TRIUS
TO
ACQUIRE DRILL-READY
TWILITE
GOLD
PROJECT
NEAR
MOOSEHEAD
GOLD PROJECT
Fredericton,
New Brunswick, Canada -- October 14, 2020 -- InvestorsHub
NewsWire -- Trius Investments
Inc. (TSXV:
TRU)
("Trius"
or
the "Company")
is
pleased to announce that it
has
entered
into a binding
letter
of intent
dated
October 13, 2020
(the
"LOI")
with GBC
Grand
Exploration Inc. (the
"Vendor").
Pursuant to
the
LOI,
the
Company will
indirectly
purchase
65
mineral
claims located in Central
Newfoundland
known as
the Twilite Gold
Project
("Twilite"),
along
with
all
related
permits
and
technical data (collectively, the
"Purchased Assets").
Twilite
Twilite
consists
of 65
units
covering
1,625
hectares
and
expands
the
Newfoundland Gold Exploration segment of Trius'
investment
portfolio
("NL
Gold"), following
Trius'
completed
acquisition of
the Gander West
Property as announced on September 21,
2020, and the
Toogood
Arm
Property
acquisition
as
first
announced
on
September
24, 2020, which
is
anticipated to close shortly.
Trius
President
and CEO Joel
Freudman
commented:
"We're excited to acquire
Twilite, which
nicely
aligns with our previously
communicated
strategy
of acquiring a more
advanced
exploration-stage
asset
in the
Central Newfoundland Gold Belt at competitive
commercial
terms.
Twilite
has some promising
historical
exploration
results and is
in the
vicinity of other large gold
discoveries,
which we believe
bodes
well for Twilite's
investment
potential.
This
will
especially
be
the
case if we
decide
to commit
follow-on
capital to Twilite by
engaging
skilled
consultants
to carry out exploration work that
can enhance Twilite's
value, whether for
further
development
or
resale."
Twilite
is
considered to be associated with
a
low
sulphidation
gold system
and
shares many characteristics
with
Sokoman Minerals
Corp.'s Moosehead Gold
Project, which
is
located
approximately
30
kilometres
(km)
northeast
of
Twilite.
The
Moosehead
Gold Project
has
yielded promising
drill
hole intervals including
11.9
metres (m) of gold
(Au) at 44.96 grams per tonne
(g/t). (source: Sokoman
Minerals Corp.
website
–
Moosehead
Gold
Project page)
Twilite
is also
located approximately 110
kilometres
(km)
northeast
of Marathon
Gold Corporation's Valentine Gold
Project,
which has one of
the
largest undeveloped gold
resources in Atlantic
Canada, including
estimated
proven and probable
mineral
reserves
of
1.87
million
ounces Au
(from
41.05
million
tonnes (t)
of ore
grading 1.41
g/t
Au).
(source:
Marathon Gold Corporation
website – Valentine
Gold
Project page)
Twilite
Gold
Project Regional
Location
Twilite
has
previously
been
explored but not thoroughly
followed up, with the most
recent notable
program
being carried out in 2003 by Altius
Resources Inc. ("Altius").
Highlights of
historical
exploration
including
that
of Fort Knox
Gold
Resources Inc.
and Altius
included:
-
Discovery
Prospect
-
selected
grab
samples containing visible
gold
returned
values
up
to 202 g/t
Au
in a
zone of quartz veining
and silicification; channel
samples
returned 3.48 g/t Au
and
5.3 g/t
Au
in
a
contiguous 1.0
m
sample
across the widest portion
of the
vein.
-
Spring
Pit Prospect
–
diamond
drill
hole TL-99-10
intersected
5.1 g/t Au
over
5.8 m, from 14.2
m
to
20 m
depth.
Trius has
not verified the
historical assay
results contained in this press release
and is not relying on them as current mineral
resources or mineral reserves. Note
that
grab and channel
samples
and drill
hole results are select
samples
and are not
necessarily representative of
mineralization
on Twilite.
