Trillium Gold takes option on Red Lake claims adjacent to Uchi
TSX-V-listed Trillium Gold Mines has signed an option agreement to acquire a 100% undivided interest in 2 541 ha immediately adjacent to, and encompassed by, its Uchi gold assemblage in Red Lake, Ontario.
These claims effectively extend Trillium’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.
Pursuant to the terms of the agreement, in order to keep the option in good standing, Trillium is required to make a cash payment to the vendors of C$80 800 and issue an aggregate of 200 000 shares.
Trillium will also grant the vendors a maximum royalty not exceeding an aggregate of 1.5% net smelter returns royalty on each claim comprising the Uchi property. Each royalty will be subject to a one-time option to repurchase from the vendors 0.5% of the Uchi royalty (resulting in a 1.0% remaining Uchi royalty) by paying to the vendors an aggregate amount equal to C$500 000.
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