Tri Origin sees resource grow at Lewis Ponds

Following a re-evaluation of previous drilling results, Tri Origin Exploration (TOE-T) has boosted the resource base at its Lewis Ponds project in Australia.

Situated 200 km west of Sydney in New South Wales’ Lachlan fold belt, Lewis Ponds is an undeveloped volcanogenic massive sulphide deposit that was previously estimated to contain 3.7 million tonnes grading 3.2 grams gold and 147 grams silver per tonne, plus 5.17% zinc, 3.31% lead and 0.23% copper.

However, based on the re-evaluation, Tri Origin now estimates the deposit contains an indicated resource in two zones of 5.7 million tonnes grading 1.9 grams gold, 97 grams silver, 3.4% zinc, 2% lead and 0.19% copper.

Furthermore, Tri Origin has identified new targets adjacent to the main resource.

The company says a reinterpretation of results from more than 30,000 metres of drilling indicates that there are numerous fold repetitions to the known mineralization.

Although all the indicated resource is contained in one shoot, drilling has identified three additional parallel shoots in the Main zone. One such shoot, No. 2, contains 42 metres grading 2.8 grams gold, 108 grams silver, 4.7% zinc, 3.8% lead and 0.17% copper.

Tri Origin will next attempt to delineate mineralization in these newly identified shoots.

Tri Origin is considering a public offering, on the Australian Stock Exchange, of its 98%-owned Australian subsidiary, which wholly owns the Lewis Ponds property.

In addition to a previously reported $370,000 financing from Australian sources, Tri Origin has also arranged two private placements totalling $302,000. The first is a placement of 800,000 shares at 19 per share and the second is a placement of 882,354 units at 17 per unit. Each unit consists of one share and half a warrant, with a full warrant entitling the holder to buy another share for 30 over an 18-month period.