As a result of a review by the Alberta Securities Commission, we are issuing the following news release to clarify the Company's disclosure.
Regarding Trio Gold Corp. ("Trio") announcement of the acquisition and option to acquire the McNeil and Night Hawk gold properties totalling approximately 24,200 acres (9,800 hectares) in Timmons Ontario (News Release, October 23, 2013), the Company wishes to clarify the historical drill results in a more complete manner from the McNeil property.
Historical results occurring on the McNeil property have been returned from number of old workings dating back to 1923 where shafts were dug to 120 feet (37m) with reported quartz veins containing visible gold. Trio would like to clarify that no mineral resources or mineral reserves estimates have been generated from the McNeil Property. Drilling in 1946, 46 holes totalling 2553 metres were drilled. Together with many holes reported to contain only trace gold, some of the best results include 5.8 g/t over 1.3 metres. In 1979, Sylva Explorations Ltd. drilled three shallow holes (38-59 metres in length) that intersected narrow veins of silicified veins. The best gold results included 1.0g/t over 1.0 metre (Hole 1), 45.4 g/t over 0.3 metre (Hole 2) 39.1 g/t over a 0.9 metre(hole 2), and 4.1 g/t over 1.0m (Hole 3).
Trio would also clarify that GeoVector technical report1 was utilized for its due diligence on the merits of McNeil property. This report states that 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.
Further, by request of the Alberta Securities Commission, Trio is providing the following information to clarify disclosure on its website and in its MD&A for the Quarter ending September 30, 2010 and continuing to June 30, 2013 regarding the reporting of results from properties adjacent to its Rodeo Creek property along the Carlin Trend, Nevada. It should be stated as follows.
The Rodeo Creek property is strategically located 1.5 km northwest of the Storm deposit owned by Barrick Goldstrike Mines, Inc., which is reported to host 3,100,000 short tons of proven and probable reserves, and inferred mineral inventory containing 1,100,000 ounces of gold (non-43-101 compliant)2. Between 2008 and 2011, the Storm Gold Mine has produced 277,495 ounces of gold as reported by Barrick Goldstrike Mines, Inc.3
In addition, Trio is updating its website to clarify and provide a more complete drill hole result disclosure for the Rodeo Creek property. This specifically relates to the Projects - Rodeo Creek section of the website. Trio references an anomalous gold result, interpreted as a "leakage" anomaly, found in the Flower Zone of 9.60 gm/T Au (0.28 oz/t) across 6 metres, including 29.1 gm/T Au (0.85 oz/t). While this is accurate information based on drill results, Trio will be adding additional drilling result information to provide a more complete disclosure.
The disclosure on Trio's website stating, " Grades of up to 0.92 gm/T Au (0.027 oz/t) along 23 metres of strike length..." refers to channel sample results across the Look Fault on the Rodeo Creek Property from work conducted in 2003. Trio will be removing this information from its website for reasons that it is outdated and not relevant. It will be replaced with more current gold result information from the 2010-11 drilling programs which has always been disclosed in Trio's MD& A Quarterly filings.
The Qualified Person for this news release is Torrie Chartier, MSc., MBA, P. Geol. The technical information has been reviewed, verified and approved by Ms. Chartier.
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
E-mail:[email protected]
Website: www.triogold.com
CUISP#89669C-108, Exemption #82-2127
1 Information taken from, Setterfield, Tom, et. al., July 12, 2012, "Report on the McNeil Property, , Northeastern, Ontario for Amarok Resources Inc., GeoVector Management Inc. This report will be posted on the Trio Gold website.
2 Theodore, Ted, et.al, 2003, Applied Geochemistry, Geology, and Mineralogy of the Northernmost Carlin Trend, Nevada, Vol 98, pp.287-316.
3 Production numbers reported by Barrick Goldstrike Mines, Inc and published by the Nevada Bureau of Mines and Geology, Major Mines of Nevada 2008-2011, University of Nevada, Reno. (http://minerals.state.nv.us)