exploration company focused ondrill discovery on its North Abitibi and Sky Lake gold projects in theCanadian Shield. NewOrigin’s management and board have extensiveexperience in the delineation and development of gold deposits.Company shareholders include O3 Mining Inc. and Osisko Mining Inc.NewOrigin Gold trades on the TSX Venture Exchange under the ticker“NEWO”.
For Further Information Contact:
David Farquharson, President
Email: dfarquharson@neworigingold.com or visit www.neworigingold.com
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
CautionaryStatement 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 adequacyor accuracy of this release. This News Release includes certain“forward-looking statements” which are not comprised of historicalfacts. Forward-looking statements include estimates and statementsthat describe the Company’s future plans, objectives or goals,including words to the effect that the Company or management expects astated condition or result to occur. Forward-looking statements may beidentified by such terms as “believes”, “anticipates”,“expects”, “estimates”, “may”, “could”, “would”,“will”, or “plan”. Since forward-looking statements are basedon assumptions and address future events and conditions, by their verynature they involve inherent risks and uncertainties. Although thesestatements are based on information currently available to theCompany, the Company provides no assurance that actual results willmeet management’s expectations. Risks, uncertainties and otherfactors involved with forward-looking information could cause actualevents, results, performance, prospects and opportunities to differmaterially from those expressed or implied by such forward-lookinginformation. Forward looking information in this news releaseincludes, but is not limited to, the intention to complete theforegoing, the Company’s objectives, goals or future plans,statements, exploration results, potential mineralization, theestimation of mineral resources, exploration and mine developmentplans, timing of the commencement of operations and estimates ofmarket conditions. Factors that could cause actual results to differmaterially from such forward-looking information include, but are notlimited to, the Company’s ability to obtain all approvals requiredin connection with the foregoing, the Company’s ability to predictor counteract potential impact of COVID-19 coronavirus on factorsrelevant to the Company’s business failure to identify mineralresources, failure to convert estimated mineral resources to reserves,the inability to complete a feasibility study which recommends aproduction decision, the preliminary nature of metallurgical testresults, delays in obtaining or failures to obtain requiredgovernmental, environmental or other project approvals, politicalrisks, inability to fulfill the duty to accommodate First Nations andother indigenous peoples, uncertainties relating to the availabilityand costs of financing needed in the future, changes in equitymarkets, inflation, changes in exchange rates, fluctuations incommodity prices, delays in the development of projects, capital andoperating costs varying significantly from estimates and the otherrisks involved in the mineral exploration and development industry,and those risks set out in the Company’s public documents filed onSEDAR. Although the Company believes that the assumptions and factorsused in preparing the forward-looking information in this news releaseare reasonable, undue reliance should not be placed on suchinformation, which only applies as of the date of this news release,and no assurance can be given that such events will occur in thedisclosed time frames or at all. The Company disclaims any intentionor 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.
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