Trillium Gold Mines (TSXV: TGM) this morning announced that it has entered an arrangement to expand its land holdings in the Red Lake region. The company will be acquiring 293 units in 90 claims that cover a total of 5,960 hectares, located east of the Dixie Project, owned by Great Bear Resources (TSXV: GBR).
Underlain by the Confederation Greenstone Belt, the property is said to have previously been explored largely for base metals previously, with little work conducted in search of gold. Trillium has indicated that the land has prospective exploration targets “given they lie along and near the structural corridor that includes the Great Bear Dixie Lake Project.”
The company appears to be working under the theory that Great Bear’s Dixie project lies along the Confederation-Balmer contact. The company has indicated that the structural zone containing the LP Fault is traceable from Dixie, eastward to the Confederation Greenstone rocks.
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The new property contains three regions, referred to as Moose Creek, Caribou Creek, and Copperlode West. Both Moose Creek and Caribou Creek are contiguous to property that has hosted the former Noranda property with the Dixie 18 property, with the property also said to appear to lie along trend of the Cochenour and Red Lake Mines.
Little exploration is said to have previously been conducted on these two properties, with two holes focused on base metals drilled at Moose Creek, and 6 holes previously drilled at Caribou. The latter is the only occurrence of gold exploration, where values of less than 200 ppb gold were found.
Copperlode West meanwhile ahs four zones of mineralization established as being present based on historical work, with the most significant results being 4.01% copper over 3.35 metres at what is referred to as the Joy Zone.
The property overall was acquired via cash consideration of $180,000, as well as 200,000 shares of the company and 200,000 share purchase warrants. The warrants are valid for a period of two years with an exercise price of $5.00
Trillium Gold last traded at $1.58 on the TSX Venture.
Information for this briefing was found via Sedar and Trillium Gold Mines. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
