- Write by:
-
Wednesday, August 5, 2020 - 10:05:57 PM
-
647 Visit
-
Print
Mining News Pro - Trillium Gold Mines announced on Tuesday that is has signed an agreement to acquire the Rivard Property, contiguous to its Newman Todd Property, in the Red Lake Mining District in Ontario.
The Rivard Property consists of one lease of six contiguous minerals claims encompassing 90 hectares. Gold is observed in quartz veins in drill core, outcrops and in trenches across the property. Alteration and wide-spread gold mineralization occur extensively within structurally and chemically favorable rocks. According to Trillium, the property is underexplored and has not been drilled below 300m vertically.
“The property includes an on-strike extension to the Newman Todd Zone to the southwest of our current landholding and adds a new exploration dimension with the high-grade gold veins that have been mined on surface,” CEO Russell Star said in a media statement.
The company plans to initiate exploration by updating the geologic mapping and surface sampling in advance of drilling later this year.
Upon completion of the transaction, Trillium will acquire a 100% interest in the property, subject to a 1.5% NSR royalty, by completing payments totalling C$400,000 and 400,000 shares over 3.5 years.
The company has the right to repurchase 1/2 of the royalty (0.75%) for consideration of C$1.2 million, payable in cash or shares.
Trillium recently announced that it is restarting exploration drilling on the Newman Todd property, after a seven-year hiatus.
Midday Tuesday, Trillium’s stock was up 21% on the TSXV. The company has a C$54 million market capitalization.
Short Link:
https://www.miningnews.ir/En/News/579559
The four largest indigenous communities in Chile’s Atacama salt flat suspended dialogue with state-run copper giant ...
A prefeasibility study for Predictive Discovery’s (ASX: PDI) Bankan gold project in Guinea gives it a net present value ...
Representatives from the Peñas Negras Indigenous community, in northwestern Argentina, clashed with heavily armed police ...
Newmont confirmed on Wednesday that two members of its workforce died this week at the Cerro Negro mine located in the ...
Chinese investors are snapping up stocks tied to high-flying metals from copper to gold, aiding an onshore market facing ...
Outflows from global physically backed gold exchange traded funds (ETFs) continued for a 10th month in March, but at a ...
i-80 Gold fell by over 11% at market open Tuesday following its announcement of a C$100 million ($74m) public offering ...
Australia’s Westgold Resources said on Monday it had agreed to acquire Toronto-listed Karora Resources in a ...
Chinese coal prices are likely to keep falling until the start of the peak summer season, suppressing imports of the ...
No comments have been posted yet ...