04:36:52 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



Tri Origin Exploration Ltd
Symbol TOE
Shares Issued 119,372,306
Close 2018-08-15 C$ 0.02
Market Cap C$ 2,387,446
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Tri Origin optionee begins drilling at Bay Lake North

2018-08-16 10:23 ET - News Release

Dr. Robert Valliant reports

DRILLING COMMENCES TO INITIATE PURCHASE OPTION OF TRI ORIGIN'S COBALT PROPERTY

Tri Origin Exploration Ltd. has been informed by MetalsTech Ltd. (MTC) that MTC is initiating a diamond drilling program at the company's Nipissing cobalt property (now named Bay Lake North (BLN)), located 10 kilometres west of Cobalt in east-central Ontario.

In preparation for drilling, MTC has notified the company that it has completed due diligence and will proceed with the initial cash and share issuance required for settlement of the BLN acquisition.

In an announcement made by MTC to the Australian Securities Exchange on Aug. 16, 2018, MTC states that it has mobilized a diamond core drilling rig to the BLN property to commence drilling. The program will comprise an initial six to eight drill holes for approximately 1,000 metres to 1,200 metres of drilling over the next three weeks. The program will focus on two BLN prospects referred to by MTC as Sixth Sense and Basic Instinct, both of which have cobalt mineralization exposed at surface in historical pits and trenches.

As detailed in a Tri Origin news release of July 26, 2018, MTC has an option to purchase a 100-per-cent interest in the BLN property by making cash payments and share issuances to Tri Origin and completing exploration work commitments over a two-year period. In addition, performance shares will be issued to Tri Origin based on MTC's share price performance over the two-year term and if resources are delineated within the first four years of exploration. If the purchase is completed Tri Origin will be granted a 1.75-per-cent net smelter return royalty on future production.

MTC is an Australian lithium and cobalt exploration company listed on the Australian Securities Exchange with an extensive background in the industry. Tri Origin is pleased that MTC is moving ahead quickly with an aggressive exploration program at the BLN property.

Tri Origin's shareholders will be kept up to date with progress of the MTC work as results are received by Tri Origin.

Tri Origin is a leading Canadian exploration company with gold and base metal projects in Canada.

We seek Safe Harbor.

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