NewOrigin Gold Corp. Completes Drilling at the North Abitibi Gold Project
Hole NA-21-01 was drilled near the center of the 10 kilometer long property at the previously identified Road Gold Zone. It tested two separate IP anomalies. The first was intersected near surface in the upper part of the hole and identified a pyritic zone which had not previously been drilled. The second IP anomaly which represented a depth extension of the Road Gold Zone was intersected further downhole at a vertical depth of about 350 meters being approximately 100 meters below the extent of previous drilling. This intersection was intended to follow-up on high-grade intercepts of up to 17.8 grams per tonne (g/t) of gold across 1.6 meters in nearby historic drill holes.
Hole NA-21-02 was located 4 kilometers east of hole 1 and drilled to test the extension of an IP anomaly where a previous drill hole had returned results of 0.74 g/t of gold over 20.0 meters including 1.44 g/t of gold over 6.0 meters.
The remaining two holes (NA-21-03 & NA-21-04) were located approximately 1.5 kilometers northeast of hole 1 along a segment of the Spade Lake Gold Zone. Both holes tested the near-surface source of an IP anomaly north of and parallel to the Spade Lake Zone and the continuity of the Spade Lake Zone below previous drilling which was limited to a depth of 150 meters. Previous shallow drilling near NA-21-03 intersected 23.4 g/t of gold across 1.5 meters and 500 meters to the west at hole NA-21-04, previous intersections included 6.1 g/t of gold over 6.0 meters. Both of the current holes intersected broad zones of pyritic rock confirming the source of the targeted deep IP anomalies and possible extension of the Spade Lake Zone.
The Company is pleased with the preliminary, widely-spaced drill holes it was able to complete.
The 2021 program did meet with some technical difficulties associated with early winter conditions and the initial anticipated drill meterage was not achieved. However, all primary targets were intersected in the current program and valuable technical information was gained for future programs.
All sampling has been completed and assays for the 2021 drill program are pending. Final results will be released upon receipt and review by the Company.
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Figure 1: North Abitibi Target Areas
About North Abitibi
North Abitibi is a 10 kilometer long property, covering over 4,200 hectares extending along the "Casa Berardi Break". The Property is located approximately 120 kilometers northeast of the town of Cochrane, Ontario near the Ontario-Quebec border, approximately 40 kilometers west of Hecla's Casa Berardi Gold Mine and approximately 50 kilometers south of Agnico Eagle's Detour Lake Gold Mine. Nearby infrastructure includes power lines servicing the Detour Lake Mine with highway and gravel road access.
NewOrigin holds 100% interest in the North Abitibi claims. The claims are subject to a back in right held by Vista Gold Corp. whereby once NewOrigin has spent $2,000,000 on the property, Vista has the option to earn back a 51% interest by spending $4,000,000 on the property over three years. If Vista declines to back in, Vista's interest will revert to a 3% NSR royalty. NewOrigin may buy back 1% NSR for $1,000,000.
Technical information in this news release has been reviewed by Mr. Mark Petersen, P. Geo. Mr. Petersen is a Technical Advisor to the Company and a Qualified Person as defined by National Instrument 43-101.
About NewOrigin Gold Corp.
NewOrigin Gold Corp. (formerly Tri Origin Exploration Ltd.) is a well-funded, Canadian gold exploration company focused on drill discovery on its North Abitibi and Sky Lake gold projects in the Canadian Shield. NewOrigin's management and board have extensive experience in the delineation and development of gold deposits. Company shareholders include O3 Mining Inc. and Osisko Mining Inc. NewOrigin Gold trades on the TSX Venture Exchange under the ticker "NEWO".
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the intention to complete the foregoing, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the Company's ability to obtain all approvals required in connection with the foregoing, the Company's ability to predict or counteract potential impact of COVID-19 coronavirus on factors relevant to the Company's business failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.