VANCOUVER, Aug. 4 /CNW/ - Trivello Energy Corp. (TSX-V "TRV"; Frankfurt "T6U1") (the "Company") is pleased to announce that it has acquired the Day Copper-Gold Porphyry Property and related claims, located approximately 380km northeast of Prince George, British Columbia.
About the Day Porphyry Project
The Day occurrence is located in north-central British Columbia and is host to significant porphyry gold-copper mineralization. The occurrence was discovered and previously drilled by Falconbridge. Drilling in the early 1970s produced several significant intersections including 0.67% copper and 0.84 g/t gold across 58.83 m, and Hole 74-4 with 14.94 m of 0.61% copper and 1.92 g/t gold.
The project is located in the Toodoggone region of north central British Columbia, approximately 50 km south of Northgate Mineral's Kemess South Mine. The Kemess South Mine is host to proven reserves of 22.7 MT of 0.28 g/t gold and 0.14 % copper. This year, the mine is forecast to produce 102,500 ounces of gold and 47.6 million pounds of copper.
The area between the Toodoggone region in the north and the Mt. Milligan region in the south has seen significant increased mineral exploration for copper, gold, and silver deposits in recent years. Notable porphyry projects in the belt include: Northgate Minerals Corp's. (TSX:NGX) Kemess South and North Projects, Terrane Metals Corp's (TSXv:TRX) Mount Milligan Project, and Serengeti Resources Inc's (TSXv:SIR) Kwanika Project.
- Copper-gold porphyry exploration property situated in the Toodoggone
region of north-central British Columbia.
- Discovered in 1972 by Falconbridge; which drilled eight holes
(totaling 1360 meters) including 60 meters of 1.5% Cu as well as:
DDH 74-1: 0.67% Cu, 0.84 g/t Au over 58.83 meters
DDH 74-4: 0.61% Cu, 1.92 g/t Au over 14.94 meters
- Target displays porphyry exploration hallmarks:
1. Anomalous copper/gold geochemistry in soil (greater than
200 ppm Cu; greater than 50 ppb Au)
2. Higher magnetic susceptibility (800 nT above background in the
3. Strong IP chargeability
- Hosted by an altered dacite porphyry that contains significant
bornite and chalcopyrite associated with quartz flooding.
- Soil geochemistry, and grid-controlled geophysics, have outlined
three extension targets to the Day Zone:
1. Northern copper/gold soil anomaly, with coincident angular
2. Southern copper soil anomaly, parallel but weaker than the
3. Northern magnetic anomaly, with associated IP chargeability
anomaly north of and subparallel to the Day zone.
Other porphyry deposits in region:
Deposit Tonnes (mt) Cu (%) Au (g/t) Category
Kemess South 22.7 0.14 0.28 Proven Reserves
Kemess North 719.2 0.15 0.30 Measured and Indicated
Mount Milligan 482.4 0.20 0.39 Proven and Probable
Kwanika 182.6 0.29 0.28 Indicated
The technical information provided above for the Day Porphyry Project was prepared by Jeff Reeder, P.Geol, a Qualified Person as defined by National Instrument 43-101.
Certain 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.
Under the terms of the Acquisition Agreement, Trivello will acquire a 100% interest in the Day Porphyry Project and related claims from Zimtu Capital Corp. and 877384 Alberta Ltd. Total consideration of the Acquisition is $50,000 cash and the issuance of 5.0 million common shares. The acquisition remains subject to TSX Venture Exchange acceptance. As the Company will be issuing more than 10% of the current issued and outstanding share capital to non-arm's length parties, shareholder approval of the acquisition will be sought at the Company's Annual General Meeting, to be held in Vancouver, BC on September 8, 2010.
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 acquisition of the Day Porphyry Project is subject to TSX Venture Exchange acceptance and shareholder approval.
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: Jay Roberge, Director, Tel: (604) 687-3113