Trigon Commences Second-Phase Exploration at IC Project in Canada's Eastern Arctic
Wednesday September 6, 7:00 am ET
KELOWNA, BC, Sept. 6 /CNW/ - Trigon Exploration Canada Ltd. (TSXV: TEL) today announced the commencement of second-phase exploration at the IC Project in Canada's eastern Arctic. The IC Project is a joint venture between Trigon and Contact Diamond Corporation (TSX:CO - News) which currently holds a 51-percent interest.
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Trigon has completed the collection of in-fill till samples in an area of high-interest Kimberlite Indicator Mineral (KIM) anomalies discovered on the property last year. Comparisons of the resulting data with publicly-available data from competitors exploring nearby properties has led to a new understanding of indicator mineral trains within the region. This has provided compelling evidence that multiple sources of KIMs lie within the IC property and has led to the initiation of a more detailed till sampling program, at 50-metre spacing, in anticipation of an upcoming drill program.
Trigon also continues to investigate a 50 square-metre mineralized showing at IC, where last year a single grab sample returned highly anomalous levels of precious and base metals, including 1,220 grams of silver per tonne. Trigon recently completed sampling, mapping, and induced-polarization geophysical surveying at this site. The silver showing occurs within a 20-metre wide metasedimentary unit containing mineralized zones that can be traced for at least 1,700 metres. However, 33 grab samples taken from other showings within this unit have returned only modest results. Given the observed size and extent of these newly discovered zones, further mapping and prospecting have been initiated to investigate the geophysical anomalies and the geological association of the initial highly anomalous sample.
The IC Project is southeast of Kugaaruk, Nunavut, the region of the eastern Arctic which has emerged as one of Canada's premier diamond exploration districts. With the addition of the 41,230 acres staked this past summer, the IC property now covers 156,667 acres. The current work programs are budgeted at $600,000, and are being funded by Contact which is exercising its option to increase its interest to 60-percent by sole-funding an additional $3-million of exploration expenditures.
Raymond Ashley, P. Geoph., is supervising exploration at the IC Project. Mr. Ashley is an Officer and Director of Trigon, and the President of Trigon Diamond Corporation Ltd., the wholly-owned subsidiary of Trigon, which carries out the diamond operations for the company. Mr. Ashley is a Qualified Person as defined by National Instrument 43-101.
About Trigon Exploration Canada Ltd.
Trigon Exploration Canada Ltd. is a uranium exploration and development company with a proven exploration team. The major uranium property of the Company is the Marysvale Uranium Property located in Utah. Trigon is expanding its portfolio of uranium properties in US South West, a region which has produced one billion pounds of uranium to date. Trigon's strategy is to focus on low cost exploration and development properties in established uranium mining areas with low economic and political risks, thereby reducing investor risk and maximizing expected returns. Trigon also holds a portfolio of diamond exploration properties which are operated by a wholly owned subsidiary, Trigon Diamond Corporation Ltd. The diamond exploration team is internationally recognized. It is the intention to spin off the diamond exploration Company. Trigon stock trades on the TSX Venture Exchange under the symbol "TEL". There are 34,905,919 shares of Trigon outstanding, 44,753,029 fully-diluted.
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The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future developments that the company expects to occur, are forward-looking statements. Although the company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
For further information
please visit www.trigonexploration.com or contact: Sidney Himmel, President and Chief Executive Officer, Trigon Exploration Canada Ltd., Tel: (250) 317-3624, Email: sidney.himmel@trigonexploration.com
Jeanny So, Broker Relations Specialist, CHF Investor Relations, Tel: (416) 868-1079 x225, Email: jeanny@chfir.com |
