Trillium Gold closes Panama Lake acquisition
Dual-listed Trillium Gold Mines has closed a purchase and sale agreement to acquire all the rights and title to the Panama Lake property held by St. Anthony Gold in the Red Lake mining district.
The Panama Lake gold project is located about 80 km from, and on the same structural trend as Kinross Gold’s LP Fault Zone and effectively extends Trillium Gold’s dominant contiguous foothold along the Confederation belt by 9 882 ha, the company says.
Pursuant to the assignment and assumption agreement entered into following the closing of the purchase agreement, between Trillium Gold and St. Anthony Gold, St. Anthony Gold has assigned all of its rights and obligations under the original option agreement to Trillium Gold.
Moreover, pursuant to the assignment agreement, Benton Resources has agreed to register 100% of the property’s title to Trillium Gold while retaining its 50% ownership interest in the property until such time as Trillium Gold fulfils its option to earn 100% interest.
“With the recently completed acquisition of the Eastern Vision properties, the Panama Lake acquisition brings Trillium Gold’s consolidated land package along the Confederation Belt to over 58 400 ha, bound by the Red Lake and LP Fault structures, positioning it as one of the most prospective exploration projects in the heart of the Red Lake mining district,” acclaims Trillium Gold president and CEO Russell Starr.
Trillium’s geological team has started early exploration work while permit applications for drilling and trenching are under way and are expected to be received in early summer this year.
The company has planned an initial 6 000 m of drilling throughout the project area on targets that have been systematically researched, prioritised and deemed drill ready.
The purchase agreement is subject to the approval of the TSX-V and other applicable regulatory authorities.
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