VANCOUVER, BC, Aug. 30, 2021 /PRNewswire/ – Trillium Gold Mines Inc. (TSXV: TGM) (OTCQX: TGLDF) (FRA: 0702) (“Trillium Gold” or the “Company”) is pleased to announce that it has signed an agreement to acquire thirteen contiguous patented mineral claims for a total of 229 hectares, collectively known as the “Willis Property”, situated southwest of and contiguous to Trillium Gold's Newman Todd (NT) Property in Todd Township, Red Lake Mining District, Ontario. (See figure 1).
Russell Star, CEO of Trillium Gold commented, “The Willis Property represents an important addition to Trillium's property package in the western Red Lake area. It covers both the southwest extension of the NT Zone as well as other ground proven to be highly prospective for gold with visible gold noted in outcrop sampling. As with the NT Property, the Willis Property displays many similarities to the major gold mines to the east: namely rock types, structures, mineralization and alteration. Despite these attributes, the property has seen very little exploration since the 1930's and is one of the few remaining unexplored properties in the Red Lake greenstone belt.”
The Willis Property consists of thirteen contiguous patented mineral claims encompassing 229 hectares. Upon completion of the transaction, Trillium Gold will acquire 100% interest in the Property, subject to a 2% net smelter returns (NSR) royalty (the “Royalty”), by completing payments totalling $420,000, and an aggregate of 400,000 common shares in the capital of the Company. The common shares will be subject to a four month hold period pursuant to applicable securities laws. Trillium Gold has the right to repurchase one-half of the Royalty (1%) for consideration of $1.2 million, payable in cash or shares. In addition, the Company has a right of first refusal should the holders of the Royalty choose to sell the Royalty in the future.
The technical information presented in this news release has been reviewed and approved by William Paterson QP, PGeo, VP of Exploration of Trillium Gold Mines, as defined by NI 43-101.
Visit our website at www.trilliumgold.com.
On behalf of the Board of Directors,
Trillium Gold Mines Inc.
President, CEO and Director
About Trillium Gold Mines Inc.
Trillium Gold Mines Inc. is a growth focused company engaged in the business of acquisition, exploration and development of mineral properties located in the Red Lake Mining District of Northern Ontario. The Company has been increasing its holdings in the Confederation Lake and Birch-Uchi greenstone belts and has a non-binding LOI to further consolidate its contiguous land assemblage to more than 100 km in length. In addition, the Company has interests in highly prospective properties in Larder Lake, Ontario and the Matagami and Chibougamou areas of Quebec.
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 contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Trillium Gold Mines Inc.