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Trillium Signs $8 Million Option Agreement on West Porcupine Property
Trillium Signs $8 Million Option Agreement on West Porcupine Property (Timmins-ON), May 17, ...
About this update from Thunder Gold Corp.
[{"type":"text","content":"\nTrillium Signs $8 Million Option Agreement on West Porcupine Property\n\nTrillium Signs $8 Million Option Agreement on West Porcupine Property\n(Timmins-ON), May 17, 2012 /FSC/ - Trillium North Minerals Ltd. (TNM - TSX Venture),  (\"Trillium\") has signed an option agreement with Prodigy Gold Inc.  (\"Prodigy\") that allows Prodigy to earn up to a 70-per-cent interest in the 29.6-square-kilometre West Porcupine property located 50 kilometres southwest of Timmins, Ont. The property encompasses a westerly extension of the Porcupine-Destor fault zone in a geologic setting similar to the prolific Timmins gold mining district located east of the project. Drilling by Trillium in the spring of 2011 confirmed two distinctive zones of gold mineralization which we have named the Discovery Zone and the Lava Zone. The first hole, DF 11-01, intersected both zones and as a result of this hole, the zones are now known to dip north at 77 degrees and using holes DF11-01, with 94-18 and 94-23, a 110 m vertical height can be projected for the Discovery Zone in section (5500E). Both zones are open. For full details and gold assays see Trillium NR's June 21, 2011 and August 29, 2011. In fact previous exploration of the property, has identified several prospective targets for gold mineralization that Prodigy intends to explore in the months ahead.\nThe principal terms of the option agreement, which is subject to acceptance by the TSX Venture Exchange, are as follows:\nProdigy must pay Trillium an initial $20,000 and incur a minimum $200,000 in expenditures in the first year. \nProdigy can earn a 51-per-cent interest in the property within five years by paying Trillium an additional $170,000, issuing Trillium 250,000 common shares of Prodigy and incurring expenditures of $5-million on the property. \nProdigy can earn a 70-per-cent interest in the property by incurring additional expenditures of $3-million ($8-million in aggregate) within three years after the above issuance, payment and expenditures have been made. \nThe property is subject to royalties amounting to 2.5 per cent of net smelter returns, in aggregate, which may be acquired for $1.75-million.\nDr. Strashin is quoted, \"We are pleased to have Prodigy working with us in this project. They have the expertise and financial strength to move this project along, to the ben...