Trillium Gold Mines (TSXV: TGM) this morning reported the three latest drill results from its ongoing drill program at the Rivard Property in the Red Lake region of Ontario. Highlight intercepts from the results include 129.79 g/t gold over 1.30 metres.
The company has indicated that visible gold has been observed in each hole drilled, with the company gaining the understanding of the property to state that they have increased “predictability of gold-hosting veins downhole.” The holes represent the first of a series of drill holes that were focused on the high-grade gold veining on the property.
The holes were drilled to depths beyond two hundred metres, with known gold now being contained within the structure. The company as a result expects to be able to have the proficiency to predict targets for higher grade mineralization within the vein system.
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Highlights from the drill results include:
- RV21-28: 5.59 g/t gold over 1.00 metre, 7.74 g/t gold over 0.30 metres
- RV21-29: 129.79 g/t gold over 1.30 metres
- RV21-30: 9.58 g/t gold over 0.80 metres, 9.58 g/t gold over 0.90 metres
“This is a major new discovery for Trillium. Historically the Rivard family had produced enough gold off the Rivard property to survive for three decades. While we knew there was gold in quartz veins, to encounter such high grade in our first drill program is an exceptional outcome for both our technical team led by Bill as well as for our shareholders. This intersection further substantiates the tremendous potential for Newman Todd to become the next mining operation in Red Lake.”
Russell Starr, CEO of Trillium Gold
The announcement this mornings follows the news that the company yesterday closed an oversubscribed private placement. The financing saw the company raise gross proceeds of $5.0 million, with proceeds to be used to advance the firms numerous Red Lake, Ontario properties.
Trillium Gold last traded at $0.96 on the TSX Venture.
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