2013-02-28 21:14:10 -
Tri Origin Exploration Ltd. (TSX-V: TOE) ("Tri Origin" or the "Company") is pleased to announce that a program of line cutting and Induced Polarization ("IP") surveying is commencing immediately at its 100%-owned Red Lake Extension ("RLX") property at Red Lake, Ontario. Field crews have been mobilized and it is expected that geotechnical surveying will be completed by April in preparation for follow-up exploration and diamond drilling.
RLX is now subject to an earn-in option agreement with Osisko Mining Corporation ("Osisko") which has committed to a second year of exploration funding at the property. Tri Origin entered into an agreement with Osisko in February 2012 to advance its RLX property whereby Osisko has an option to earn a 51% interest in RLX
by fully funding a total of $5 million of exploration over a four year period. Tri Origin will continue to manage the second year of the program.
The winter field program at RLX will include detailed IP geophysical surveying over a newly-established gridded area at the northeast part of the property to delineate and evaluate targets where earlier work has identified extensions of the important Balmer Assemblage of volcanic rocks which are host to the major gold deposits of the Red Lake District. This work and other regional surveys and interpretations made by Tri Origin are assisting in prioritizing additional target areas throughout the large property where detailed surveying and drilling are warranted. It is expected that additional geological, geochemical and geophysical field work will be conducted in the spring followed by a diamond drilling program later in 2013.
RLX is a gold exploration project covering an area of 141 square kilometres located at the southeast part of the Red Lake Gold Mining District contiguous with Goldcorp Inc.'s Red Lake Mine property. The highly prolific Red Lake District hosts major operating and past-producing gold mines and has produced over 20 million ounces of gold.
The intent of Tri Origin's work is to explore for new gold deposits of the Red Lake Mine-type. Results from work conducted to date at the RLX property have been promising and Tri Origin has identified both the extension of the Red Lake Mine structural trend and alteration zones containing anomalous gold within the Balmer volcanic rocks which are similar to those which host the important gold deposits at Red Lake. Prior to Tri Origin's work, the RLX property was essentially unexplored for gold.
About Osisko Mining Corporation
Osisko Mining Corporation operates the Canadian Malartic Gold Mine in Malartic, Quebec which is anticipated to produce approximately 500,000 ounces of gold during 2013, and is pursuing exploration and resource delineation on a number of properties, including the Hammond Reef Gold Project in north-western Ontario and the assets of recently acquired Queenston Mining Inc. near Kirkland Lake, Ontario. Osisko employs more than 700 individuals.
For further information, please refer to the Company's website www.triorigin.com or SEDAR www.sedar.com or contact:
Dr. Robert Valliant, President
Tri Origin Exploration Ltd.
Tel: (905) 727-1779
Tri Origin Exploration Ltd. is a leading Canadian gold and base metal exploration company trading on the TSX Venture exchange under the symbol TOE. Tri Origin has leveraged exposure to mineral discoveries in Australia through its equity interest in TriAusMin Limited which holds gold and base metal resource-based assets in New South Wales.
This press release is available in PDF. Please click on the following link to view the PDF file: