VANCOUVER, BC, Aug. 17 /CNW/ - 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.
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
- 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
- all trenches have significant copper and/or gold mineralization,
- 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.
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.
For further information: For further information: please visit the Company's website at http://www.trivello.com, or email firstname.lastname@example.org.