Trillium Gold Closes Acquisition of Willis Property

Rhea-AI Summary

On October 26, 2021, Trillium Gold Mines Inc. (TGLDF) announced the successful acquisition of the Willis Property, comprising 13 patented mineral claims over 229 hectares in Ontario. The acquisition involved a payment of $420,000 and the issuance of 400,000 common shares, subject to a four-month hold period. The property is subject to a 2% net smelter returns royalty, of which Trillium has an option to repurchase 1% for $1.2 million. This strategic acquisition enhances Trillium’s holdings in the Red Lake Mining District and positions the company for future growth.

Positive

• Acquisition increases land holdings in the Red Lake Mining District.
• 100% interest in the Willis Property enhances exploration potential.
• Strategic location near existing properties may yield synergies.
• Right of first refusal on the Royalty could provide future opportunities.

Negative

• None.

VANCOUVER, BC, Oct. 26, 2021 /PRNewswire/ -Trillium Gold Mines Inc. (TSXV: TGM) (OTCQX: TGLDF) (FRA: 0702) ("Trillium Gold" or the "Company") is pleased to report the closing of the previously announced acquisition of thirteen patented mineral claims totalling 229 hectares, collectively known as the "Willis Property". The Property is situated southwest of Trillium Gold's 100%-owned Newman Todd (NT) Property in Todd Township, Red Lake Mining District, Ontario, see Figure 1 below.

Through the completion of payments totalling $420,000 and an aggregate of 400,000 common shares in the capital of the Company which are subject to a four month hold period, Trillium Gold has acquired 100% interest in the Willis Property. The Property is subject to a 2% net smelter returns (NSR) royalty (the "Royalty"), one-half (1%) of which Trillium Gold has the right to repurchase for consideration of $1.2 million, payable in cash or shares. In addition, the Company has a right of first refusal should the holders of the Royalty choose to sell the Royalty in the future.

On behalf of the Board of Directors,
Trillium Gold Mines Inc.

Russell Starr
President, CEO and Director

About Trillium Gold Mines Inc.

Trillium Gold Mines Inc. is a growth focused company engaged in the business of acquisition, exploration and development of mineral properties located in the Red Lake Mining District of Northern Ontario. The Company has been increasing its holdings in the Confederation Lake and Birch-Uchi greenstone belts and has a non-binding LOI to further consolidate its contiguous land assemblage to more than 100 km in length.  In addition, the Company has interests in highly prospective properties in Larder Lake, Ontario and the Matagami and Chibougamou areas of Quebec.

Neither the 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.

FAQ

What is the significance of Trillium Gold's acquisition of the Willis Property?

The acquisition enhances Trillium Gold's holdings and exploration potential in the Red Lake Mining District, crucial for future growth.

How much did Trillium Gold pay for the Willis Property?

Trillium Gold paid a total of $420,000 and issued 400,000 common shares for the Willis Property.

What are the terms of the net smelter returns royalty on the Willis Property?

The property is subject to a 2% net smelter returns royalty, with Trillium holding the right to repurchase 1% for $1.2 million.

When was the acquisition of the Willis Property completed?

The acquisition was completed on October 26, 2021.

What future opportunities does the Willis Property provide for Trillium Gold?

The acquisition allows for potential synergies with existing properties and future exploration activities in a prospective region.