Trillium Gold Signs Definitive Agreement for Acquisition of Contiguous Confederation Lake Land Package, Red Lake, Ontario

Rhea-AI Summary

Trillium Gold Mines Inc. (TGLDF) announced a definitive agreement to acquire Infinite Ore Corp.'s Eastern Vision property in Ontario's Confederation Lake assemblage. This acquisition covers 16,991 hectares and strengthens Trillium's position in the Red Lake Mining District, consolidating over 100 km of favorable geological structures. The agreement involves issuing 4 million common shares and a cash payment of $175,000. Trillium aims to enhance its strategic advantage and exploration capabilities in a highly prospective area for gold mining.

Positive

• Acquisition of 16,991 hectares enhances strategic land position.
• Consolidation of over 100 km of favorable geological structures.
• Strengthens Trillium's dominance in the Red Lake Mining District.

Negative

• None.

VANCOUVER, BC, Dec. 15, 2021 /PRNewswire/ - Trillium Gold Mines Inc. (TSXV: TGM) (OTCQX: TGLDF) (FRA: 0702) ("Trillium Gold" or the "Company") is pleased to announce that it has signed a definitive agreement (the "Definitive Agreement"), following the previously announced non-binding Letter of Intent, to acquire all of Infinite Ore Corp.'s ("Infinite Ore") Eastern Vision property holdings in the Confederation Lake assemblage of the Birch-Uchi greenstone belt in the Red Lake Mining District, Ontario.  (see news release of July 19, 2021.)

The property covers 16,991 hectares between the Fredart, Garnet Lake, Confederation North and Confederation South properties (see Figure below), giving Trillium Gold control over a significant portion of the Confederation Lake assemblage and creating a contiguous land package covering greater than 100 km of favourable structure on trend with Great Bear Resources' Dixie Deposit.

The Definitive Agreement provides for the issuance of 4,000,000 common shares in the capital of Trillium Gold including payment of $175,000 in cash to Infinite Ore. In addition, the Company assumes all of Infinite Ore's cash payment commitments under its existing option agreements, while Infinite Ore retains its share issuance obligations.

The Definitive Agreement is considered a major step in strengthening Trillium Gold's strategic advantage to consolidate the greenstone belt and positions it as the most dominant exploration company in the Red Lake Mining District.

Visit our website at www.trilliumgold.com. 

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 northwestern Ontario. The Company has assembled over 55,000 hectares of lands considered highly prospective for gold, including the Newman Todd project being advanced towards open-pit mining, and one of the most extensive property packages in the Confederation Lake assemblage of the Birch-Uchi greenstone belt.

In addition, the Company has interests in highly prospective properties in Larder Lake, Ontario and the Matagami and Chibougamou areas of Quebec.

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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/trillium-gold-signs-definitive-agreement-for-acquisition-of-contiguous-confederation-lake-land-package-red-lake-ontario-301445141.html

SOURCE Trillium Gold Mines Inc.

FAQ

What is Trillium Gold's recent acquisition about?

Trillium Gold is acquiring Infinite Ore Corp.'s Eastern Vision property to enhance its exploration capabilities in Ontario's Red Lake Mining District.

How much land is included in the acquisition by Trillium Gold?

The acquisition includes 16,991 hectares of land within the Confederation Lake assemblage.

What is the value of the cash payment in the acquisition deal?

Trillium Gold will pay $175,000 in cash as part of the acquisition agreement.

How many shares will be issued in the acquisition by Trillium Gold?

Trillium Gold will issue 4 million common shares as part of the acquisition of Infinite Ore Corp.

What strategic benefits does this acquisition provide to Trillium Gold?

The acquisition consolidates Trillium's control over significant gold-rich areas, thereby enhancing its exploration potential and market position.