Tri Origin Acquires 100% Interest In Cobalt Exploration Property
March 21, 2018
Aurora, Ontario- Tri Origin Exploration Ltd (TSX-V:TOE) (“Tri Origin” or the “Company”) is pleased to announce that it holds 100% interest in the Bay Lake property in the Cobalt region of east-central Ontario which is prospective for cobalt.
The property is comprised of 51 staked claims located 10 kilometres west of the town of Cobalt, Ontario. The property is underlain by Proterozoic sedimentary rock and Nipissing diabase sills which are the primary host rocks for cobalt mineralization throughout the region. These rocks contain a number of historic occurrences of cobalt plus copper, nickel and silver which have not been investigated since the 1960’s. The McLaren Lake group of occurrences are located near the central part of Tri Origin’s property and a number of small pits and shafts were excavated at these occurrences during the early 1900’s. Historic grab samples are reported to have graded up to 0.62 ounces per ton of silver, 2.29% cobalt and 1.08% nickel. A grab sample taken by Tri Origin at a nearby location assayed 2.39 grams per tonne of cobalt. Shallow drill holes completed in the 1950’s reported average assay results of 0.5 ounces per ton of silver and up 0.2% cobalt over narrow widths (historic assay results from Ontario Geological Survey assessment files).
The property was initially acquired as part of a regional exploration program for gold in a 50%/50% alliance with Sumitomo Metal Mining Canada Ltd. Sumitomo is focussed on exploration for gold and has decided to not pursue opportunities for other commodities. The Bay Lake property was briefly evaluated for its gold potential by the alliance in 2016 and Sumitomo has withdrawn from further participation in the property to leave Tri Origin with 100% interest. Alliance activities continue over a larger regional land position held jointly by Tri Origin and Sumitomo.
Tri Origin has compiled historic information related to cobalt (copper, silver, nickel) occurrences on the property. These occurrences will be visited following winter breakup to plan future work programs and shareholders will be informed of future activities.
This new project within the now very active Cobalt region of Ontario provides an opportunity for Tri Origin to capitalize on the strong demand predicted for cobalt in the coming years. This new project enhances the Company’s strategy of identifying and acquiring prospective, district-scale properties in well-mineralized mining areas and advancing these properties toward making new discoveries.
Dr. Robert Valliant, President
Tri Origin Exploration Ltd.
Tel: (905) 727-1779
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.