VANCOUVER, BC, Aug. 17 /PRNewswire-FirstCall/ - Trivello Energy
Corp. (TSX-V "TRV"; Frankfurt
"T6U1") (the "Company") is pleased to announce that it has entered
into two separate agreements to acquire the Roy and Porcupine
Copper-Gold Showings, located in the Toodoggone region of
north-central British Columbia.
Both showings are adjacent to the Day Property which the Company
acquired and announced August 3,
2010. In addition, the Company has acquired by staking, 6
additional claims (Erin claims). In total the Company now holds 19
claims, totaling 7,119 hectares, within the Day - Roy - Porcupine
area.
Roy Showing
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The Roy Copper-Gold Showing was originally discovered in the
early 1970's following Falconbridge's discovery of the Day
Copper-Gold Occurrence, about 3 km to the southwest, and the Sustut
Copper Deposit, about 10 km to the northeast of the property.
Significant highlights based on historic work are summarized by Fox
(1991; Ass. Rpt. 21359):
- quartz-magnetite-chalcopyrite stringer stockwork developed in
syenomonzite/monazite, with strong fracturing and potassic
alteration;
- at least 14 trenches completed within the mineralized porphyry,
- based on geophysics and soil geochemistry the zone has dimensions of
at least 100 to 300 m width by more than 400 m length (open along
strike);
- all trenches have significant copper and/or gold mineralization,
including:
- Trench 1: 5-m grading 0.22% Cu and 1.72 g/t Au;
- Trench 2: 8-m grading 1.30 g/t Au;
- Trench 5: 8-m grading 1.70 g/t Au;
- Trenches 6, 6A, 7: semi-continuous section of about 62-m grading
0.121% Cu and 0.55 g/t Au;
- Trenches 8, 9 and 12: discontinuous section of about 50-m grading
0.085% Cu and 0.65 g/t Au;
- Significant ground geophysical surveys, soil geochemistry surveys,
stream sediment sampling, prospecting, and geologic mapping were
undertaken on the showing between the early 1970's and early 1990's.
No drilling is known for the showing.
Based on the limited historic exploration the Roy Showing
consists of porphyry type Cu-Au mineralization within a monzonite
or syenomonzonite stock. Additional mineralized stocks are
evidenced within the property boundaries by soil geochemical
anomalies ((greater than)100 ppm Cu or (greater than)40 ppb Au),
and ground geophysical surveys (magnetics).
Porcupine Showing (Lake Property Claim)
---------------------------------------
The Porcupine Showing located to the west-northwest of the Day
Showing, consists of stratabound copper/gold mineralization within
intermediate to felsic volcanics. The mineralization was traced
sporadically over a distance of approximately 3,000 m. In 1991,
Skeena Resources reported rock sampling from the exposed margins of
the mineralized horizon with 1 to 5 g/t Au and 1.25 to 5.40% Cu.
Massive sulfide boulders, located downslope of the occurrence,
yielded maximum values of 3.2 g/t Au and 5% Cu.
During 1992, at least five drill holes were completed at the
Porcupine Showing, including:
DDH92-2: 9.60 m grading 0.13% Cu, 0.31 g/t Au and 5.66 g/t Ag.
A map of the entire property can be viewed at:
http://www.trivello.com/i/pdf/Sustut-Map-V2.pdf
The Toodoggone Region of north-central British Columbia has seen significant mineral
exploration for copper, gold, and silver deposits. Notable projects
include Northgate Minerals Corp's. (TSX:NGX) Kemess South Mine and
the Kemess North Project. During 2009, Northgate Minerals reported
production from the Kemess South Mine of 173,040 ounces Au and 52.5
Million lbs Cu. The Kemess North Project is reported to contain
Measured and Indicated Resources totaling 719,190,000 tonnes
grading 0.30 g/t Au and 0.15% Cu.
Further south, the Mount Milligan Project of Terrane Metals
Corp. is reported to contain Proven and Probable Reserves of 482.4
Million Tonnes grading 0.388 g/t Au and 0.20% Cu.
The exploration results referred to above are historical in
nature and were compiled before NI 43-101. Trivello has not
independently analyzed the results of the previous exploration
therefore the historical results should not be relied upon.
Trivello believes these historical results provide an indication of
the potential of the properties and are relevant to ongoing
exploration.
According to Jay Roberge,
President and CEO, "The acquisition of the Day, Roy and Porcupine
Showings represent a significant milestone for the Company as it
marks the evolution of Trivello into a precious-metal focused
exploration company, with high-quality, large tonnage potential
projects. The project area has the same exploration hallmarks of
the regionally significant, Kemess and Mount Milligan Cu-Au
Porphyry deposits."
Under the terms of the Acquisition Agreement, Trivello will
acquire a 100% mineral interest in the Roy Property for
$181,000 cash payable over 5 years,
and a 100% mineral interest in the Porcupine Property for
$13,000 cash being $3,000 upon signing and $10,000 due and payable on October 31, 2011. Each property subject to a Net
Smelter Royalty of 2% with an option to the Company to purchase
half (50%) of the NSR for $1,000,000.
The Porcupine Property is subject to an advance royalty of
$50,000 per year and a one-time
payment of 300,000 common shares upon commencement of commercial
production. If the Company exercises the option to acquire 50% of
the NSR on the Lake property, then the advance royalty payment
shall be reduced to $25,000 per year,
and a one time payment of 150,000 common shares.
The technical information provided above for the Roy and
Porcupine Showing was prepared by Jeff
Reeder, P.Geo, a qualified person as defined by NI
43-101.
About Trivello Energy Corp.
Trivello is a junior exploration and development company focused
on resource opportunities in Canada. The Company is at the early stage of
the value creation process with its flagship project the Day
Copper-Gold Porphyry project located in the Toodoggone region of
north-central British
Columbia.
On Behalf of the Board of Directors
Trivello Energy Corp.
"Jay Roberge"
-------------
Jay Roberge
Director
Tel: (604) 687-3113
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange)accepts responsibility for the adequacy or
accuracy of this release.
Statements in this document which are not purely historical are
forward-looking statements, including any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Forward looking statements in this news release include that the
Company has acquired the Day Property; that the acquisition of a
100% interest in the Roy Property and the Porcupine Property by the
Company will be completed by the payment of $181,000 and $13,000 respectively; that the Roy and Porcupine
properties are each subject to a 2% NSR.
It is important to note that actual outcomes and the Company's
actual results could differ materially from those in such
forward-looking statements. Risks and uncertainties include
economic, competitive, governmental, environmental and
technological factors that may affect the Company's operations,
markets, products and prices. Factors that could cause actual
results to differ materially may include misinterpretation of data;
that we may not be able to get equipment or labour as we need it;
that we may not be able to raise sufficient funds to complete our
intended exploration and development; that our applications to
drill may be denied; that weather, logistical problems or hazards
may prevent us from exploration; that equipment may not work as
well as expected; that analysis of data may not be possible
accurately and at depth; that results which we or others have found
in any particular location are not necessarily indicative of larger
areas of our properties; that we may not complete environmental
programs in a timely manner or at all; that market prices may not
justify commercial production costs; and that despite encouraging
data there may be no commercially exploitable mineralization on our
properties.
Readers should refer to the risk disclosures outlined in the
Company's Management Discussion & Analysis of its audited
financial statements filed with the British Columbia Securities
Commission.
SOURCE Trivello Energy Corp.
Copyright . 17 PR Newswire