Trius Completes Purchase of Gander West Property Near New Found Gold’s Queensway Project

FREDERICTON, New Brunswick, Sept. 21, 2020 (GLOBE NEWSWIRE) — Trius Investments Inc. (TSXV: TRU) (“Trius” or the “Company”) is pleased to announce that, further to its press release dated September 9, 2020, it has completed the indirect purchase of a mineral license (the “Transaction”) for the Gander West exploration property in Newfoundland (the “Gander West Property”), along with all related permits and technical data (collectively, the “Purchased Assets”).
The Gander West Property consists of 120 claims covering 3,000 hectares of prospective ground, and is located approximately 16 kilometres (km) from the centre of New Found Gold Corp.’s Queensway Project, where that company recently drilled 92.86 grams/ton (g/t) of gold (Au) over 19.0 metres (source: newfoundgold.ca/project/Queensway-project).A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b0291be8-7bf5-41e8-9eec-f8e94bedfae6The Gander West Property is mostly unexplored and is located in the midst of a well known gold belt, along a strong NE-SW structural lineament within a magnetic-low corridor, and immediately south of a prominent magnetic-high anomaly. High-grade gold occurrences (>50g/t Au in grab samples) occur in quartz veins 2.5 km southwest of the Gander West Property.A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/492cc810-5839-4140-927f-398a5afeb2deThe Gander West Property is already permitted for exploration, including ground geophysics, geochemical surveys, and prospecting.Trius’ President and CEO Joel Freudman commented: “We’re very pleased to have acquired the Gander West Property, which we believe has meaningful exploration potential given the limited work there to date. While we determine how best to build value from the Gander West Property, we’ll also be looking at expanding our footprint in this region and across Newfoundland to build an asset package that we believe can generate returns within our portfolio for our shareholders.”The Transaction has been closed in escrow, pending Newfoundland governmental registration of the transfer of certain Purchased Assets to Trius. As previously disclosed, the vendors of the Purchased Assets (the “Vendors”) received the following consideration for the Purchased Assets: (i) the issuance by Trius of an aggregate of 2,000,000 common shares in the capital of Trius at a deemed price of $0.19 per share; (ii) the payment to certain of the Vendors of an aggregate of $25,000 in cash; and (iii) the granting to certain of the Vendors of a 3.0% net smelter returns royalty from any future mineral production at the Gander West Property. The Company also reimbursed certain of the Vendors’ non-material staking costs.The Purchased Assets will be a novel, direct mineral exploration holding within the Company’s broader investment portfolio. Trius is acquiring the Purchased Assets as a passive investment, and does not intend to operate the Gander West Property directly. However, Trius may engage third-party technical and exploration consultants to advance its mineral property holdings so as to increase their monetization potential.About Trius Investments Inc.
Trius is an investment issuer increasing its exposure to the precious metals sector through a variety of novel investment structures, including acquiring gold exploration properties in Newfoundland. Trius’ common shares trade on the TSXV under the symbol “TRU”.
Trius is a portfolio company of Resurgent Capital Corp. (“Resurgent”), a merchant bank providing venture capital markets advisory services and proprietary financing. Resurgent works with promising public and pre-public micro-capitalization Canadian companies.Dean Fraser, P.Geo., one of the Vendors and a technical advisor to the Company, is a qualified person as defined by the Canadian Securities Administrators’ National Instrument 43-101, and has reviewed and approved the contents and technical disclosures in this press release.For further information, please contact:
Joel Freudman
President & CEO
Trius Investments Inc.
Phone: (647) 880-6414
Cautionary StatementsNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Information and links in this press release relating to New Found Gold Corp. are from sources believed to be reliable, but that have not been independently verified by Trius. These links are included in this press release as inactive textual references for reference purposes only and the information on or connected to these websites is not part of, or incorporated by reference into, this press release.This press release contains certain forward-looking statements, including those relating to advancing and monetizing the Gander West Property, and the acquisition of other mineral exploration investments. These statements are based on numerous assumptions regarding the Purchased Assets that are believed by management to be reasonable in the circumstances, and are subject to a number of risks and uncertainties, including without limitation: mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property, the exploration or monetization potential of the Purchased Assets and specifically the Gander West Property; challenges in identifying, structuring, and executing additional investments and acquisitions, on favourable terms or at all; risks inherent in mineral exploration activities and investments in the mineral exploration sector; volatility in financial markets, economic conditions, and precious metals prices; and those other risks described in the Company’s continuous disclosure documents. Actual results may differ materially from results contemplated by the forward-looking statements herein. Investors and others should carefully consider the foregoing factors and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements herein except as required by applicable securities laws.

Resource News, Oil and Gas News, Mining News, Renewable News

Resource News

Oil, Gas, Mining & Metals

Start typing and press Enter to search

shares