Trillium Gold Mines (TSXV: TGM) continues to consolidate the Red Lake region of Ontario. The firm this morning announced that it has finally converted a non binding letter of intent to that of a definitive agreement to acquire certain properties in the district.
With a definitive agreement now in hand, the company is set to acquire the property currently owned by Infinite Ore Corp in the region, known as the Eastern Vision property holdings. The properties are spread across the Confederation Lake portion of the Birch-Uchi greenstone belt, covering a total of 16,991 hectares.
The acquisition is significant for the firm, as it effectively consolidates several of its properties, including the Fredart, Garnet Lake, Confederation North and Confederation South properties. With the closing of the acquisition, the firm now holds over 100 kilometres of contiguous land packages, near to Great Bear Resources’ flagship Dixie project.
The property is to be acquired for 4.0 million common shares of the company, a cash payment of $175,000, and the assumption of commitments under current option agreements.
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Trillium Gold last traded at $0.78 on the TSX Venture.
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