Vancouver, British Columbia, April 5, 2022 (GLOBE NEWSWIRE) — Trillium Gold Mines Inc. (TSXV: TGM, OTCQX: TGLDF, FRA: 0702) (“Trillium Gold” or “Company”) is the Uchigold Project (“Trillium Gold” or “Company”). Two purchase option agreements have been signed for the “Uchigold Agreement”) and the Satari Gold Project (“Saturary Gold Agreement” and “Uchigold Agreement”), with a 100% split for each area within the Confederation Greenstone Belt. Not interested.
The agreement is seen as an important step in strengthening Trillium Gold’s strategic goal of integrating the Confederation Belt and the Birchuchi Greenstone Belt and positioning it as the most dominant exploration company in the Red Lake Block. ..
The Washington Agreement consists of 182 unpatented mining claims that are directly adjacent to the land location of our Union Belt and cover 4,189 hectares adjacent. The Satterly Gold Agreement consists of five unpatented mining claims covering 565 hectares adjacent to our Satterly Lake property located northeast of the Federal Belt Land Package.
The deposit assets consist of adjacent complementary Lost Bay, Fly East and Leg Lake mining claims, expanding the company’s existing collection of confederation belt assets northeast towards Satary Lake assets and trillium. It is added to the already dominant position of the advantageous structure of over 100km. Kinross Gold Dixie deposit trends (see Figures 1 and 2 below).
The FlyEast and LegLake properties had limited reconnaissance-type exploration in the past, primarily base metal exploration in the 1970s and 1980s, with only eight drill holes on the property. Platinum group mineralization was investigated in the early 2000s with results of up to 1 g / t PGM and 1.8% copper.((((1) Some minor gold explorations were carried out in Fly East, but only as carryovers from the Bobjo mine in the north and the inner mine in the east. Both properties include structures and lithologies suitable for both gold and base metals.
The Lost Bay Property is located near the historic Bobjo mine, which produced 362 ounces of gold in 1929.(2).. Lost Bay properties include NE-SW-prone felsic and mafic volcanic rocks with gold mineralization that appear to follow the west-northwest priority, corresponding to the direction of D2 deformation within the Red Lake area. increase. In the mid-1930s, several gold explorations were carried out with base metals targeting similar South Bay mines, but these D2 structures were not considered important in the base metal context and were of trillium gold. It will be an important exploration strategy. This property is promising for gold, base metals (copper / zinc), and PGM.
Satterly Gold Agreement
The Satterly Lake property consists of 28 claim cells with 5 claims covering 565 hectares. The area has been sporadic exploration since the 1930s, and gold exploration again in the 1990s and 2009. The area is covered with various types of rock, including mafic rocks, invaders, sediments and lamprophyre dikes. Cominco ran a sampling program up to the local foundation in the northeast corner of the property and received some anomalous results (see Figure 2 below).
Deposit agreement: In order to comply with the Uchi Gold agreement and keep the options underneath in good condition, Trillium Gold will need to pay a total of $ 115,000 over three years, issue a total of 300,000 shares of common stock and grant the vendor 2.0. there is. % Pure Smelter returns the royalties of each purchased asset. We reserve the right to repurchase 50% (1.0%) of each royalty by paying the holder a total of $ 1,000,000.
Satterly Gold Agreement: In order to comply with the Satterly Gold agreement and keep the options underneath in good condition, Trillium Gold will need to pay a total of $ 63,500 over three years, issue a total of 100,000 shares of common stock and grant the vendor 1.5. there is. % Pure Smelter returns the royalties of each purchased asset. We reserve the right to repurchase 50% (0.75%) of each royalty by paying the holder a total of $ 500,000.
Common stock that can be issued under the above agreement is subject to a four-month holding period in accordance with applicable securities law. Completion of the transaction intended in the contract requires TSXV approval.
The technical information presented in this news release has been reviewed and approved by William Paterson QP, P. Geo, Vice President of Exploration for Trillium Gold Mines, as defined in NI 43-101.
(1) Evaluation Record 52N02SE2014, Report on Magnetic and Horizontal Loop EM Survey, Leg Lake Project, First Au Strategies Corp, 2003
(2) Paterson, WPE, Ravnaas, C., Lewis, SO, Paju, GF, Fudge, SP, Daniels, CM and Pettigrew, TK2020. Activity Report 2019, Resident Geologist Program, Red Lake Regional Resident Geologist Report: Red Lake and Kenora District; Ontario Geological Survey, Open File Report 6363, 112p.
Figure 1: Properties of Uchigold Options
Figure 2: Uchi and Satterly Gold Optional Properties
On behalf of the board of directors
Trillium Gold Mines Inc.
Chairman, President and Chief Executive Officer
For more information, please contact Donna Yoshimatsu, VP Corporate Development and Investor Relations (dyoshimatsu @ trilliumgold.com, (416) 722-2456, or firstname.lastname@example.org).
Visit our website at www.trilliumgold.com.
About Trillium GoldMines Inc.
Trillium Gold Mines Inc. is a growth-focused company engaged in the acquisition, exploration and development of mineral assets in the Red Lake mining district of northern Ontario. As part of a regional integration strategy, we have assembled the largest future land packages in and around the Red Lake mining area near major mines and deposits, and the Confederation Lake and Birchuchi’s Greenstone Belt. Recent examples include the acquisition of Willis’ assets southwest of the Newmantodd Complex and a final agreement to allow the company to control most of the Confederation Lake Greenstone Belt over 100km in length. In addition, we are interested in promising properties in Larder Lake, Ontario.
Neither the TSX Venture Exchange nor its regulatory service provider (the term is defined in the TSX Venture Exchange Policy) is responsible for the validity or accuracy of this release.
Precautions regarding future prospects
This news release contains information about the future outlook. This includes known and unknown risks, uncertainties, and other factors that may cause actual events to differ materially from current expectations.
Information about the future outlook is based on management’s reasonable assumptions, estimates, expectations, analysis and opinions. These are based on management’s experience and perception of trends, current and expected developments, and other factors that management believes are relevant and rational. However, this can turn out to be incorrect. Such factors include, among others: Impact of global turmoil caused by the outbreak of the Covid-19 coronavirus, risk of business integration. Fluctuations in general macroeconomic conditions; Fluctuations in securities markets; Fluctuations in spot and futures prices of gold or other specific commodities. Changes in national and local governments, laws, taxes, regulations, regulations, and political or economic development. Risks and hazards associated with mineral exploration, development and mining operations (including environmental hazards and occupational accidents). Inability to obtain adequate insurance to cover risks and risks. Existence of laws and regulations that may impose restrictions on the mining industry. Relationships with Employees; Relationships and Claims with Communities and Indigenous Peoples. Availability of increasing costs associated with mining inputs and labor. The speculative nature of mineral exploration and development (including the risk of obtaining the required licenses, permits and approvals from government authorities); property titles.
Readers are careful not to place undue reliance on these forward-looking statements that are stated only as of the date of this press release. We disclaim any intention or obligation to update or revise any forward-looking statement as a result of new information, future events, etc., except as required by law.
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Trillium Gold Signs Purchase Option Agreement to Expand Land Location in Red Lake, Ontario, Canadian Business Journal
Source link Trillium Gold Signs Purchase Option Agreement to Expand Land Location in Red Lake, Ontario, Canadian Business Journal