The claims owned by Trillium Gold Mines (TSXV: TGM) appear to just keep on growing. The company this morning announced that it has acquired a further thirteen contiguous patented mineral claims in the Red Lake district of Ontario. The latest claims are significant for the company, in that they are southwest of the firms flagship Newman Todd property.
Covering a total of 229 hectares, the latest land claims have seen little exploration since the 1930’s despite reportedly contained similar geological signatures as those of major discoveries in the region. CEO Russel Starr highlights this by stating, “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.”
The property was acquired by the firm via a combination of cash and shares, as well as a 2% net smelter returns royalty on the land, the latter of which can be reduced to 1% in exchange for $1.2 million. A total of 400,000 common shares of the issuer will be issued in exchange for the property, with cash payments totaling $420,000 also to be made.
“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.”
Russell Star, CEO
Trillium Gold last traded at $0.74 on the TSX Venture.
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