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TSX-V: TRN
KELOWNA, BC, Jan. 23, 2014 /CNW/ - TrinCan Capital Corp.
("TrinCan" or the "Company") is pleased to announce that its
wholly-owned subsidiary, Markinch Resources Inc., has now received
assays of samples from diamond drill holes W13-03 to W13-06
at the Wascanna shaft site on the Tashota gold project in
northwestern Ontario.
Also, as disclosed in the TrinCan news release
of December 27, 2013, samples from
drill holes W13-01 and W13-02 that assayed over 10 grams per tonne
of gold (g/t Au) have now been re-assayed using fire assay on
50-gram splits with gravimetric finish, resulting in increases of
assay value for individual samples from 3 percent to 25 percent
over the previous assays, which used an atomic absorption
finish. The average for drill hole W13-02 is now 8.226 g/t
Au over 8.70 metres, including 3.90 metres averaging 15.675 g/t Au,
including 1.35 metres averaging 31.283 g/t Au, including 0.45
metres of 55.346 g/t Au.
Drill holes W13-03 and W13-04, drilled on the
same section line as W13-01 and W13-02, returned 1.90 metres
averaging 4.948 g/t Au and 2.50 metres averaging 18.479 g/t Au
respectively, including individual samples with 12.782 g/t Au over
0.45 metres and 39.674 g/t Au over 0.75 metres.
Drill holes W13-05 and W13-06 were drilled on a
parallel section, 10 metres to the north of holes W13-01 to
-04. They returned averages of 11.841 g/t Au over 3.65 metres
and 3.962 g/t Au over 3.10 metres respectively. W13-05
included a higher grade interval of 31.434 g/t Au over 1.15
metres, which in turn included 60.534 g/t Au over 0.35
metres.
All widths quoted in this news release are core
lengths. The vein zone is nearly vertical, and it is inferred
that true widths for the 45-degree holes are approximately 71
percent, for the 50-degree hole approximately 64 percent, and
for the 60-degree holes, approximately 50 percent of the core
lengths quoted.
TrinCan, through its wholly-owned subsidiary,
Markinch Resources Inc., has a 60% interest in the approximately
12,000-acre Tashota gold project, 215 kilometres northeast of
Thunder Bay, Ontario, in the
northern part of the Beardmore-Geraldton greenstone belt. The Wascanna
shaft target is a gold-bearing zone which was developed between
1917 and 1936 with a reported 98-metre shaft and about 604 metres
of lateral development on three levels. No production is
reported from the Wascanna site. The most substantial gold
deposit known to date on the Tashota property is the Paulpic gold
deposits, which has an inferred mineral resource of 68,900
ounces of gold with an average grade of 8.24 grams of gold per
tonne.
The following table lists all the significant
results from holes W13-01 to W13-06.
| DDH No. |
Inclination |
From |
To |
Core length
(metres) |
Au g/t |
| W13-01 |
-45° |
7.90 |
9.00 |
1.10 |
6.538 |
| and |
11.00 |
15.10 |
4.10 |
2.632 |
| |
|
|
|
|
|
| W13-02 |
-60° |
9.80 |
18.50 |
8.70 |
8.226 |
| including |
14.60 |
18.50 |
3.90 |
15.675 |
| including |
14.60 |
15.95 |
1.35 |
31.283 |
| including |
15.50 |
15.95 |
0.45 |
55.346 |
| |
|
|
|
|
|
| W13-03 |
-50° |
21.00 |
22.90 |
1.90 |
4.948 |
| including |
21.65 |
22.10 |
0.45 |
12.782 |
| |
|
|
|
|
|
| W13-04 |
-60° |
21.40 |
23.90 |
2.50 |
18.479 |
| including |
22.40 |
23.15 |
0.75 |
39.674 |
| |
|
|
|
|
|
| W13-05 |
-45° |
11.90 |
15.55 |
3.65 |
11.841 |
| including |
11.90 |
13.05 |
1.15 |
31.343 |
| including |
11.90 |
12.25 |
0.35 |
60.534 |
| |
|
|
|
|
|
| W13-06 |
-60° |
19.30 |
22.40 |
3.10 |
3.962 |
Samples from drill holes W13-07 to W13-10 have
been submitted for assay. Results are normally delivered in
approximately 10 days.
TrinCan, through its wholly-owned subsidiary,
Markinch Resources Inc., has a 60% interest in the approximately
12,000-acre Tashota gold project, 215 kilometres northeast of
Thunder Bay, Ontario, in the
northern part of the Beardmore-Geraldton greenstone belt. The Wascanna
shaft target is a gold-bearing zone which was developed between
1917 and 1936 with a reported 98-metre shaft and about 604 metres
of lateral development on three levels. No production is
reported from the Wascanna site. The most substantial gold
deposit known to date on the Tashota property is the Paulpic gold
deposits, which has an inferred mineral resource of 68,900
ounces of gold with an average grade of 8.24 grams of gold per
tonne.
Assays quoted in this news release were
performed at Accurassay Laboratories in Thunder Bay, Ontario, using fire assay
preparation on 30-gram splits with atomic absorption finish.
Samples returning over 10 grams per tonne of gold were re-assayed
using fire assay preparation on 50-gram splits, with gravimetric
finish. Accurassay is an independent analytical laboratory
with ISO/IEC 17025 accreditation. Technical information in
this news release was prepared by Colin
Bowdidge, Ph.D., P.Geo., a Qualified Person as defined in
NI43-101, and president and a director of the company, who also
supervised the drilling, logged the core and supervised the
sampling of the core.
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 oil leases 40 km south of Lloydminster, Saskatchewan, with net
production of between 20 and 30 barrels of oil per day. It
also holds 93.3% working interest on a lease on 1¾ sections in
northwestern Alberta, referred to
as the Nipisi project.
In mining exploration, in addition to the
Tashota project referred to in this news release, the Company also
holds an option to acquire a 100% interest in the Opinaca 2 gold
prospect covering approximately 18,000 acres in the James Bay area of northern Québec, in the
heart of one of the most attractive mining jurisdictions in the
world and is 15 kilometres from Goldcorp's Éléonore/Roberto gold
deposit. The Éléonore/Roberto deposit is reported to have
proven and probable reserves of 3.03 million ounces of gold grading
7.56 g/t Au, plus measured and indicated resources of 0.48 million
ounces of gold grading 10.95 g/t Au, plus an inferred resource of
4.17 million ounces of gold grading 10.60 g/t Au. Goldcorp
has announced its intention of commencing production from the
Éléonore/Roberto mine in 2014, with a target rate of 600,000 ounces
of gold per year.
CAUTIONARY STATEMENT
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
FORWARD -LOOKING STATEMENTS
Statements in this press release may contain forward-looking
information including expectations of future production and
components of cash flow and earnings. The reader is cautioned
that assumptions used in the preparation of such information may
prove to be incorrect. Events or circumstances may cause
actual results to differ materially from those predicted, a result
of numerous known and unknown risks, uncertainties, and other
factors, many of which are beyond the control of TrinCan.
These risks include, but are not limited to; the risks associated
with the mining and oil and gas industry, availability of capital
to carry on operations, commodity prices, financial market
volatility, availability of key personnel and exchange rate
changes. Industry related risks could include, but are not
limited to: operational risks in exploration, development and
production, delays or changes in plans, risks associated to the
uncertainty of reserve estimates, environmental, health and safety
risks and the uncertainty of estimates and projections of
production, costs and expenses. The reader is cautioned not
to place undue reliance on this forward looking
information.
SOURCE TrinCan Capital Corp.