Tri Origin Acquires Kinebik Gold Project Increasing Footprint Along Casa Berardi Trend
By: EIN Presswire
April 14, 2021 at 08:15 AM EDT
Figure 1: Location of TOE’s North Abitibi & Kinebik Gold Projects in Casa Berardi Gold Trend
Tri Origin Exploration Ltd. (TSXV:TOE)AURORA, ONTARIO, CANADA, April 14, 2021 /EINPresswire.com/ -- Tri Origin Exploration Ltd. (TSX-V: TOE) (“Tri Origin” or the “Company”) announces the 100% acquisition of the Kinebik Gold Project (“Kinebik” or the “Project”) between the towns of Matagami and Lebel-sur-Quévillon, in northern Quebec, from O3 Mining Inc. (“O3 Mining”). Under the terms of the agreement, O3 Mining received 2,700,000 common shares of Tri Origin, which are subject to a statutory four month and a day hold period. O3 Mining increased its equity ownership of Tri Origin to 5.1 million shares or 9.87% of issued shares on a non-diluted basis and 13.87% on a partially diluted basis. As part of the transaction Tri Origin assumed a 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 position in the Casa Berardi Trend with the acquisition of Kinebik. Tri Origin’s 5,400-hectare (ha) North Abitibi Gold Project, in Ontario, covers a 10-kilometre (km) strike of the trend and is located 40 km west of the Casa Berardi mine, where over 6 million ounces of gold have been discovered. Kinebik has approximately 17,750 ha and covers over 30 km of strike along the Casa Berardi Trend, 150 km east of the Casa Berardi Mine. Tri Origin now holds over 23,000 ha of prospective ground on the Casa Berardi Trend.
“Kinebik adds some very prospective, under-explored ground in the Abitibi to our already impressive portfolio of gold properties.” commented Mark Santarossa, President of Tri Origin. “Kinebik is an early-stage gold exploration project that compliments the Company’s North Abitibi project, approximately 40 km to the west of the Casa Berardi Mine. With this acquisition, Tri Origin has established a dominant land position along this very productive portion of the Casa Berardi Trend. The deal also strengthens our relationship with O3 Mining.”
José Vizquerra, O3 Mining’s President and Chief Executive Officer commented: “We are pleased to be a part of Tri Origin through the sale of our Kinebik project as we gain exposure to the Company’s future success. We continue to increase value for our shareholders through divestments as a part of our ongoing strategy. We look forward to supporting Tri Origin as they maximize value in the Kinebik Gold Project”.
The Project is well-situated being only a two and a half-hour drive from Val-d’Or, Québec, has excellent infrastructure, and can be accessed year-round via paved and unpaved roads. Minimal recent exploration has occurred on the Project, with most of the exploration having been completed between 1980-1995. In total, 47 diamond drill holes and several prospecting and geophysical surveys have been completed on the property. A 1,300-line km airborne geophysical survey is underway on the Project to better define stratigraphy and structure ahead of follow up mapping and sampling.
Tri Origin remains focused on its upcoming drilling programme on its flagship Sky Lake Gold Project in the Pickle Lake Gold Camp in northwestern Ontario. Concurrently, the Company will continue to advance both its North Abitibi and Kinebik gold projects within the Casa Berardi trend.
William McGuinty P. Geo. of OTD Exploration Services Inc., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the contents of this news release.
About Tri Origin
Tri Origin Exploration Ltd. (Tri Origin) is a gold exploration company listed on the TSX Venture Exchange (TSX-V: TOE). The Company's objective is to increase shareholder value through the discovery of new economic ore deposits leveraging management’s broad experience in well-known, past producing mining camps in Canada’s Greenstone Belts. Tri Origin’s current focus is exploring on its flagship Sky Lake Project in the past producing Pickle Lake Mining Camp and the North Abitibi project on the prolific Abitibi Greenstone Belt along the Casa Berardi Break in Ontario.
For more information about Tri Origin, please visit www.triorigin.com or SEDAR www.sedar.com or contact: