Trio Gold Corp. Announces the Acquisition and Option to Acquire Major Land Block
October 23 2013 - 3:35PM
Access Wire
Trio Gold Corp. ("Trio") announces
the acquisition and option to acquire a major land block totalling
approximately 24,200 acres (9,800 hectares).
The properties known as the McNeil
and Night Hawk are located in the Larder Lake Mining Division 50 km
(30 miles) southeast of Timmins Ontario within the Abitibi
Greenstone belt. This area has produced more than 70 million ounces
of gold, from the famous Hollinger, McIntyre, Pamour and Dome
Mines.
Trio acquired an option from Amarok
Resources Inc., a Nevada Corporation to earn a 100% interest in the
McNeil Property by expending $500,000.00 on or before December 31,
2015, $2,000,000.00 before December 31, 2017 and a final
$2,500,000.00 by December 31, 2019. The property is subject to a 5%
net smelter return ("NSR") which may be bought back at any time by
paying $10,000,000.00. The NSR may also be exercised at any time in
part by paying $2,000,000.00 for each one percent of the NSR
purchased. (all amounts in Canadian dollars).
Trio acquired 100% of the Night Hawk
property by conducting a Geo-referencing work program on the
property. The cost of this program was $28,519.00. The property is
subject to a 5% NSR which may be bought back at any time by paying
$10,000,000.00. The NSR may also be exercised at any time in part
by paying $2,000,000.00 for each one percent of the NSR purchased.
(all amounts in Canadian dollars).
The McNeil property covers an area
of approximately 10,200 acres (4,127 hectares). This property has a
number of old workings dating back to 1923 where shafts were dug to
120 feet (37m) with reported quartz veins containing visible gold.
Drilling in 1946, reported gold values up to 5.8 g/t over 1.3
metres. In 1979, drilling by Sylva Explorations Ltd. reported gold
grades of 45.4 g/t over a 0.3 metre interval and 39.1 g/t over a
0.9 metre interval.
Throughout the property, there are
numerous gold mineralization occurrences that have the potential
for large tonnage style gold enrichment similar to the Porcupine
Gold mines owned by Gold Corp.
Previous owners drilled on the
Weekly/Laporte Area in the north central part of the McNeil
Property reported visible gold in several of the drill holes. A
sample with visible gold taken from this area is on display in the
Sir Harry Oak Mining Museum in Kirkland Lake Ontario. Based on work
by government and industry consisting of soil geochemical survey,
helicopter borne magnetic electromagnetic survey and extensive
stripping (National Instrument 43-101, July 12, 2012, Geo Vector
Management Inc.). Geo Vector Management Inc. recommended a two
phase exploration program be undertaken to include additional soil
sampling, computer modelling, and core drilling estimated at $1.5
million.
The Night Hawk Property covers an
area of approximately 14,000 acres (5,665 hectares) and is
continuous to the west and north of the McNeil property. Airborne
magnetic geophysics published by the Ontario Geological Survey
clearly identifies a continuous volcanic belt extending from the
McNeil Property and terminating within the Night Hawk Property. The
geological similarity between the Night Hawk and McNeil Properties
represents the potential for additional gold discoveries.
For further information on the
contents of this news release or the activities of the Company,
contact Mr. Harry Ruskowsky, President and CEO at (403)
262-9640.
Trio Gold Corp.
Suite 145-251 Midpark Blvd. SE
Calgary, Alberta T2X-1S3
Phone: (403) 262-9640
Fax: (403) 262-9759
E-mail:trio@triogold.com
Website: www.triogold.com
CUISP#89669C-108, Exemption #82-2127