Trillium Gold Mines (TSXV: TGM) this morning announced further significant increases in its landholdings across the Red Lake region, as well as the entrance into the Larker Lake, Ontario, and Matagami and Chibougamou, Quebec mining districts. Within Red Lake alone, the company as a result has increased its landholdings by a further 7,939 hectares.
Within Red Lake, the additional land has been acquired in both the Confederation Lake Greenstone Belt and the Birch-Uchi Greenstone Belt region of the district. At Confederation Lake, the company has acquired the Karas Lake property which comprises of a total of five claims covering 2,222 hectares, where the company will seek to identify gold targets.
No previous exploration work has been documented on the property, with the region being flanked by the Bruce Lake Stock to the northwest, while the Bluffy Lake Batholith is to the southeast of the property. The company has indicated it intends to look for LP Fault and Musselwhite type mineralization.
Also acquired within the Confederation Lake belt is the Gerry Lake property, which is located between the firms Joy and Copperlode properties, making the claim package one contiguous property. Two claims were acquired here, covering a total of 836 hectares.
Within the Birch-Urchi Belt, the company has acquired a total of two separate properties. First is the Satterly Lake property, which is 90 kilometres east of Red Lake and comprises of 8 claims covering a total of 3,049 hectares. While relatively unexplored, the Grace Lake Deformation intersects a portion of the property, while multiple historical mines are located near-to the property, with the potential for strike to run on to the property. 1.5 kilometres to the west lies the historic Sol D’Or Mine, which was operational in the 1930’s, while 1 kilometre to the north if the Hanson Gold Occurrence. A historical estimate from the government in the 1930’s estimates at least 7,770 tonnes at 19.5 g/t gold as being present on the property.
Second is the Swain Lake property, which consists of 46 claims covering 1,832 hectares. The property is 8 kilometres northwest of the First Mining Springpole Lake property, which currently has a resource estimate from November 2019, which contains an indicated resource of 4.67 million ounces of gold and 24.19 million ounces of silver. The property currently has nine kilometres of the Swain Lake Deformation Zone, which has numerous gold occurrences documented. The property has three nearby mines as well as an additional notable resource nearby.
Outside of the Red Lake region, Trillium has acquired the Larder Lake Property, situated in the Larder Lake Gold Camp. Here, the new property amounts to 4,630 hectares over 14 claims, which notably contains 12 kilometres of strike of the Misema-Mist Lake Fault, and two additional cross structures 4 kilometres in length. The property is bordered by the Ontario-Quebec border on its eastern boundary.
Included on the Larder Lake property is the Ossian Prospect’s easterly and westerly extensions, which in the late 1920’s and early 1930’s saw a shaft sunk to 64 metres, as well as mine development on two levels. Vein assays from channel sampling have measured as high as 21.5 g/t gold.
Out in Quebec, Trillium Gold has acquired three properties in total, consisting of the SW Fenelon, Jamesie, and Opawica properties. At Fenelon, the company has picked up 25 claims that cover 3,459 hectares, with Soquem being contiguous to the northern boundary. Wallbridge Mining and Midland Exploration are due west as well, while Yourbeau Exploration is located to the east.
Jamesie consists of 4,062 hectares across 73 claims, located 160 kilometres north of Val d’Or. The property straddles highway 109, with Eldorado Gold being contiguous to the west and Midland Exploration contiguous to the South. Limited exploration has occurred on the property historically.
“With a robust treasury, a 35,000 meter drill program and exceptional green field exploration potential, Trillium Gold is positioned to be a dominant player in the world-class Red Lake gold district which will be the main driver for shareholder value.”Russell Starr, CEO of Trillium Gold
Finally is the Opawica property, which consists of 33 claims and 3,667 hectares, while being located 67 kiloemtres southwest of Chibougamau. The major neighbour here is BTM Corporation, whom owns a large land package between the property and IAMGOLD’s Monster Lake deposit.
The properties have been acquired by Trillium via an option agreement with the vendors. Under the arrangement, Trillium is to pay $618,200 over three years, along with the issuance of 410,000 shares of the company. A 1.5% net smelter fee has also been applied to each property, which can see 50% repurchased for a fee of $500,000 per royalty.
Further data on the properties acquired can be found here.
Trillium Gold last traded at $1.49 on the TSX Venture.
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