NEWS RELEASE DATED January 16, 2012
TRIO GOLD CORP. (TSX-V: TGK, US-Listed: TROOF)
TRIO GOLD CORP. SIGNS AN OPTION AGREEMENT ON A NEW PROJECT
NEWS RELEASE DATED January 16, 2012
TRIO GOLD CORP. (TSX-V: TGK, US-Listed: TROOF)
TRIO GOLD CORP. SIGNS AN OPTION AGREEMENT ON A NEW
PROJECT
Trio Gold Corp. has signed an Option Agreement with Coastal
Pacific Mining Corp. ("Coastal") and the property
vendor to earn a 50% interest in the Hotstone Gold property
located in Ontario, Canada. The Hotstone property is
comprised of 4 claim units located within Greenlaw Township,
50 km southeast of Chapleau, and 130 km west-southwest of
Timmins. Hotstone is located on trend west of the newly
emerging West Porcupine Gold camp which includes the newly
producing Timmins Mine of Lake Shore Gold Corp.
Hotstone is located in the Swayze Greenstone Belt, which is
the western extension of the well-known Abitibi Greenstone
Belt (AGB). The AGB is host to Canada's largest gold
producing districts, including the Porcupine Mining District
(Timmins) which has produced in excess of 70 million ounces
of gold from such world-class mines as the Hollinger,
McIntyre, Pamour and Dome Mines, the latter with over 100
years of continuous gold production. The AGB also hosts the
Larder Lake Mining District (Kirkland Lake) which has
produced more than 24 million ounces of gold from the famous
Wright-Hargreaves, Lakeshore and Macassa Mines. These two
mining districts are located within the prolific
Porcupine-Destor Fault Zone (Timmins Camp) and the
Cadillac-Larder Lake Break (Kirkland Lake), two well-known
regional-scale altered shear zones. The presence of the
inferred western extension of the Larder Lake Break on the
Hotstone property exposes Trio to the successful exploration
concepts used in the Porcupine and Larder Lake camps. This is
one of the reasons why Hotstone attracted Trio's
attention.
Of particular interest is a large west-trending
quartz-carbonate-fuchsite alteration shear zone located in
the south part of the property. It contains numerous gold
showings and has been the focus of gold exploration since the
early 1930's. Geophysical work performed by the vendor in
1998 and 2006 identified a 5300 ft long by ~150 ft wide
magnetic anomaly coincident with the alteration zone and a
4000 ft long Frazer-filtered EM anomaly coincident with a
subparallel quartz-feldspar porphyry dike. Anomalous gold
values can be found throughout the alteration zone and within
the dike, with the best assays from quartz lenses and veins.
Extensive trenching was performed by the original discoverers
in the 1940's, with gold in quartz veins reportedly
returning values as high as 3.14 oz/ton across two feet. The
carbonatized host rock assayed gold values up to 0.5 oz/ton.
These figures are of historical nature and are therefore not
National Instrument 43-101 compliant. The geological and
geophysical features of Hotstone compare well with those of
typical AGB mineralization. The Company believes that the
well-exposed carbonatized shear zone is drill-ready, and will
be the primary focus of exploration.
Under the terms of the Agreement, Trio has the option to earn
a 50% interest in the Hotstone property by spending
C$1,300,000 in exploration on the property by December 31st
2012, and making cash payments of C$200,000 to the vendor.
The agreement is subject to Trio obtaining minimum financing
of $700,000 by the end of April 2012. In addition, the vendor
will be granted a 1% Net Smelter Return ("NSR").
Coastal and the vendor will each maintain a 25% interest in
the property. Trio and Coastal collectively have the option
to purchase the vendor's 25% interest for $2,000,000 and
his NSR for a further $1,000,000.
This release has been prepared by Philip van Angeren P.Geol.,
director of Trio Gold Corp., who is a "qualified
person" under National Instrument 43-101 guidelines. Mr.
van Angeren has reviewed documentation as supplied by Coastal
and the vendor, and he does not have any reason to believe
that there are any misrepresentations in the information
provided. All of the data and information discussed in this
release are of historical nature and are therefore not
considered to be compliant with National Instrument
43-101.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this
release.
TRIO GOLD CORP.
Calgary, Alberta T2X-1S3
E-Mail: trio@triogold.com
Website: www.triogold.com
Phone: (403) 262-9640
Fax: (403) 262-9759
CUSIP #89669C-108, Exemption #82-2127
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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