The
diagrams and technical information herein
relating
to Twilite
have been
supplied by the Vendor and have not
been
independently verified by
Trius.
Readers
are cautioned that these potential grades are conceptual in nature;
there has been insufficient exploration
by the Company or its qualified
person at Twilite
to define
a mineral resource or mineral reserve; and it is uncertain
whether further exploration will result in these targets being
delineated as a mineral resource or mineral reserve.
Letter
of Intent
Pursuant
to the LOI,
the Vendor will receive
the
following
consideration for the
Purchased
Assets:
(i)
the issuance by
Trius of
1,435,000
common
shares in the capital of Trius (each,
a "Trius
Share") at a deemed price
of
$0.25
per
Trius
Share;
(ii)
the
payment by Trius'
wholly-owned
subsidiary (the
"Subsidiary")
to the
Vendor of
$100,000
cash;
and
(iii)
the
granting
by the Subsidiary
to the
Vendor of
a
1.0%
net
smelter
returns
royalty
from any future
mineral
production
at the Twilite,
of which
0.5% can be
repurchased by the Company
for
$1,000,000.
Twilite
is
currently
subject to a 2.0% net smelter
returns royalty owing to
prior owners,
of which 1.0% can be repurchased for $1,000,000.
Further,
the Vendor will be issued
an
additional 500,000
Trius
Shares if
the Company defines at
least 500,000 ounces of
Au
or Au-equivalent
in
the inferred
category in a mineral resource
estimate for
Twilite
and/or
claims acquired
by the
Purchaser within 5 km of
Twilite,
and
a further 500,000
Trius
Shares if the Company defines a
further
500,000
ounces
of Au
or
Au-equivalent
in such a
mineral
resource estimate. All Trius Shares
issuable under the
LOI
are subject to a
hold period expiring
four months and one day from the
date(s) on which Trius Shares are
issued.
Upon
acquiring the Purchased Assets, Trius expects that any
incremental investment in
Twilite
via
exploration work will
be carried out by Barry Greene,
a
geoscientist
based in
Newfoundland who has almost 30
years of experience and
who is a
shareholder of
the
Vendor. Mr. Greene has
previously worked as a
geological
consultant, including with Amec
Foster Wheeler and
Wood
Plc, and with
numerous
public
companies,
including
approximately 16
years as
Exploration
Manager and then Vice-President
of Exploration
with
Celtic
Minerals Ltd.
The
acquisition of the
Purchased
Assets remains
subject to
customary
conditions, including
that
the
parties
enter
into
a
definitive agreement
to
supersede the LOI by October
30,
2020. The transaction
will
be completed
as soon as
is
practicable
thereafter
based on
governmental claims
transfer
processing times,
and
remains
subject
to regulatory approval by the TSX Venture
Exchange.
The Purchased
Assets
will be a third
mineral
exploration holding within
NL
Gold. Trius is acquiring
the Purchased
Assets as a passive investment,
and
does not intend to
operate
Twilite
directly.
However,
Trius may engage
third party
technical
and exploration
consultants
to
advance Twilite
and
the
Company's other
mineral
property
holdings
so
as to increase
their monetization
potential.
Qualified
Person
Dean
Fraser,
P.Geo. 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.
Mr.
Fraser is a
technical advisor to the Company
and
owns securities
of the
Company.
About
Trius Investments Inc.
Trius
seeks unique value-creation
opportunities,
currently increasing its exposure to the precious
metals
sector by
assembling a
portfolio
of gold exploration
properties in the Central
Newfoundland
Gold
Belt. 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.
For
further
information, please contact:
Joel
Freudman
President
& CEO
Trius
Investments Inc.
Phone:
(647)
880-6414
Cautionary
Statements Regarding
Forward-Looking
Information
Neither
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 Sokoman Minerals
Corp. and
Marathon
Gold Corporation 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 acquiring,
exploring,
and
monetizing Twilite
and the
Company's other
mineral
exploration
investments in
Newfoundland.
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 Twilite;
the
exploration or monetization potential of
the
Purchased
Assets and specifically
Twilite;
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.