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Trillium Gold Mines Acquires Large Land Position in the Confederation Greenstone Belt of Red Lake
Acquisition of 5,960 hectares in the Red Lake Gold Camp Moose and Caribou Creek Blocks located in favourable rock types similar to Great Bear's Dixie Project go
About this update from Renegade Gold Inc.
[{"type":"text","content":" Acquisition of 5,960 hectares in the Red Lake Gold Camp Moose and Caribou Creek Blocks located in favourable rock types similar to Great Bear's Dixie Project gold mineralization Under-explored for gold mineralization with previous focus on base metals VANCOUVER, BC, Oct. 21, 2020 /CNW/ - Trillium Gold Mines Inc. (TSXV: TGM) (OTCQX: TGLDF) (\"Trillium\" or the \"Company\") is pleased to report that it has entered into an agreement to acquire 293 units in 90 claims covering a total of 5,960 hectares (the \"Property\") east of Great Bear Resources' Dixie property, underlain by the Confederation Greenstone Belt of metavolcanic and metasedimentary rocks. Bill Paterson, Vice President of Exploration comments \"Most of the property package which we have entered into an agreement to acquire in The Confederation Greenstone Belt was explored mainly for base metals in the past. Many operators either ignored numerous occurrences of gold mineralization or never assayed for gold. This acquisition presents an opportunity to explore a large package of rocks with high potential for hosting gold in the Birch-Uchi greenstone belt. The structural corridor, which is associated with Great Bear's Dixie Project, appears to be continuous along this large land package with similar stratigraphy and fault structures as those on the Moose and Caribou Creek blocks. We see similar characteristics on the Copperlode West claims which we have also acquired.\" Russell Starr, CEO of Trillium Gold comments \"The land packages being acquired are prospective exploration targets given they lie along and near the structural corridor that includes the Great Bear Dixie Lake Project. The property acquisition fits our strategy of investing in opportunities that have high gold discovery potential.\" Trillium Gold will pay C$180,000 and issue 200,000 Trillium gold shares and 200,000 purchase warrants exercisable for a period of 2 years and having an exercise price of C$5.00 under the acquisition agreement. Completion of the acquisition is subject to the approval of the TSX Venture Exchange. There is a high probability that the Great Bear Resources' Dixie Project lies along the Confederation-Balmer contact. The high-strain structural zone hosting the LP Fault mineralization, is traceable from the Dixie Property eastwards based on regional aeromagnetic data, through the favou...