AURORA, ONTARIO–(Marketwired – Sept. 23, 2015) – Tri Origin Exploration Ltd (TSX VENTURE:TOE) (“Tri Origin” or the “Company”) is pleased to announce that it has staked a large property holding along the south margin of the Abitibi Greenstone Belt in Ontario. These properties were staked on behalf of a new gold and base metal exploration Alliance entered into between Tri Origin and Sumac Mines Ltd. (“Sumac”) a subsidiary of Sumitomo Metal Mining Co. Ltd. (“Sumitomo”) which was announced by Tri Origin on May 28, 2015. Sumac is funding the acquisition and initial phases of work at these properties to a maximum total expenditure of C$4.5 million. Property acquisition funded by Sumac is part of an initial two year exploration budget of C$1.5 million. Equity interest in the staked claims is held 50% by Sumac and 50% by Tri Origin.
In total the properties consist of over 1900 claim units comprising 146 staked claims which extend along a selected geological terrain of almost 70 kilometres in length. The properties cover four separate target areas identified by Tri Origin in the Cobalt-Temagami region which are interpreted to host a prospective sequence of Archean-age volcanic rocks which represent the virtually unexplored and, to date, largely unrecognized extension of the southern margin of the Abitibi Greenstone Belt. These rocks are covered by a sequence of younger, Proterozoic-age sedimentary rocks which precluded historic prospecting along this portion of the Abitibi and limited the effectiveness of earlier geophysical equipment which had minimal depth penetration ability. Furthermore, much of this terrain was excluded from exploration during the time period between 1970 and 2000 due to land cautions and exploration moratoriums. Recently released government data indicates that these covered rocks are of similar age and composition to those hosting the major gold and base metal deposits of the Bousquet/LaRonde and Noranda Mining Districts to the northeast in Quebec.
Tri Origin’s research and compilation work resulted in the selection of properties where management believes that the prospective, covered Archean rocks can be effectively explored using modern geophysical techniques and drilling. As part of initial programs conducted by the Alliance, Tri Origin’s field crews have completed reconnaissance geological surveys at the properties and this work has confirmed the Company’s earlier interpretations.
Exploration programs for the properties are being planned and it is anticipated that the initial phases of this work will commence later in September. Shareholders will be informed as work commences.
This represents a unique exploration opportunity for Tri Origin where a large area of highly prospective rocks of the Abitibi Greenstone Belt will now be explored for the first time. The Alliance’s focus on high-grade and high-value gold and gold-rich, poly-metallic sulphide deposits in selected areas of the southern Abitibi Greenstone Belt of Ontario- one of the most prolific metal producing areas in the world provides a fully-funded opportunity for Tri Origin to capitalize on its strategy of identifying and acquiring prospective, district-scale properties in well-mineralized mining areas and advancing these properties toward making new discoveries.
Tri Origin is pleased to participate with Sumac in its mineral exploration efforts and values Sumac’s contributions to this Alliance. Sumitomo, Sumac’s parent company, is a Japanese firm engaged in gold and base metals mining, smelting and refining, manufacturing of semiconductor and advanced materials and other business. For more information about Sumitomo, please visit www.smm.co.jp/E/.
Dr. Alan Galley, P.Geo., a director of Tri Origin, is a “Qualified Person” under National Instrument 43-101, and he has reviewed and approved the scientific and technical information in this press release.
Tri Origin Exploration Ltd. is publicly listed on the TSX Venture Exchange under the trading symbol TOE. Tri Origin is a leading Canadian exploration company with gold and base metal projects in Canada.
CAUTIONARY STATEMENT: Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Tri Origin’s periodic reports including the annual report or in the filings made by Tri Origin from time to time with securities regulatory authorities.
Dr. Robert Valliant