Business
Trillium Gold Acquiring 80% Interest in Gold Centre Property in the Heart of the Red Lake Mining Camp
(via TheNewswire) - Adjacent to and on strike with Evolution Mining's Campbell-Red Lak...
About this update from Renegade Gold Inc.
[{"type":"text","content":"Trillium Gold Acquiring 80% Interest in Gold Centre Property in the Heart of the Red Lake Mining Camp(via TheNewswire)\n\n \n\n\n- Adjacent to and on strike with Evolution Mining's Campbell-Red Lake Mine which has produced 23.8 M ounces of gold at an average grade of greater than 1/2 ounce gold per ton (or greater than 15.6 g/t)\n\n\n\n- Balmer volcanics intersected at depth on the Gold Centre Property\n\n\n\n- Underground development from adjacent mine less than 350 metres away\n\n\n\n- The acquisition of an 80% interest in Gold Centre places Trillium Gold in the heart of the highest-grade gold camp in North America having produced more than 29.5 M ounces of gold at an average grade of 15.41 g/t Au during the past 91 years\n\n\n\n\n \nVancouver, British Columbia, Canada - TheNewswire - September 1, 2020 - Trillium Gold Mines Inc. (TSXV:TGM) (\"Trillium\" or the \"Company\") has signed a binding joint venture agreement with Rupert Resources Ltd (\"Rupert\") to acquire an 80% ownership in the Gold Centre property from Rupert. Under the terms of the joint venture agreement, in order to maintain its 80% interest in the property, Trillium is required to spend C$ 2 million each year for five years on the property (total spend C$ 10 million) and to issue 500,000 shares to Rupert on the effective date of the joint venture and for each of the three years after (total shares issued 2 million). Thereafter, Trillium is required to spend C$ 500,000 per year in order to maintain its 80% interest in the property. Rupert's portion of any amounts incurred by the Company on the Gold Centre property after a decision to construct a mine are recoverable by the Company from Rupert's share of the revenues of the joint venture. \n\n\n \nRussell Starr, CEO of Trillium Gold comments \"Trillium continues focused and strategic M&A in the Red Lake Camp. Gold Centre has the potential to be a world-class asset and generate substantial value to Trillium Gold's market capitalization and shareholder base. Our technical team is eager to test for the logical extension of the Red Lake mine's mineralization onto the Gold Centre property.\"\n\n\n \nThe Gold Centre property lies to the southeast and within the shadow of the headframe of Evolution Mining's Red Lake Mine. The property is contiguous with Evolution's operating property and comprises 258 hectares made...