Trius Completes Purchase of Gander West Property Near New Found Gold’s Queensway Project

FREDERICTON, New Brunswick, Sept. 21, 2020 (GLOBE NEWSWIRE) -- Trius Investments Inc. (TSXV: TRU) (“Trius” or the “Company”) is pleased to announce that, further to its press release dated September 9, 2020, it has completed the indirect purchase of a mineral license (the “Transaction”) for the Gander West exploration property in Newfoundland (the “Gander West Property”), along with all related permits and technical data (collectively, the “Purchased Assets”).

The Gander West Property consists of 120 claims covering 3,000 hectares of prospective ground, and is located approximately 16 kilometres (km) from the centre of New Found Gold Corp.’s Queensway Project, where that company recently drilled 92.86 grams/ton (g/t) of gold (Au) over 19.0 metres (source: newfoundgold.ca/project/Queensway-project).

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b0291be8-7bf5-41e8 ...

The Gander West Property is mostly unexplored and is located in the midst of a well known gold belt, along a strong NE-SW structural lineament within a magnetic-low corridor, and immediately south of a prominent magnetic-high anomaly. High-grade gold occurrences (>50g/t Au in grab samples) occur in quartz veins 2.5 km southwest of the Gander West Property.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/492cc810-5839-4140 ...

The Gander West Property is already permitted for exploration, including ground geophysics, geochemical surveys, and prospecting.

Trius’ President and CEO Joel Freudman commented: “We’re very pleased to have acquired the Gander West Property, which we believe has meaningful exploration potential given the limited work there to date. While we determine how best to build value from the Gander West Property, we’ll also be looking at expanding our footprint in this region and across Newfoundland to build an asset package that we believe can generate returns within our portfolio for our shareholders.”

The Transaction has been closed in escrow, pending Newfoundland governmental registration of the transfer of certain Purchased Assets to Trius. As previously disclosed, the vendors of the Purchased Assets (the “Vendors”) received the following consideration for the Purchased Assets: (i) the issuance by Trius of an aggregate of 2,000,000 common shares in the capital of Trius at a deemed price of $0.19 per share; (ii) the payment to certain of the Vendors of an aggregate of $25,000 in cash; and (iii) the granting to certain of the Vendors of a 3.0% net smelter returns royalty from any future mineral production at the Gander West Property. The Company also reimbursed certain of the Vendors’ non-material staking costs.