New Diamond Exploration Agreement at Tri Origin's Nipissing Cobalt Property
Aurora, Ontario - TheNewswire - Tri Origin Exploration Ltd. (TSXV:TOE) ("Tri Origin" or the "Company") is pleased to announce that a second access agreement has been reached with De Beers Canada Inc. ("De Beers Canada") This new agreement is to conduct exploration and core drilling at the Company's Nipissing Cobalt project located 10 kilometres west of the town of Cobalt, Ontario where De Beers Canada has identified targets of interest. This agreement is separate but similar to the agreement announced by Tri Origin in a news release of September 26, 2019 regarding diamond exploration at its South Abitibi property. As at South Abitibi, this new agreement allows De Beers Canada access to conduct preliminary drilling and to evaluate for diamond content if these targets are proven to be kimberlitic rocks. Pending results, a more comprehensive property earn-in agreement containing industry-standard terms could then be negotiated and entered into.
The diamond exploration program proposed by De Beers Canada will be the first time these targets will be tested. Management is pleased and excited to have De Beers Canada participate in its mineral exploration efforts at the Nipissing Cobalt property.
Drilling is expected to commence later in October and will be followed by laboratory evaluation of targeted rocks if warranted. Shareholders will be updated on results of the program as they become available.
The Nipissing Cobalt property covers a complex geological environment spanning a 125 square kilometre area located 10 kilometres west of the town of Cobalt and approximately 5 kilometres northwest of the Company's South Abitibi property in the Cobalt-Temagami region of Ontario. The property is underlain by Archean-age rocks of the southern Abitibi Greenstone Belt which are covered by a blanket of younger Proterozoic-age sedimentary rock and Nipissing diabase. This geological environment is prospective for Abitibi-type gold and base metal deposits and hosts the nearby, world-class Cobalt Mining District (silver-cobalt) to the east and the Sudbury Mining District (nickel-copper) to the south. The property is within a large-scale crustal corridor and historically, diamondiferous kimberlite has been identified throughout the region.
Previous field work and drilling by Tri Origin tested a small portion of the property for covered gold and base metal deposits and historically, cobalt/silver occurrences have been identified all of which warrant further work. The agreement with De Beers Canada is specific to diamonds and continued exploration for precious or base metals may be conducted by Tri Origin or through additional partnerships.
This agreement with De Beers Canada provides an additional, 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.
For 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
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.
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