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Trillium Gold Mines Signs Purchase Option Agreements Extending its Dominant Confederation Belt Land Position in Red Lake, Ontario
VANCOUVER, British Columbia, April 05, 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, April 05, 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 two purchase option agreements in respect of the Uchi Gold Project (the “Uchi Gold Agreement”) and the Satterly Gold Project, (the “Satterly Gold Agreement”, together with the Uchi Gold Agreement, the “Agreements”), to acquire a 100% undivided interest in the respective areas within the Confederation greenstone belt. The Agreements are considered significant steps in strengthening Trillium Gold’s strategic objective to consolidate the Confederation belt and Birch-Uchi greenstone belts, positioning it as the most dominant exploration company in the Red Lake Mining District. The Uchi Gold Agreement comprises one hundred eighty-two (182) unpatented mining claims covering 4,189 hectares immediately adjacent to and adjoining the Company’s Confederation belt land position. The Satterly Gold Agreement comprises five (5) unpatented mining claims covering 565 hectares adjoining the Company’s Satterly Lake properties located to the northeast of the Confederation belt land package. Uchi Gold Agreement The Uchi gold properties comprise the contiguous and complementary Lost Bay, Fly East and Leg Lake mining claims that extend the Company’s existing Confederation belt property assemblage to the northeast towards the Satterly Lake property, and add to Trillium’s already dominant position over 100km of favourable structure on trend with Kinross Gold’s Dixie deposit (see Figures 1 & 2 below). The Fly East and Leg Lake properties have seen limited reconnaissance type exploration in the past and were primarily explored for base metals in the 1970’s and 1980’s, which comprised only eight drill holes over the properties. Platinum group mineralization was explored for in the early 2000’s with results of up to 1 g/t PGMs and 1.8% copper.(1) Some minor gold exploration had taken place on Fly East but only as a carry-over from the Bobjo Mine property to the north and the Uchi Mine to the east. Both properties contain favourable structures and lithologies for both gold and base metals. The Lost Bay property is located in the vicinity of the historic Bobjo Mine which produced 362 ounces of gold in 1929(2). The Lost Bay property contains NE-SW trendi...