Trio Gold Corp. Announces the Acquisition and Option to Acquire Major Land Blockadmin
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
CUISP#89669C-108, Exemption #82-2127
Posted: October 23rd, 2013 under ACCESSWIRE.