Business
Trinity to Acquire the Mattagami River Zinc Property
Vancouver, British Columbia--(Newsfile Corp. - June 1, 2017) - Trinity Valley Energy Corp ....
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[{"type":"text","content":"Trinity to Acquire the Mattagami River Zinc PropertyVancouver, British Columbia--(Newsfile Corp. - June 1, 2017) - Trinity Valley Energy Corp. (TSXV: TE) (\"Trinity\" or the \"Company\") has signed an Option Agreement to acquire a 100% interest in the Mattagami River Zinc Property (\"Mattagami\" or the \"Property\"), located in Agate and Tucker Townships of the Porcupine Mining Divisions of Northeastern Ontario. The Mattagami property is comprised of 14 unpatented mining claims totaling 204 units having a combined area of approximately 3,300 hectares, located approximately 50 km northeast of the town of Kapuskasing.The Company has identified the Mattagami River area as being highly prospective for the discovery of a world class Broken Hill type Sedimentary Exhalative (\"SedEx\") Zinc-Lead-Silver-Gold deposit. Other examples of SedEx deposits are Cannington, Australia operated by South 32 and Zinkgruvan, Sweden operated by Lundin Mining.Zinc mineralization was first discovered on the Property by Canico (Inco) in 1966. Canico intersected zinc mineralization spread over a 7 kilometre horizon, returning assay results up to 13.7 meters with an average grade of 2.28% zinc in hole BH32325. The Property lies north of Argo Gold Inc.'s Hurdman Zinc-Lead-Silver-Gold property. Historic drill hole intercepts on Hurdman of up to 7.3 metres with an average grade of 4.99 % zinc, 26.57 silver and 0.25 g/t gold; including 2.2 meters grading 10.37 zinc, 57.68 g/t silver and 1.37 g/t gold in hole ELO-06-12 have been reported (see Eloro Resources Ltd. News release May 2, 2006). The mineralization hosted on the Hurdman Zinc-Lead-Silver-Gold property is not necessarily indicative of the mineralization hosted on the Mattagami River Zinc Property.Trinity can earn a 100% interest in the Property under the terms of the Option Agreement by: (a) issuing 11,500,000 common shares in the capital of Trinity and $25,000 cash payable within 5 business days upon receiving TSX Exchange Approval and (b) issuing 1,500,000 common shares in the capital of Trinity and $25,000 cash 12 months from the execution of the Option Agreement. The Property is subject to an underlying 2% Net Smelter Returns (NSR) royalty, of which 1.5% may be purchased by the Company for $1-million. The closing of the transaction is subject to a number of conditions, including due diligence, ...