TORONTO, ON, January 22, 2021 – Tashota Resources Inc. (“TRI” or the “Company") is pleased to announce that it has signed a Joint Venture Agreement with Trojan Gold Inc. (“TGI”) in conjunction with the grant of a 50% Participating Interest to TGI in the Hemlo South Property (the “Project”) located in the Hemlo Gold Camp situated in Northwestern Ontario. This agreement was contemplated in a previously announced MOU between the companies. One significant change from the MOU is that TGI was appointed Manager with overall managerial responsibility for all aspects of Operations conducted on the Project (it was originally intended that the parties would jointly manage the Project).
The Project is 350 km east of Thunder Bay and 36 km east of Marathon, Ontario right off the Trans- Canada Highway in the Hemlo Gold Camp and there is all-season access to the property. The Project is adjacent to Barrick’s Hemlo property and is approximately 1,200 metres from the Williams open pit and underground mine.1 For reference, the Hemlo Gold camp has produced some 21 million oz gold over the past 30 years and is still producing today.2
During May-July 2020, limited prospecting and a Mobile Ion Geochemistry (MIG) Soil Orientation Survey were performed on the Hemlo South property for the purpose of identifying potential drill targets and the resulting report was submitted to the Company in September 2020. The report concluded that the prospecting was successful in locating at least three sheared, pyritic horizons. Moreover, the soil geochemistry was very successful in that several strong gold and/or silver anomalies were obtained in three areas, all in the eastern part of the property and one on the west side. Consequently, further investigation and prospecting was recommended.
Charles Elbourne, President and CEO of the Company stated: “The grant of the 50% interest in Hemlo South and the resulting joint venture agreement with TGI provides for Tashota to receive shares in TGI as well as reimbursement for some of its prior cash payments to the optionor. In addition, TGI will incur or reimburse Tashota for work requirements at the property for a total of $250,000. This transaction allows Tashota to enjoy the upside inherent in the Hemlo South property (as well as TGI’s 12,000-acre Watershed property located in the Shebandowan Greenstone Belt) while recovering costs incurred to date at Hemlo South and limiting the downside risk of the project going forward.”
About Tashota Resources Inc.
Tashota Resources Inc. (“TRI”) is a Prospect Generator junior resource Exploration Company currently focused on defining and monetizing the mineral deposits on its multiple properties that cover nearly 45,000 acres in historically prolific gold camps in Northern Ontario. TRI has a stellar management and advisory team with significant exploration, engineering, project financing and permitting experience, including decades-long experience in prospecting and mining operations in the Hemlo, Shebandowan, and Beardmore-Geraldton Gold Camps where TRI has significant property interests.
1 The Company cautions the reader that proximity to Barrick’s property is no guarantee of similar geological merit.
2 Barrick reports that it has 1.5 million oz Au of proven & probable reserves, 3.3 million measured & indicated oz Au resources and 900,000 oz Au inferred resources (https://www.barrick.com/English/operations/hemlo/default.aspx).
ON BEHALF OF THE BOARD,
Charles J. Elbourne, President & CEO
For further information, please contact:
Charles J. Elbourne, President & CEO,
Tashota Resources Inc.
82 Richmond St. E. Suite 401, Toronto, ON M5C 1P1
Mobile: 416-315-6490 | Office: 647-350-6122 | Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.tashotaresources.com
Cautionary Note Regarding Forward-Looking Statements and Information
This release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward- looking statements include, but are not limited to, statements regarding the impact and implications of drill results of the Company; the timing and amount of estimated future exploration and success of such exploration activities; and the anticipated results of the Company's plan to develop and implement a drill program at its Hemlo South property. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "schedule", "estimates", "forecasts", "intends", "continue", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are made based upon certain assumptions and other important facts that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, currency fluctuations, the global economic climate, dilution, share price volatility and competition. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact the COVID 19 pandemic may have on the Company's activities and the economy in general; the impact of the recovery post COVID 19 pandemic and its impact on precious metals; there being no assurance that the exploration program will result in expanded mineral resources; risks and uncertainties inherent to any mineral resource estimates; receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future gold and other metal prices; accidents, labour disputes and shortages; environmental and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ material ly from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
In presenting this information, Tashota Resources Inc. is not making an offer to sell nor soliciting an offer to buy any securities, certifying the completeness or accuracy of this information, or assuming that the recipient is qualified to consider this opportunity. Accordingly, this document does not and is not intended to comply in any manner with any United States or Canadian securities or disclosure laws or requirements. Prior to making or soliciting any such offer, the Company will provide access to such information and will comply with the requirements of applicable securities laws.
SOURCE: Tashota Resources Inc.
