TSX-V: TRN
TORONTO, Nov. 07, 2014 /CNW/ - Colin Bowdidge, president and CEO of Trincan
Capital Corp. ("Trincan" or the "Company") is pleased to announce
that Markinch Resources Inc. ("MRI"), the wholly-owned subsidiary
of Trincan that holds the Company's mining-related assets, has
executed a binding letter of intent that will grant Tashota
Resources Inc. ("Tashota") the right to earn a 50% interest in the
18,609-acre Opinaca gold property in northern Québec.
In order to earn the 50% interest in the Opinaca property,
Tashota must pay MRI $40,000 and
issue MRI 3,000,000 shares of Tashota within 15 days of signing,
plus spend $75,000 on exploration of
the property within 18 months. Tashota Resources Inc. is at
present a private company engaged in mining exploration. It
holds properties in the Beardmore-Geraldton gold belt, and adjacent to
Barrick Gold's Hemlo gold mines, both in northwestern
Ontario.
The Opinaca property comprises 144 mining claims in two blocks,
located 16 kilometres southwest of Goldcorp's Roberto gold mine on
its Éléonore property. The Roberto mine is Canada's newest gold mine; it commenced
production in October 2014, with a
planned ultimate production rate of 600,000 ounces of gold per
year. The Roberto deposit has a probable reserve of 4,030,000
ounces of gold grading 6.49 grams per tonne of gold (g/t Au), plus
an inferred mineral resource of 4,100,000 ounces of gold at 9.63
g/t Au.
The Opinaca property is surrounded on three sides by
Virginia Mines, the Québec-based
company that discovered the Éléonore-Roberto gold deposit in
2004. On the fourth (east) side the Opinaca claims are
adjoined by a claim block held by a 3-way joint venture between
Goldcorp, Exploration Azimut and Eastmain Resources, as well as the
Cheechoo property of Sirios Resources Inc., which has reported
surface grab samples assaying up to 209 g/t Au.
Prior to the discovery of Éléonore-Roberto in 2004, the area was
essentially unexplored, and there is no record of any exploration
on the Opinaca property before it was staked by MRI in 2010.
Preliminary prospecting on the Opinaca property has located
boulders assaying up to 1.36% copper and 0.8 g/t Au. Boulder
prospecting is a proven and effective method of exploration in
glaciated terrains; in fact the Éléonore-Roberto gold deposit was
discovered by tracing mineralized boulders back to their
source. An airborne magnetic-electromagnetic survey of the
property has delineated several clusters of anomalies that line up
along an interpreted deformation zone that runs west and southwest
from Éléonore-Roberto and crosses the whole width of the Opinaca
property. Deformation zones represent generally favourable
sites for gold mineralization in greenstone-type geological
environments.
Trincan is also proud to announce that Gerald ("Jerry") Paulin has been appointed to
the Company's Board of Directors, to replace Alain Tremblay, who was unable to continue
serving as a director due to potential conflicts of interest with
his other business activities. Jerry
Paulin, as the President of C2C Advocates Inc. since 2010,
and as the Principal of Paulin Consulting from 2005 until 2010, has
provided First Nations advocacy services and has been actively
involved in consulting on economic development in Northern
Ontario. Most importantly, this includes facilitating
negotiations between proponents and First Nations regarding mineral
exploration and mine development. In conjunction with his
economic development work, Mr. Paulin's company also provides
winter road and air transportation; delivering supplies and giving
access to vital services to remote northern communities.
Jerry Paulin, in his consulting
capacity, took a leadership role in the consultation process that
led to MRI - and its various partners in the Tashota Gold Project -
entering into an Exploration Agreement with the two affected First
Nations in 2011.
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 producing oil
leases 40 kilometres south of Lloydminster, Saskatchewan. It also
holds 93.3% working interest in an exploration lease on 1¾ sections
in northwestern Alberta, referred
to as the Nipisi project. In mining exploration, the Company
has a 60% working interest in a group of optioned properties at
Tashota, 215 kilometres northeast of Thunder Bay, Ontario. The Tashota
Project includes a gold-bearing zone known as the Paulpic deposit,
which has a NI43-101 compliant inferred mineral resource of 68,900
ounces of gold at a grade of 8.24 grams of gold per tonne.
The Company also holds 100% interest in the Opinaca gold prospect
covering 18,609 acres in the James
Bay area of northern Québec.
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 herein.
SOURCE TrinCan Capital Corp.