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Trillium Gold Mines Enters into Binding Agreement to Acquire Remaining Interest in Gold Bearing Newman Todd Property
VANCOUVER, BC, Nov. 25, 2020 /CNW/ - Trillium Gold Mines Inc. (TSXV: TGM) (US: TGLDF) (FRA: 0702) ("Trillium Gold" or the "Company") is pleased to announce it h
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[{"type":"text","content":" VANCOUVER, BC, Nov. 25, 2020 /CNW/ - Trillium Gold Mines Inc. (TSXV: TGM) (US: TGLDF) (FRA: 0702) (\"Trillium Gold\" or the \"Company\") is pleased to announce it has entered into a binding agreement with Heliostar Metals Limited (TSX.V:HSTR, US:RGCTF, FRA:RGG) (\"Heliostar\") to purchase HelioStar's 16.5% interest in the Newman Todd property located in the Red Lake district of Ontario. Newman Todd sale Trillium Gold and Heliostar have worked together recently to confirm their respective ownership percentages in the Newman Todd property joint venture. Heliostar received an offer for its 16.5% ownership stake from a third party in September and Trillium Gold, which held a right of first refusal pursuant to the terms of the parties' joint venture agreement, has decided to exercise that right of first refusal. The parties have agreed that Heliostar will sell its 16.5% interest to Trillium Gold on the following commercial terms; Trillium Gold shall pay Heliostar a C$700,000 cash payment, Trillium Gold will issue to Heliostar 650,000 Trillium Gold common shares from treasury (using the closing price for Trillium Gold shares on the TSX Venture Exchange for November 24, 2020, these shares have a market value of C$1,001,000), and If at any point after the transaction completes there is 1,000,000 or more ounces of gold in measured and indicated reserves and resources on the Newman Todd property, Trillium Gold shall make an additional C$1,000,000 cash payment to Heliostar. The transaction is subject to approval by the TSX Venture Stock Exchange. Russell Starr, CEO of Trillium Gold comments \"Owning a 100% interest in the Newman Todd structure is a crucial acquisition and consistent with our view of maximizing shareholder value through a growth-oriented precious metals exploration company focused in the Americas. We will soon emerge as the one of largest land holders in the Red Lake Gold Camp having acquired some of the most highly perspective property packages in recent months.\" The Project hosts the Newman Todd Structure, a narrow structural body that is defined in part by a distinct unconformity. The rocks of the structure are hydrothermally altered and brecciated. Gold mineralization is often associated with the altered breccia zones and occurs as both free gold in quartz veins and in gold-bearing pyrite, pyrrhotite and sp...