Trillium Gold Expands Red Lake Footprint with Rivard Property Acquisition
Vancouver, British Columbia, Canada -- August 4, 2020 -- NewsGenie -- Trillium Gold Mines Inc. has acquired the Rivard Property, adjacent to its Newman Todd Property in the Red Lake Mining District, Ontario. The acquisition expands Trillium's exploration package and adds a new dimension with high-grade gold veins previously mined on surface. The company plans to update geological mapping and surface sampling before commencing drilling later this year.
The Rivard Property consists of one lease of six contiguous minerals claims encompassing 90 hectares. Trillium will acquire a 100% interest in the property, subject to a 1.5% NSR royalty, by completing payments totaling $400,000 and 400,000 shares over 3.5 years. Trillium has the right to repurchase 0.75% of the Royalty for $1.2 million and holds a right of first refusal on any future sale of the Royalty.
Trillium Gold's geologist holding a specimen with visible gold collected from the Rivard Property
Visible Gold in quartz collected from the Rivard Property, July 27, 2020
Russell Star, CEO of Trillium Gold, stated, "The Rivard Property adds another significant piece to our exploration package in Red Lake... We plan to initiate aggressive exploration by updating the geologic mapping and surface sampling in advance of drilling later this year on this very underexplored and highly prospective property."
The Rivard family has selectively sampled high-grade gold from the property for over 30 years from trenches and pits along a 300-meter strike length. Historical exploration highlights include:
- 1930s-40s: 19.60 gpt Au over 1.52 m; 12.44 gpt Au over 3.05 m
- Rubicon Minerals (2003): 14.32 gpt Au over 9.45 m; 22.83 gpt Au over 1.00 m
- E-Energy Ventures (2006-2015): 12.38 gpt Au over 2.00 m; 34.07 gpt Au over 1.5 m; Channel samples up to 188.49 gpt Au over 0.45 m
Trillium's technical team will update geological data ahead of a planned drill program later this year.
Robert W. Schafer QP, PGeo, a director of Trillium Gold Mines, has reviewed and approved the technical information in this release.