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Trillium Gold Mines Signs Option Agreement for Additional Claims Adjacent to its Uchi Gold Property in Red Lake
VANCOUVER, British Columbia, Jan. 27, 2023 (GLOBE NEWSWIRE) -- Trillium Gold Mines Inc. (TSXV:TGM, OTCQX:TGLDF, FRA:0702) (“Trillium Gold” or the “Company”) is
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[{"type":"text","content":" VANCOUVER, British Columbia, Jan. 27, 2023 (GLOBE NEWSWIRE) -- Trillium Gold Mines Inc. (TSXV:TGM, OTCQX:TGLDF, FRA:0702) (“Trillium Gold” or the “Company”) is pleased to announce that it has signed an option agreement (the “Agreement”) to acquire a 100% undivided interest in a total 2,541 hectares immediately adjacent to, and encompassed by, Trillium’s Uchi Gold assemblage in Red Lake, Ontario. These claims effectively extend Trillium Gold’s dominant foothold along the Confederation belt on the same geological trends as Evolution Mining’s Red Lake Operations and Kinross Gold’s LP Fault Zone of the ‘Dixie’ discovery. Pursuant to the terms of the Agreement, in order to keep the option in good standing, Trillium is required to make a cash payment to the vendors of Cdn $80,800 and issue an aggregate of 200,000 common shares in the capital of the Company (“Common Shares”), as follows: Cash (Cdn$) Common Shares Closing Date $16,800 200,000 First Anniversary of Closing Date $16,000 Nil Second Anniversary of Closing Date $20,000 Nil Third Anniversary of Closing Date $28,000 Nil Total: $80,800 200,000 The Common Shares of Trillium Gold issued under the Agreement will be subject to a four-month holding period from the closing date. The Agreement is subject to the approval of the TSXV and other applicable regulatory authorities. In addition, Trillium Gold shall enter into a royalty agreement (the “Uchi Royalty Agreement”) whereby the Company will grant the vendors a maximum royalty not exceeding an aggregate of 1.5% Net Smelter Returns (NSR) royalty on each claim comprising the Uchi Property, (each a “Uchi Royalty”). Each Uchi Royalty will be subject to a one-time option to repurchase from the vendors 0.5% of the Uchi Royalty (resulting in a 1.0% remaining Uchi Royalty) by paying to the vendors an aggregate amount equal to Cdn $500,000. Figure 1: Map showing Uchi Gold Additional claims The technical information presented in this news release has been reviewed and approved by William Paterson QP, PGeo, VP of Exploration of Trillium Gold Mines, as defined by NI 43-101. On behalf of the Board of Directors,Trillium Gold Mines Inc. Russell StarrPresident & CEO, Director For further information, please contact Donna Yoshimatsu, VP Corporate Development and Investor Relations at [email protected], (416) 722-2456, or i...