TrinCan Capital Corp. subsidiary cuts 15.675 grams of gold per tonne over 3.9 metres at Tashota gold project

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TSX-V: TRN

KELOWNA, BC, Jan. 23, 2014 /CNW/ - TrinCan Capital Corp. ("TrinCan" or the "Company") is pleased to announce that its wholly-owned subsidiary, Markinch Resources Inc., has now received assays of samples from diamond drill holes W13-03 to W13-06  at the Wascanna shaft site on the Tashota gold project in northwestern Ontario.

Also, as disclosed in the TrinCan news release of December 27, 2013, samples from drill holes W13-01 and W13-02 that assayed over 10 grams per tonne of gold (g/t Au) have now been re-assayed using fire assay on 50-gram splits with gravimetric finish, resulting in increases of assay value for individual samples from 3 percent to 25 percent over the previous assays, which used an atomic absorption finish.  The average for drill hole W13-02 is now 8.226 g/t Au over 8.70 metres, including 3.90 metres averaging 15.675 g/t Au, including 1.35 metres averaging 31.283 g/t Au, including 0.45 metres of 55.346 g/t Au.

Drill holes W13-03 and W13-04, drilled on the same section line as W13-01 and W13-02, returned 1.90 metres averaging 4.948 g/t Au and 2.50 metres averaging 18.479 g/t Au respectively, including individual samples with 12.782 g/t Au over 0.45 metres and 39.674 g/t Au over 0.75 metres.

Drill holes W13-05 and W13-06 were drilled on a parallel section, 10 metres to the north of holes W13-01 to -04.  They returned averages of 11.841 g/t Au over 3.65 metres and 3.962 g/t Au over 3.10 metres respectively.  W13-05 included a higher grade interval of 31.434 g/t Au over 1.15 metres, which in turn included 60.534 g/t Au over 0.35 metres.

All widths quoted in this news release are core lengths.  The vein zone is nearly vertical, and it is inferred that true widths for the 45-degree holes are  approximately 71 percent, for the 50-degree hole  approximately 64 percent, and for the 60-degree holes, approximately 50 percent of the core lengths quoted.

TrinCan, through its wholly-owned subsidiary, Markinch Resources Inc., has a 60% interest in the approximately 12,000-acre Tashota gold project, 215 kilometres northeast of Thunder Bay, Ontario, in the northern part of the Beardmore-Geraldton greenstone belt.  The Wascanna shaft target is a gold-bearing zone which was developed between 1917 and 1936 with a reported 98-metre shaft and about 604 metres of lateral development on three levels.  No production is reported from the Wascanna site.  The most substantial gold deposit known to date on the Tashota property is the Paulpic gold deposits, which has an inferred mineral resource of 68,900 ounces of gold with an average grade of 8.24 grams of gold per tonne.

The following table lists all the significant results from holes W13-01 to W13-06.

DDH No. Inclination From To Core length
(metres)
Au g/t
W13-01 -45° 7.90 9.00 1.10 6.538
and 11.00 15.10 4.10 2.632
           
W13-02 -60° 9.80 18.50 8.70 8.226
including 14.60 18.50 3.90 15.675
including 14.60 15.95 1.35 31.283
including 15.50 15.95 0.45 55.346
           
W13-03 -50° 21.00 22.90 1.90 4.948
including 21.65 22.10 0.45 12.782
           
W13-04 -60° 21.40 23.90 2.50 18.479
including 22.40 23.15 0.75 39.674
           
W13-05 -45° 11.90 15.55 3.65 11.841
including 11.90 13.05 1.15 31.343
including 11.90 12.25 0.35 60.534
           
W13-06 -60° 19.30 22.40 3.10 3.962

Samples from drill holes W13-07 to W13-10 have been submitted for assay.  Results are normally delivered in approximately 10 days.

TrinCan, through its wholly-owned subsidiary, Markinch Resources Inc., has a 60% interest in the approximately 12,000-acre Tashota gold project, 215 kilometres northeast of Thunder Bay, Ontario, in the northern part of the Beardmore-Geraldton greenstone belt.  The Wascanna shaft target is a gold-bearing zone which was developed between 1917 and 1936 with a reported 98-metre shaft and about 604 metres of lateral development on three levels.  No production is reported from the Wascanna site.  The most substantial gold deposit known to date on the Tashota property is the Paulpic gold deposits, which has an inferred mineral resource of 68,900 ounces of gold with an average grade of 8.24 grams of gold per tonne.

Assays quoted in this news release were performed at Accurassay Laboratories in Thunder Bay, Ontario, using fire assay preparation on 30-gram splits with atomic absorption finish.  Samples returning over 10 grams per tonne of gold were re-assayed using fire assay preparation on 50-gram splits, with gravimetric finish.  Accurassay is an independent analytical laboratory with ISO/IEC 17025 accreditation.  Technical information in this news release was prepared by Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as defined in NI43-101, and president and a director of the company, who also supervised the drilling, logged the core and supervised the sampling of the core.

About TrinCan Capital Corp

TrinCan is engaged in oil and gas production and exploration, as well as mining exploration.  The Company holds non-operating working interests of between 25 and 50 percent in a group of oil leases 40 km south of Lloydminster, Saskatchewan, with net production of between 20 and 30 barrels of oil per day.  It also holds 93.3% working interest on a lease on 1¾ sections in northwestern Alberta, referred to as the Nipisi project.

In mining exploration, in addition to the Tashota project referred to in this news release, the Company also holds an option to acquire a 100% interest in the Opinaca 2 gold prospect covering approximately 18,000 acres in the James Bay area of northern Québec, in the heart of one of the most attractive mining jurisdictions in the world and is 15 kilometres from Goldcorp's Éléonore/Roberto gold deposit.  The Éléonore/Roberto deposit is reported to have proven and probable reserves of 3.03 million ounces of gold grading 7.56 g/t Au, plus measured and indicated resources of 0.48 million ounces of gold grading 10.95 g/t Au, plus an inferred resource of 4.17 million ounces of gold grading 10.60 g/t Au.  Goldcorp has announced its intention of commencing production from the Éléonore/Roberto mine in 2014, with a target rate of 600,000 ounces of gold per year.

CAUTIONARY STATEMENT

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.  No stock exchange, securities commission or other regulatory authority has approved nor disapproved the information contained

FORWARD -LOOKING STATEMENTS
Statements in this press release may contain forward-looking information including expectations of future production and components of cash flow and earnings.  The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect.  Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of TrinCan.  These risks include, but are not limited to; the risks associated with the mining and oil and gas industry, availability of capital to carry on operations, commodity prices, financial market volatility, availability of key personnel and exchange rate changes.  Industry related risks could include, but are not limited to: operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, environmental, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses.  The reader is cautioned not to place undue reliance on this forward looking information.

 

SOURCE TrinCan Capital Corp.

For further information:

Colin Bowdidge, Ph.D., P.Geo., president
(416) 807-2004 or (807) 621-1085