Trillium Gold Mines Inc. (TSXV:TGM | OTCQX:TGLDF | FRA:0702)
Trillium Gold Mines Inc. (TSXV:TGM | US:TGLDF | FRA:0702) has more good news to share with prospective shareholders. It has signed a binding agreement with Heliostar Metals Limited (TSX.V:HSTR | US:RGCTF | FRA:RGG) to purchase Heliostar’s 16.5% interest in the Newman Todd property they share. This acquisition gives Trillium Gold 100% ownership of its Newman Todd property, which is a very exciting development for the management team involved.
Transitioning from joint venture to 100% owner
Newman Todd is in the Red Lake district of Ontario. Here, Trillium Gold and Heliostar have been working together in a joint venture. Unexpectedly, a forthcoming buyer approached Heliostar with an offer to purchase its 16.5% stake. The joint venture terms meant Trillium Gold was to get first refusal of any sale opportunity, which is exactly what happened.
Trillium Gold took up the offer and is now preparing to pay Heliostar C$700,000 in cash along with 650,000 Trillium Gold common shares. The agreed share price will be based on the market value of the shares as traded on the TSX Venture Exchange on November 24, 2020. This amounts to C$1,001,000.
If, as they all hope, Trillium Gold strikes a million or more ounces of gold on the Newman Todd property, it will be legally bound to make an additional million-dollar payment to Heliostar.
CEO of Trillium Gold, Russell Starr, comments
“Owning a 100% interest in the Newman Todd structure is a crucial acquisition and consistent with our view of maximizing shareholder value through a growth-oriented precious metals exploration company focused in the Americas. We will soon emerge as the one of the largest land holders in the Red Lake Gold Camp, having acquired some of the most highly perspective property packages in recent months.”
You can read more of Trillium Golds latest news here.
Distinctive gold-bearing structures
The Newman Todd structure is a particularly intriguing and thrilling asset for Trillium Gold to be exploring. That’s because the rocks here have an unusual make-up. They are distinctive by their altered state, which is commonly found in gold-bearing zones.
This is a particularly well-known area of Canada for high-grade gold retrieval. This past summer and during previous drill programs in the area, high-grade gold intersections have been uncovered.
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