TORONTO, Nov. 07, 2014 /CNW/ - Colin Bowdidge, president and CEO of Trincan Capital Corp. ("Trincan" or the "Company") is pleased to announce that Markinch Resources Inc. ("MRI"), the wholly-owned subsidiary of Trincan that holds the Company's mining-related assets, has executed a binding letter of intent that will grant Tashota Resources Inc. ("Tashota") the right to earn a 50% interest in the 18,609-acre Opinaca gold property in northern Québec.
In order to earn the 50% interest in the Opinaca property, Tashota must pay MRI $40,000 and issue MRI 3,000,000 shares of Tashota within 15 days of signing, plus spend $75,000 on exploration of the property within 18 months. Tashota Resources Inc. is at present a private company engaged in mining exploration. It holds properties in the Beardmore-Geraldton gold belt, and adjacent to Barrick Gold's Hemlo gold mines, both in northwestern Ontario.
The Opinaca property comprises 144 mining claims in two blocks, located 16 kilometres southwest of Goldcorp's Roberto gold mine on its Éléonore property. The Roberto mine is Canada's newest gold mine; it commenced production in October 2014, with a planned ultimate production rate of 600,000 ounces of gold per year. The Roberto deposit has a probable reserve of 4,030,000 ounces of gold grading 6.49 grams per tonne of gold (g/t Au), plus an inferred mineral resource of 4,100,000 ounces of gold at 9.63 g/t Au.
The Opinaca property is surrounded on three sides by Virginia Mines, the Québec-based company that discovered the Éléonore-Roberto gold deposit in 2004. On the fourth (east) side the Opinaca claims are adjoined by a claim block held by a 3-way joint venture between Goldcorp, Exploration Azimut and Eastmain Resources, as well as the Cheechoo property of Sirios Resources Inc., which has reported surface grab samples assaying up to 209 g/t Au.
Prior to the discovery of Éléonore-Roberto in 2004, the area was essentially unexplored, and there is no record of any exploration on the Opinaca property before it was staked by MRI in 2010. Preliminary prospecting on the Opinaca property has located boulders assaying up to 1.36% copper and 0.8 g/t Au. Boulder prospecting is a proven and effective method of exploration in glaciated terrains; in fact the Éléonore-Roberto gold deposit was discovered by tracing mineralized boulders back to their source. An airborne magnetic-electromagnetic survey of the property has delineated several clusters of anomalies that line up along an interpreted deformation zone that runs west and southwest from Éléonore-Roberto and crosses the whole width of the Opinaca property. Deformation zones represent generally favourable sites for gold mineralization in greenstone-type geological environments.
Trincan is also proud to announce that Gerald ("Jerry") Paulin has been appointed to the Company's Board of Directors, to replace Alain Tremblay, who was unable to continue serving as a director due to potential conflicts of interest with his other business activities. Jerry Paulin, as the President of C2C Advocates Inc. since 2010, and as the Principal of Paulin Consulting from 2005 until 2010, has provided First Nations advocacy services and has been actively involved in consulting on economic development in Northern Ontario. Most importantly, this includes facilitating negotiations between proponents and First Nations regarding mineral exploration and mine development. In conjunction with his economic development work, Mr. Paulin's company also provides winter road and air transportation; delivering supplies and giving access to vital services to remote northern communities. Jerry Paulin, in his consulting capacity, took a leadership role in the consultation process that led to MRI - and its various partners in the Tashota Gold Project - entering into an Exploration Agreement with the two affected First Nations in 2011.
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 producing oil leases 40 kilometres south of Lloydminster, Saskatchewan. It also holds 93.3% working interest in an exploration lease on 1¾ sections in northwestern Alberta, referred to as the Nipisi project. In mining exploration, the Company has a 60% working interest in a group of optioned properties at Tashota, 215 kilometres northeast of Thunder Bay, Ontario. The Tashota Project includes a gold-bearing zone known as the Paulpic deposit, which has a NI43-101 compliant inferred mineral resource of 68,900 ounces of gold at a grade of 8.24 grams of gold per tonne. The Company also holds 100% interest in the Opinaca gold prospect covering 18,609 acres in the James Bay area of northern Québec.
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 herein.
SOURCE: TrinCan Capital Corp.
For further information: Colin Bowdidge, Ph.D., P.Geo, President at (416) 807-2004