- Structurally and geologically similar to Great Bear's LT
Fault Zone
- Adding just over 15,000 hectares of prospective
property
- Expanding the contiguous land package at the Leo Property to
approximately 23,000 hectares
- Targeting high grade gold mineralization in magnetite
depleted felsic rocks in a traditional VMS terrane similar to the
LP Gold Zone; and
- Targeting high grade gold in metasedimentary rocks similar
to those of Newmont's Éléonore Mine
VANCOUVER, BC, Nov. 24, 2020 /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 a 100% interest in the Confederation Lake
Properties ("Confederation Belt") from Pistol Bay Mining Inc.
consisting of nearly 15,000 hectares. The purchase price for the
Confederation Belt properties is $500,000 in cash and $1,250,000 of Trillium Gold Shares, based on the
5 day VWAP of the Trillium Gold Shares 2 business days prior to the
Closing Date. The completion of the transaction is subject to the
approval of the TSX Venture Exchange.
The discovery of gold mineralization in these particular rock
units is a very recent discovery and realization in this region. In
2019, Great Bear Resources was the first to discover significant
gold mineralization associated with the felsic volcanics in the
camp, previously untested and ignored given that it was not known
as the typical host rock in the Red Lake Gold Camp. The discovery
of gold mineralization in this rock type has resulted in a new
understanding and developments associated with geological
exploration in the camp. Great Bear's discovery of the LP
Gold Zone at the Dixie Project is nearly 4km long with a low grade
halo up to 400m wide. We believe the
Confederation Lake Properties we have acquired have similar
geological and structural characteristics as at Great Bear's LP
Zone.
Trillium Gold plans to target breaks within the mag high areas
on the newly acquired claims, along strike from VMS style
mineralization and in close proximity to deformed meta-sedimentary
rocks with characteristics similar to those of the geological
marker sequence identified at the LP Fault.
Russell Starr, CEO of Trillium
Gold comments "The possibility for these newly acquired claims to
have the potential of hosting economic mineralization is exciting
for the company. Trillium Gold continues to execute on its strategy
of becoming a major player in the Red
Lake district. These properties, in the Confederation
greenstone belt, have similar geology to Great Bear's Dixie
project. The prospect of potentially finding another Dixie in this
land package is tremendously exciting for Trillium Gold's
shareholders."
Figure 1 Location of the Confederation Belt & Pakwash
properties relative to Great Bear's Dixie Gold Property.
Confederation Belt Properties
Lucky, Fly and Moth Properties
The Lucky, Fly and Moth ("LFM") properties cover an area of
approximately 9,000 hectares and extend over an 18 kilometre
stretch of the Confederation greenstone belt to within 1.5 km of
the former producing South Bay
zinc-copper-silver mine. The prospective felsic volcanics
identified adjacent to the LP Fault Gold Zone are interpreted on
the 2017 VTEM airborne survey to continue on the LFM properties. In
this area, more than 7,000 rock samples from outcrop and drill core
were analysed for major and traces elements, but less then 2,000 of
these samples were analysed for gold.
The property was previously explored by Selco Mining Corp.,
Placer Dome Inc., Kerr-Addison
Mines, St Joseph Explorations Ltd., Minnova Inc./Inmet
Mining and Noranda Inc. at various times between 1967 and 1999.
Historical exploration has included approximately 90 diamond drill
holes and identified numerous zinc-bearing sulphide zones across
the claims, including the Wasp Lake, Fly Lake, Trippier, Culvert,
Moth and Road Zones.
Joy
The more than 3,300 hectare Joy property covers over 13km of
prospective felsic volcanics of the Confederation greenstone
belt.
A 48 metre diamond drill hole was drilled in the vicinity of the
conductor (exact location unknown) in 1970 by Caravelle Mines Ltd.
It intersected a variety of metavolcanic rocks exhibiting intense
alteration of the type associated with Volcanogenic Massive
Sulphide (VMS) deposits. It also intersected calc-silicate rocks
suggesting that the property may lie at the same stratigraphic
horizon as the Dixie zone, 11 kilometres to the west.
The Joy property covers five separate mineralized VMS zones that
lie on two parallel horizons. The Diamond Willow Zone has a
historical resource estimate of 270,000 tonnes grading 4% zinc plus
copper (Pistol Bay Mining Inc. Press Release dated February 16, 2017). No mineral resource,
historical or otherwise, has been calculated for any of the other
four zones.
The qualified person has not done sufficient work to classify
the historical estimate as a current mineral resource and the
issuer is not treating the historical estimate as a current mineral
resource.
Copperlode East
Augmenting the recently acquired Copperlode West claims,
Trillium Gold has added another 850 hectares that covers
prospective geology in and around the Copperlode East and Joy
claims blocks.
Pakwash (Leo Extension)
The 2,175 hectare Pakwash Lake project is located in the Cabin
Bay Area of the Red Lake Mining District southeast of Great Bear
Resources' Dixie project. The property is accessible by old
forestry access roads leading from provincial highway 105, as well
as by boat via Pakwash Lake and the Chukuni and English Rivers. It
is contiguous to Trillium Gold's 100% owned, 20,650 hectare Leo
property – bringing the combined area to nearly 22,850 hectares and
covering a strike length of 40km of rocks similar to those of the
Eeyou Istchee/James Bay belt in
North Eastern Quebec.
The property lies in an area of metasedimentary rocks of the
English River sub-province, including a variety of granitoid
intrusives, and is situated just to the south of a major structural
zone called the Sydney Lake Fault. Metasedimentary terrains in the
vicinity of major structures, once considered to have low mineral
potential, have been the site of recent gold discoveries such as
Newmont's Éléonore mine in northern Québec, the Curraghinalt gold
deposit in Northern Ireland, and
the Valentine Lake gold deposit in Newfoundland.
"These newly acquired Confederation Lake claims potentially hold
unidentified gold deposits not previously identified during
historical base metal exploration" states William Paterson, Trillium Gold's Vice President
of Exploration "We are looking forward to unlocking this
potential and finding the next Dixie
Lake style deposit".
Data compilation and target generation is already underway on
the newly acquired properties.
Figure 2 Location of the Trillium Gold Properties in the
Red Lake District.
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.
On behalf of the Board of Directors,
Trillium Gold Mines Inc.
"Russell Starr"
Russell Starr
President, CEO and Director
About Trillium Gold Mines Inc.
Trillium Gold Mines
Inc. is a British Columbia based
company engaged in the business of acquisition, exploration and
development of mineral properties located in the highly prospective
Red Lake Mining District of Northern
Ontario.
Disclosure and Caution
Completion of the
transaction is subject to a number of conditions, including TSX
Venture Exchange acceptance. The transaction cannot close until the
required conditions are satisfied and required approvals are
obtained. There can be no assurance that the transaction will be
completed as proposed or at all. Trading in the securities of the
Company should be considered highly speculative. The TSX Venture
Exchange has not reviewed or approved the terms to the
Transaction.
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.
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SOURCE Trillium Gold Mines Inc.