FREDERICTON, New Brunswick, Oct. 06, 2020 (GLOBE NEWSWIRE) -- Trius Investments Inc. (TSXV: TRU) (“Trius” or the “Company”) is pleased to provide the following updates with respect to its mineral exploration investments in the Central Newfoundland Gold Belt.
These holdings are located north of New Found Gold Corp.’s Queensway Project, where that company just announced two drill hole results including 41.2 grams per ton (g/t) of gold (Au) over 4.75 metres (m), and 25.4 g/t Au over 5.15 m. (source: New Found Gold Corp. October 2, 2020 press release)
Toogood Arm
As previously announced on September 24, 2020, Trius entered into a mineral property acquisition agreement to indirectly purchase 7 exploration-stage mineral claims located in Toogood Arm in central Newfoundland (“Toogood Arm”), along with all related permits and technical data. Toogood Arm is approximately 120 kilometres (km) north of the Queensway Project.
Last week Trius engaged external consultants to carry out a one-day preliminary reconnaissance prospecting visit to Toogood Arm, which consists of 247 units covering 6,175 hectares of largely unexplored ground. The consultants collected 9 rock samples, which will be sent to an assay laboratory in Newfoundland for analysis.
The acquisition of Toogood Arm remains pending and will be completed as soon as is practicable based on governmental claims transfer processing times. The transaction also remains subject to regulatory approval by the TSX Venture Exchange.
Gander West
Trius is also in the process of engaging external consultants to carry out a similar reconnaissance prospecting visit to Trius’ Gander West exploration property in central Newfoundland (“Gander West”).
Gander West is located approximately 16 km from the centre of the Queensway Project, and consists of 120 claims covering 3,000 hectares of unexplored, prospective ground.
Trius continues to assemble a portfolio segment of mineral exploration property investments in Newfoundland, along with a Newfoundland-based advisory team to help enhance the value of those holdings. Although the Company is not presently conducting in-house or extensive exploration programs at these properties, the Company has started to engage external consultants for early-stage work because Trius believes that modest incremental investments in the exploration of Toogood Arm and Gander West could enhance the monetization potential of those assets at a reasonable cost.
Qualified Person and National Instrument 43-101 Disclosures
Dean Fraser, P.Geo. is a qualified person as defined by the Canadian Securities Administrators’ National Instrument 43-101, and has reviewed and approved the contents and technical disclosures in this press release. Mr. Fraser is a technical advisor to the Company and owns securities of the Company.
The diagrams and photos herein relating to the Company’s properties have been supplied by the Company’s advisors and external consultants, and have not been independently verified by Trius.
About Trius Investments Inc.
Trius seeks unique value-creation opportunities, currently increasing its exposure to the precious metals sector by assembling a portfolio of greenfield gold exploration properties in the Central Newfoundland Gold Belt. Trius’ common shares trade on the TSXV under the symbol “TRU”.
Trius is a portfolio company of Resurgent Capital Corp. (“Resurgent”), a merchant bank providing venture capital markets advisory services and proprietary financing. Resurgent works with promising public and pre-public micro-capitalization Canadian companies.
For further information, please contact:
Joel Freudman
President & CEO
Trius Investments Inc.
Phone: (647) 880-6414
Cautionary Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information and links in this press release relating to New Found Gold Corp. are from sources believed to be reliable, but that have not been independently verified by Trius. These links are included in this press release for reference purposes only, and the information in such links is not part of, or incorporated by reference into, this press release.
This press release contains certain forward-looking statements, including those relating to completing the acquisition of Toogood Arm, and exploring, advancing and monetizing Toogood Arm and Gander West. These statements are based on numerous assumptions believed by management to be reasonable in the circumstances, including that the Company will complete its purchase of Toogood Arm and that its exploration plans will be carried out, and are subject to a number of risks and uncertainties, including without limitation: mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s properties; the exploration or monetization potential of Toogood Arm and/or Gander West; challenges in identifying, structuring, and executing additional investments and acquisitions, on favourable terms or at all; risks inherent in mineral exploration activities and investments in the mineral exploration sector; volatility in financial markets, economic conditions, and precious metals prices; and those other risks described in the Company’s continuous disclosure documents. Actual results may differ materially from results contemplated by the forward-looking statements herein. Investors and others should carefully consider the foregoing factors and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements herein except as required by applicable securities laws.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e1c83d3c-5cf7-4bd9-b8fe-b69399d669ab