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Trillium Gold Mines Signs Option Agreement for Wenasaga Gold Project 35km from Dixie Deposit in Red Lake, Ontario
VANCOUVER, British Columbia, June 02, 2022 (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, June 02, 2022 (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 the Wenasaga Property Option Agreement (the “Agreement”) to acquire a 100% undivided interest in the Wenasaga Gold Property (the “Property”) held by Bounty Gold Corp. (“Bounty Gold”). The 1,692 hectare Property is contiguous to Trillium Gold’s Eastern Vision land package and effectively extends Trillium Gold’s dominant foothold along the Confederation belt on trend with Kinross Gold’s LP Fault Zone of the Dixie Deposit (see Figure 1). Pursuant to the terms of the Agreement, in order to keep the option thereunder in good standing, Trillium is required to pay Bounty Gold an aggregate amount of Cdn $25,500 over a period of two years, issue an aggregate 64,500 common shares in the capital of Trillium over a period of two years, and grant to Bounty Gold a 2.0% Net Smelter Returns royalty on the claims comprising the Property upon exercise of the option. The Company has the right to repurchase 50% of the royalty (being 1.0%) by paying the holder an aggregate amount equal to $1,000,000. 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, as well as the approval of the Ontario Mining Recorder to extend the due dates for assessment work. About the Wenasaga Gold Property The Wenasaga Gold Property is located 30km northeast of Ear Falls and 55km southeast of Red Lake. The Property is situated over a crustal fault structure1 and is on strike with Kinross’s Dixie Project, located 35km to the west. The Dixie Project hosts the LP Fault zone, a 4.6km long, drill tested zone containing 16 highly continuous bulk and 5 high-grade mineralized domains with attractive grades and true thickness.2 The Wenasaga Gold Property contains similar regional geology as that of the Dixie Project, underlain by felsic intrusive and metasedimentary rocks in the south, with felsic to intermediate-mafic metavolcanics rocks in the north. Historical drilling to the west and on strike along the crustal fault structure within the Wenasaga Gold Property intercepted highly deformed, chloritic and carbo...