VANCOUVER, BC, Aug. 30, 2021 /CNW/ - 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.
Russell Starr
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/trillium-gold-to-acquire-key-land-package-in-red-lake-mining-district-ontario-301364872.html
SOURCE Trillium Gold Mines Inc.
