- Trillium Gold Mines (TGM) has signed an option agreement to acquire additional claims adjacent to its Uchi Gold Property in Northern Ontario.
- The agreement empowers the company to acquire a 100-per-cent undivided interest in a total of 2,541 hectares
- The terms of the agreement state that Trillium is required to make a cash payment of C$80,800 and issue 200,000 common shares to the vendors
- Trillium Gold Mines Inc. engages in the business of acquisition, exploration and development of mineral properties located in the Red Lake Mining District
- Trillium Gold Mines Inc. opened trading at $0.175
Trillium Gold Mines (TGM) has signed an option agreement to acquire additional claims adjacent to its Uchi Gold Property.
The agreement allows the company to acquire a 100-per-cent undivided interest in a total of 2,541 hectares immediately adjacent to, and encompassed by, its Uchi Gold assemblage in Red Lake, Ontario.
These claims will 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.
The terms of the agreement state that Trillium is required to make a cash payment of C$80,800 and issue 200,000 common shares to the vendors.
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 whereby the company will grant the vendors a maximum royalty not exceeding an aggregate of 1.5 per cent net smelter returns (NSR) royalty on each claim comprising the Uchi Property.
Each Uchi royalty will be subject to a one-time option to repurchase from the vendors 0.5 per cent of the Uchi royalty by paying to the vendors an aggregate amount equal to C$500,000.
Trillium Gold Mines Inc. engages in the business of acquisition, exploration and development of mineral properties located in the Red Lake Mining District of Northern Ontario.
Trillium Gold Mines Inc. opened trading at $0.175.