(TheNewswire)
Aurora, Ontario – TheNewswire - December 9,20 20 – Tri Origin Exploration Ltd. (TSXV:TOE) ( the“ Company ”) is pleased to provide an update toshareholders on its current activities. In particular, the Companycontinues to advance logistical requirements and drill hole targetingat its Sky Lake gold project located 25 kilometres southwest of thePickle Lake Mining District in northwest Ontario.
Discussions with drilling contractors indicate thatdrill rigs and related equipment are currently available. Initialinvestigations into providing winter trail access to the Sky Lakedrill site has ben completed. No significant obstacles have beenidentified during this preliminary investigation. Route planning andcosting are now being considered. Providing winter trail access to thesite will greatly increase the Company’s options regarding thetiming of conducting its program, ease of site access, logging,sampling and removal of drill core and other logisticalconsiderations. This will also result in cost efficiencies.
Targeting for the proposed drill program at Sky Lake isalso continuing. Incorporation of geophysical and geological data intoa three-dimensional drill hole model comprised of approximately 15,000metres of drilling in over 130 drill holes is ongoing.
The Company continues to investigate the financingopportunities open to it. The objective is to identify and pursueaccess to capital that will provide funding for its projects and thatwill also provide sustainable sources of funding for futuredevelopments. Management is confident that funding will be availableto the Company to carry out its exploration plans in the newyear.
Tri Origin’s Sky Lake property consists of 446 singlecell mining claims covering an area of approximately 112 squarekilometres and the “Koval” property, optioned from Barrick GoldCorp, consisting of 28 patent claims and 1 licence of occupationcovering an area of approximately 2 square kilometres. It extends over a well-mineralized segment of the Pickle Lakegreenstone belt which has produced or hosts over 4 million ounces ofgold. Sky Lake is midway between the past-producing gold deposits ofthe Pickle Lake Gold District and the Dona Lake Mine to the northeastand the Golden Patricia gold mine to the west. These past developmentshave provided nearby i nfrastructure and theeastern edge of the property adjoins highway 199 and powertransmission lines.
The Koval patent claims host a gold deposit with asmall, historic resource (non-compliant by NI43-101 standards) whichwas discovered and partially delineated during the 1950’s. Goldzones or “shoots” comprising the deposit were traced by drillingfor a distance of 1.5 kilometres along strike however these gold zoneswere only drilled to an average of 100 metres below surface. Duringthe 1980’s, Tri Origin’s management (then managing exploration forLAC Minerals Ltd) drilled confirmatory holes at the Koval property todepths of approximately 200 metres below surface. The deposit remainsopen at depth and deep-looking induced polarization (“IP”)surveying completed by Tri Origin has identified important targetsbelow and adjacent to the deposit which highlight the potential tosignificantly expand the area of known gold mineralization throughfurther drilling.
Drilling planned by the Company has three objectives: (1) to test fordepth and strike extensions in order to expand the Koval zone, (2) toupgrade the existing database such that a resource estimate thatadheres to the criteria required by NI43-101 can be prepared, and (3)to drill nearby targets which may represent new zones of goldmineralization.
Pending adherence to COVID 19 restrictions that might apply to itswork programs and completion of financing it is the Company’s intentto commence diamond drilling as soon as practical. Shareholders willbe informed of the commencement of the program as soon as plans arefinalized.
As reported in the Company’s financial statements forthe period ended June 30, 2020 the one-year term on exploration accessagreements with De Beers Canada Inc for the Company’s NipissingCobalt and South Abitibi properties have expired. De Beers Canada hasinformed the Company that it has no current plans for further work. DeBeers Canada retains no interest in the properties and any additionalprograms will require new agreements to be entered into.
About Tri Origin
Tri Origin Exploration Ltd. is publicly listed on theTSX Venture Exchange under the trading symbol TOE. Tri Origin is aleading Canadian exploration company with gold and base metal projectsin Canada.
For more information about TriOrigin, please visit www.triorigin.com or SEDAR www.sedar.com orcontact:
Dr. Robert Valliant, President
Tri Origin Exploration Ltd.
Tel: (905) 727-1779
E-mail: invest@triorigin.com
Forward Looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (asthat term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of 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 Company’s objectives, goals orfuture plans, statements, exploration results, potentialmineralization, the estimation of mineral resources, exploration andmine development plans, timing of the commencement of operations andestimates of market conditions. Factors that could cause actualresults to differ materially from such forward-looking informationinclude, but are not limited to failure to identify mineral resources,failure to convert estimated mineral resources to reserves, theinability 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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