Tri Origin to Receive Funding Assistance from Ontario
Aurora, Ontario / TheNewswire / May 19, 2016 - Tri Origin Exploration Ltd. (TSX-V: TOE) (the "Company") is pleased to announce that it has been accepted as a successful applicant for the Junior Exploration Assistance Program ("JEAP") sponsored by the Northern Ontario Heritage Fund Corporation and the Ontario Prospectors Association.
The Company applied for funding assistance from the JEAP program for exploration programs planned for its Detour West and Sky Lake gold projects in Ontario. At Detour West, the Company submitted a program proposal budgeted at $307,000 and at Sky Lake the application was for a program proposal budgeted at $175,500.
The Junior Exploration Assistance Program has committed to provide Tri Origin with a grant to return funds to the Company of up to 33.3 per cent of approved eligible exploration expenditures at both of the projects to a maximum of $100,000 at Detour West and $57,900 at Sky Lake. The Company is under no obligation to complete the budgeted programs but certainly stands to benefit from the extra financial assistance this will provide while conducting its programs. Robert Valliant, Tri Origin's CEO commented, "We are very pleased that the Junior Exploration Assistance Program has been initiated in Ontario and that Tri Origin's projects were selected for the grants. The return of 33.3 per cent of eligible exploration expenditure will allow the Company to augment its programs and provide extra capital for the exploration of these important gold projects. The JEAP program is an important exploration development in Ontario."
The approval of the JEAP program applications has allowed the Company to commence detailed planning for its upcoming programs. Shareholders will be informed of the commencement of field programs and the nature of activities at each project prior to commencement.
About Detour West
Detour West is a gold exploration project located 180 kilometres north of Timmins, Ontario and 20 kilometres west of the Detour Lake Gold Mine. The property consists of 30 staked mining claims covering an area of approximately 77 square kilometres owned 100% by Tri Origin. The claims tie directly onto mining claims held by Detour Gold Corporation the operator of the nearby Detour Lake Mine which has a 15.5 million ounce gold reserve making it one of the largest gold reserves in Canada.
Detour West is interpreted by the Company to cover extensions of the Sunday Lake, Massicotte and Lower Detour deformation zones which host the Detour Lake Mine, Lower Detour discovery and many other important gold occurrences extending east of Detour Lake for over 50 kilometres into Quebec. The property is entirely overburden covered but is interpreted by Tri Origin to be underlain by a previously unexplored, westward extension of the rock units which host the Detour Lake Gold Mining District. These rocks have not previously been explored for gold and management believes that the Detour West property represents a unique opportunity for the Company.
About Sky Lake
Sky Lake is a gold exploration project covering an area of 41.4 square kilometres located 35 kilometres southwest of Pickle Lake in northwestern Ontario. It is comprised of 11 100% owned mining claims covering an area of 27 square kilometers and an 81.4% interest in 8 other contiguous mining claims covering an area of 14.4 square kilometres.
The property is midway between the past-producing, 2 million ounce Pickle Lake Gold District to the northeast and the past-producing Golden Patricia gold mine to the west. It hosts a number of underexplored gold occurrences and is along trend from small but significant gold deposits partially delineated during the 1950's. The gold-hosting geological environment at Sky Lake is recognized by management to resemble that at the Bousquet-LaRonde District- Quebec's most important gold-producing area.
About Tri Origin
Tri Origin Exploration Ltd. is publicly listed on the TSXV under the trading symbol TOE. Tri Origin is a leading Canadian exploration company with gold and base metal projects in Canada
For more information about Tri Origin, please visit www.triorigin.com or SEDAR www.sedar.com or contact:
Dr. Robert Valliant, President
Tel: (905) 727-1779
E-mail: invest@triorigin.com
CAUTIONARY STATEMENT: Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect 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-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, the completion of the Offering, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company disclaims any intention or 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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