Mr. Nick Appleyard reports
TRISTAR APPROACHES MAJOR MILESTONES IN 2020
Tristar Gold Inc. is in a stronger position than ever before, both financially and technically.
Financial highlights 2019:
- Attracted new quality investor in Royal Gold (see press release dated Aug. 6, 2019):
- $8-million (U.S.) for future production royalty; 80 per cent of finances received, remainder due end of March, 2020;
- Option to take a significant equity position through warrants;
- Completed $2.24-million oversubscribed private placement;
- Obtained United States listing on the OTCQB, a trading platform that has provided Tristar with enhanced visibility and liquidity within the U.S. markets.
Technical highlights 2019:
- Initiated National Instrument 43-101 prefeasibility study on Esperanca South:
- Completed 9,249 metres of reverse circulation drilling (significant intervals table based on all available assay results at year-end is posted on the company website along with cross-sections);
- Acquired optical televiewer (OTV) images in 100 holes to support geological interpretations;
- Signed contracts with major international engineering companies CSA Global and Piteau Associates to conduct the PFS study;
- Partnered with GoldSpot Discoveries, the industry leader in the use of machine learning and artificial intelligence in mining:
- Commitment to support project development through the efficient application of these new technologies.
Nick Appleyard, president and chief executive officer, stated: "Two thousand nineteen was a remarkable year for Tristar. The large investment in a production royalty made by Royal Gold conveys their belief that Castelo de Sonhos will become a producing mine. With additional money coming in through the oversubscribed private placement, we are fully funded for our 2020 work plan, which includes the completion of both the prefeasibility study and the work by GoldSpot. This initial work by GoldSpot accelerates exploration of the full potential of the large plateau at CDS, including assessing the underground potential that has stayed on the back burner while we focused on proving up a stand-alone open-pit operation. With significant project milestones approaching and with 2020 off to a good start with rising gold prices, we anticipate a good news flow as we keep investors abreast of new developments throughout the year."
Plans for 2020
Tristar's goals for 2020 are to continue rapid development of the Castelo de Sonhos gold project using the same combination of efficient, low-cost technologies, RC drilling, OTV and now machine learning, which together have added resource ounces at such low cost. Two RC drill rigs will be complemented by a core rig in late January or early February. The 20,000 m RC program focuses on infill drilling to upgrade confidence in the Esperanca South resources that will serve as the basis for reserves calculations in the PFS. The core program will be approximately 2,000 m and will provide information for mineral resources, geotechnical and hydrological data.
The NI 43-101 prefeasibility study is on schedule for completion in Q4 2020:
- Drilling is expected to be completed in Q1, with all assay results available early in Q2.
- Updated mineral resource estimate incorporating the new drilling should be completed early in Q3.
- Metallurgical test work is under way at McClelland Laboratories in Nevada and should be completed in Q3.
GoldSpot Discoveries has begun its initial analysis of the wide range of geological, geophysical, geochemical and petrophysical data provided by Tristar. GoldSpots' 2020 work program includes:
- An initial assessment phase:
- Fine-tuning data, reprocessing older data, production of new 3-D geological models (and maps) of lithology, alteration, overburden, structure et cetera;
- Evaluation of machine learning algorithms to aid rapid and standardize interpretations of downhole OTV images;
- A second phase with two main components:
- Identification of conventional targets using the combined skills of the GoldSpot and Tristar teams;
- Identification of machine learning targets generated independently by artificial intelligence algorithms;
- Comparison of the two sets of exploration targets to develop a geological understanding of the additional targets identified through machine learning;
- A final phase that will address:
- Testing of the targets;
- Completion of 3-D models of chrono-stratigraphy, folding and faulting;
- Optimization of mineral resources.
Work to obtain the necessary permits and community and governmental approvals will continue through 2020 with terms of reference soon to be submitted to SEMAS, Para's environmental and sustainability regulatory agency. This document will establish the requirements for data collection for the environmental impact assessment and for upcoming consultations with nearby communities.
R. Mohan Srivastava, PGeo, vice-president of Tristar, is the qualified person who has reviewed the technical information contained in this news release and has approved its disclosure.
About Tristar Gold Inc.
Tristar Gold is an exploration and development company focused on precious metals properties in the Americas that have the potential to become significant producing mines. The company's current flagship property is Castelo de Sonhos in Para, Brazil.
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