(TheNewswire)
Aurora, Ontario – TheNewswire- April 14, 2021
Tri Origin Exploration Ltd. (TSXV:TOE) (OTC:TROIF) (“ Tri Origin ” or the “ Company ”) announces the 100% acquisition ofthe Kinebik Gold Project (“ Kinebik ” or the “ Project ”) betweenthe towns of Matagami and Lebel-sur-Quévillon, in northern Quebec,from O3 Mining Inc. (“ O3Mining ”). Under the terms of the agreement, O3Mining received 2,700,000 common shares of Tri Origin, which aresubject to a statutory four month and a day hold period. O3 Miningincreased its equity ownership of Tri Origin to 5.1 million shares or9.87% of issued shares on a non-diluted basis and 13.87% on apartially diluted basis. As part of the transaction Tri Origin assumeda 1% Net Smelter Return (“NSR”) payable to Chalice Gold Mines(Ontario). Tri Origin may buy back 0.5% of the NSR for CAD $200,000.
Tri Origin has further enhanced its strategic positionin the Casa Berardi Trend with the acquisition of Kinebik. TriOrigin’s 5,400-hectare (ha) North Abitibi Gold Project, in Ontario,covers a 10-kilometre (km) strike of the trend and is located 40 kmwest of the Casa Berardi mine, where over 6 million ounces of goldhave been discovered. Kinebik has approximately 17,750 ha and coversover 30 km of strike along the Casa Berardi Trend, 150 km east of theCasa Berardi Mine. Tri Originnow holds over 23,000 ha of prospective ground on the Casa BerardiTrend.
“Kinebik adds some very prospective, under-exploredground in the Abitibi to our already impressive portfolio of goldproperties.” commented Mark Santarossa, President of Tri Origin.“Kinebik is an early-stage gold exploration project that complimentsthe Company’s North Abitibi project, approximately 40 km to the westof the Casa Berardi Mine. With this acquisition, Tri Origin hasestablished a dominant land position along this very productiveportion of the Casa Berardi Trend. The deal also strengthens ourrelationship with O3 Mining. ”
José Vizquerra, O3 Mining’s President and Chief Executive Officercommented: “We are pleased to be a part of Tri Origin through thesale of our Kinebik project as we gain exposure to the Company’sfuture success. We continue to increase value for our shareholdersthrough divestments as a part of our ongoing strategy. We look forwardto supporting Tri Origin as they maximize value in the Kinebik GoldProject”.
Figure 1: Location of TOE’s NorthAbitibi & Kinebik Gold Projects in Casa Berardi Gold Trend
About Kinebik
The Project is well-situated being only a two and ahalf-hour drive from Val-d’Or, Québec, has excellentinfrastructure, and can be accessed year-round via paved and unpavedroads. Minimal recent exploration has occurred on the Project, withmost of the exploration having been completed between 1980-1995. Intotal, 47 diamond drill holes and several prospecting and geophysicalsurveys have been completed on the property. A 1,300-line km airbornegeophysical survey is underway on the Project to better definestratigraphy and structure ahead of follow up mapping and sampling.
Tri Origin remains focused on its upcoming drillingprogramme on its flagship Sky Lake Gold Project in the Pickle LakeGold Camp in northwestern Ontario. Concurrently, the Company willcontinue to advance both its North Abitibi and Kinebik gold projectswithin the Casa Berardi trend.
Technical Information
William McGuinty P. Geo. of OTD Exploration Services Inc., a QualifiedPerson as defined by National Instrument 43-101, has reviewed andapproved the contents of this news release.
About Tri Origin
Tri Origin Exploration Ltd. (Tri Origin) is a goldexploration company listed on the TSX Venture Exchange (TSX-V: TOE).The Company's objective is to increase shareholder value through thediscovery of new economic ore deposits leveraging management’s broadexperience in well-known, past producing mining camps in Canada’sGreenstone Belts. Tri Origin’s current focus is exploring on itsflagship Sky Lake Project in the past producing Pickle Lake MiningCamp and the North Abitibi project on the prolific Abitibi GreenstoneBelt along the Casa Berardi Break in Ontario.
For more information about TriOrigin, please visit www.triorigin.com or SEDAR www.sedar.com orcontact:
Mark Santarossa, President
Tri Origin Exploration Ltd.
Tel: (905) 727-1779
E-mail: invest@triorigin.com
Forward Looking Statements:
Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release. This News Release includes certain “forward-lookingstatements” which are not comprised of historical facts.Forward-looking statements include estimates and statements thatdescribe the Company’s future plans, objectives or goals, includingwords to the effect that the Company or management expects a statedcondition 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 thetransaction, 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 transaction and successfully complete thetransaction, the Company’s ability to predict or counteractpotential impact of COVID-19 coronavirus on factors relevant to theCompany’s business failure to identify mineral resources, failure toconvert estimated mineral resources to reserves, the inability tocomplete a feasibility study which recommends a production decision,the preliminary nature of metallurgical test results, delays inobtaining or failures to obtain required governmental, environmentalor other project approvals, political risks, inability to fulfill theduty to accommodate First Nations and other indigenous peoples,uncertainties relating to the availability and costs of financingneeded in the future, changes in equity markets, inflation, changes inexchange rates, fluctuations in commodity prices, delays in thedevelopment of projects, capital and operating costs varyingsignificantly from estimates and the other risks involved in themineral exploration and development industry, and those risks set outin the Company’s public documents filed on SEDAR. Although theCompany believes that the assumptions and factors used in preparingthe forward-looking information in this news release are reasonable,undue reliance should not be placed on such information, which onlyapplies as of the date of this news release, and no assurance can begiven that such events will occur in the disclosed time frames or atall. The Company disclaims any intention or obligation to update orrevise any forward-looking information, whether as a result of newinformation, future events or otherwise, other than as required bylaw.
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