/ REHEARSAL – Trillium Gold Acquires Major Land Position in the Confederacy Greenstone Belt of Red Lake /
Bill paterson, Vice President of Exploration comments “Most of the properties we have entered into to acquire in the Confederation Greenstone Belt have been explored primarily for base metals in the past. Many operators have ignored many occurrences of gold mineralization or have never analyzed the gold. This acquisition presents an opportunity to explore a large set of rocks with a high potential for gold accommodation in the Birch-Uchi greenstone belt. The structural corridor, which is associated with the Great Bear’s Dixie Project, appears to be continuous along this stratigraphy and fault structures similar to those of the Moose and Caribou Creek blocks. We are seeing similar characteristics on the Copperlode West claims that we also acquired.
Russel starr, CEO of Trillium Gold comments, “The lots of land being acquired are promising exploration targets given that they are located along and near the structural corridor that includes the Great Bear Dixie Lake project. . ”
Trillium Gold will pay CA $ 180,000 and issue 200,000 Trillium gold shares and 200,000 warrants exercisable for a period of 2 years and having an exercise price of CA $ 5.00 under the acquisition contract. Completion of the acquisition is subject to the approval of the TSX Venture Exchange.
There is a high probability that Great Bear Resources’ Dixie project is located along the Confederation-Balmer contact. The high-strain structural zone harboring LP Fault mineralization is traceable from the Dixie property eastward based on regional aeromagnetic data, through Confederation favorable rocks of the Birch-Uchi Greenstone Belt. It is suggested that this relationship exists for many fault flares intersecting the Confederation Greenstone Belt.
The LP fault target on the Great Bear Resources Dixie Project would contain high grade gold mineralization controlled by structural and geological contacts, with lower grade disseminated gold around and on the flanks of the high grade intervals. The dominant gold stratigraphy consists of felsic and sedimentary volcanic rock units. Trillium Gold believes that the same stratigraphy in the Dixie LP fault target is also present on the Moose and Caribou Creek blocks as well as on the Copperlode West claim block, hence the Company’s interest in these newly acquired claims and very promising.
The Moose Creek and the Caribou Creek claim blocks are contiguous to a former Noranda property containing the Dixie 18 deposit with a historic non-NI 43-101 resource reported by Noranda to be 110,000 tonnes (99,820 tonnes) grading 0.5% Cu and 12.5% Zn at a depth of 150m. These properties also seem to lie along the “Mine Trend” which houses the Cochenour and the Red Lake mines operated by Evolution Mining. There is excellent road access to the eastern and western ends of the claim blocks.
Historic drilling on the Moose Creek The Inco claims returned 0.33% Cu and 1.17% Zn over 2 meters in hole BH 79637. No gold analysis was reported. Additionally, Selco drilled 0.96% Cu and 3.22% Zn over 1.2 feet as well as 0.69% Cu and 1.11% Zn over 2.2 feet in hole 150-8-1. These are the only holes drilled on the Moose Creek complaints.
On the Caribou Creek claims, 6 historic holes were drilled by Lightval Mines and Selco. The four holes at Lightval Mines include a total of 633.3 m drilled, but only 15 samples were collected. Of these samples, two showed anomalous gold values below 200 ppb Au.
The Moose and Caribou Creek claim blocks lie northwest of the Otter property, where Portofino Resources recently sampled gold-bearing quartz veins near surface sulphide mineralization.
The Copperlode West claim block is contiguous to the east with the Joy zone, the Creek zone, the south zone, the Caravelle zone and the Diamond Willow zone.
The Joy Zone is a volcanogenic massive sulphide dominated by copper. It has been tested by 8 historic drill holes. The results included 4.01% Cu over a core length of 3.35 meters and 3.21% Cu over a core length of 4.91 meters.
The Diamond Willow Zone is a massive copper-zinc sulphide zone. It was intersected by six historic holes, with results including 2.26% Cu and 1.81% Zn over 4.20 meters and 1.24% Cu and 0.98% Zn over 5.35 meters.
The Caravelle zone was tested by drilling in the 1960s. The best results included 0.22% Cu and 4.44% Zn over 1.07 meters and 0.92% Cu and 1.01% Zn over 1.22 meters. in the same poll.
The Creek zone was drilled by Noranda Exploration in 1994, intersecting 1 meter of 1.37% Cu, 0.16% Zn, 5.8 g / t Ag and 0.98 g / t Au. This included 0.5 meter of 1.8 g / t Au.
East of the Copperlode West blocks is the Copperlode “E” zone, with a historic non-NI 43-101 resource reported by Noranda to be 110,000 tonnes at 1.02% Cu, 8.28% Zn and 0.39% Ag.
The Confederation assembly dominates both the Red Lake and the Birch-Uchi greenstone belts. The rocks include younger Archean volcanic rocks of the shallow to subaerial Sea Arc on an older Archean continental margin with more recent tholeiitic basalts. The assemblage is characterized by extensive shallow to subaerial intermediate to mafic marine calc-alkaline volcanism. Felsic to intermediate volcanic rocks include various tuffaceous facies, massive to pillow andesites, with minor fine clastic sediments.
The Confederacy assemblage lies unconformably atop Balmer Rocks (the main host of the red lake gold mineralization) with the angular unconformity usually covered by the late Confederation Huston clastic assemblage. The vast majority of Red Lake mineralization is located a short distance from this unconformity.
The technical information presented in this press release has been reviewed and approved by William Paterson QP, PGeo, VP of Exploration for Trillium Gold Mines., As defined by NI 43-101.
Trillium Gold also reports that it has granted incentive stock options, exercisable to purchase up to a total of 1,125,000 shares of the Company, to officers and consultants of the Company in accordance with the Plan. stock options of the Company (the “Plan“). The options are all exercisable at a price of $ 1.70 per share up to 20 October 2025, subject to any early termination in accordance with the Plan. The grant of options is subject to regulatory approval.
Trillium Gold also announces that following its press release from July 3, 2020, the Company settled a total of $ 458,100 of debt (the “Debt“) relating to advisory services provided by two arm’s length creditors (the”Debt Settlement Actions“). Pursuant to the Debt Settlement Actions, the Company issued to creditors a total of 497,934 common shares in the capital of the Company (the”Actions“) at a deemed price of $ 0.92 by Action. The debt settlement actions were approved by the TSX Venture Exchange on October 8, 2020.
The Company negotiated the shares for debt settlement in light of the Company’s current working capital situation and in order to preserve capital to fund the continued development of the Company’s mining projects.
All securities issued under the Debt Settlement Shares are subject to a legal holding period expiring on February 9, 2021 in accordance with applicable securities legislation.
On behalf of the Board of Directors,
Trillium Gold Mines Inc.
President, CEO and Director
About Trillium Gold Mines Inc.
Trillium Gold Mines Inc. is a British Columbia company based in the sector of acquisition, exploration and development of mineral properties located in the very promising mining district of Red Lake in Northern Ontario.
Disclosure and warning
Completion of the transaction is subject to a number of conditions, including acceptance by the TSX Venture Exchange. The transaction cannot be closed until the required conditions are met and the required approvals are obtained. There can be no assurance that the transaction will be completed as proposed or that it will be completed. Trading in the securities of the Company should be regarded as highly speculative. The TSX Venture Exchange has neither reviewed nor approved the terms of the transaction.
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 press 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 expectations. 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 statement, whether as a result of new information, future events or otherwise.
SOURCE Trillium Gold Mines Inc.