Trillium Gold to Acquire Rivard High Grade Gold Property in Red Lake, Ontario
News Release
Trillium Gold to Acquire Rivard High Grade Gold
Property in Red Lake, Ontario
Previous drill results include13.16 grams per tonne
(“gpt”) Au over 9 m (0.42 ounces per ton (“opt”) Au
over 31 ft) and 20.93 gpt over 1 m (0.67 opt Au over
3.28 ft) drilled by Rubicon Minerals
Previous drill results include 12.38 gpt Au over 2.00
m (0.40 opt Au over 6.56 ft) in hole EE08-05, 34.07
gpt Au over 1.5 m (1.10 opt Au over 4.92 ft) in hole
EE-07 15, 13.65 gpt Au over 1.00 m (0.44 opt Au
over 3.28 ft), 28.62 gpt Au over 2.90m (0.92 opt Au
over 9.51 ft) drilled in 2007 by E-Energy Ventures
Surface channel sample results include 188.49 gpt
Au (Fire Assay) 80.38 gpt Au (Pulp & Metallic) over
0.45 m and 28.29 gpt Au (Fire Assay) 53.91 gpt Au
(Pulp & Metallic) over 0.30 m
Confirmation of geological data has been initiated
with a drill program expected to commence later this
year
Vancouver, British Columbia, Canada – August 4, 2020
– Trillium Gold Mines Inc. (TSXV:TGM) (“ Trillium” or the
“Company“), is pleased to announce that is has signed an
agreement to acquire the Rivard Property, contiguous to its
Newman Todd Property, in the Red Lake Mining District,
Ontario.
Russell Star, CEO of Trillium Gold, states that “The Rivard
Property adds another significant piece to our exploration
package in Red Lake. The property includes an on-strike
extension to the Newman Todd Zone (“ NTZ”) to the
southwest of our current land holding and adds a new
exploration dimension with the high grade gold veins that
have been mined on surface by the Rivard Family 1 to the
northwest in the footwall of the NTZ. 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 addition of the Rivard property is another
step Trillium has taken to continue to add value for
shareholders.”
The Rivard Property consists of one lease of six
contiguous minerals claims encompassing 90 hectares.
Upon completion of the transaction Trillium will acquire a
100% interest in the property, subject to a 1.5% NSR
royalty, by completing payments totalling $400,000 and
400,000 shares over 3.5 years. The Company has the right
to repurchase ½ of the Royalty (0.75%) for consideration of
$1.2 million, payable in cash or shares. In addition, the
Company has a right of first refusal should the holders of
the Royalty sell the Royalty in the future.
The Rivard family, a long-standing northern Ontario family,
has been selectively sampling high-grade gold from the
property for more than 30 years from trenches and pits
along a 300 metres strike length of altered sulphide
bearing volcanic rocks cut by a series of quartz veins and
strings that carry visible gold.
1 The Rivard Family includes all the following individuals: John O’Brien Rivard, Shirley Rose
Aimee Rivard, Louis William Rivard, Danny Donat Rivard, Patrick Robert Rivard, Joanne Cathy
Petticrew, Nadia Louiselle Stewart and Olga Olivia Yauch.
Photo: 1 Trillium Gold's geologist holding a specimen with visible gold collected from
the Rivard Property
Geological Setting:
Gold is observed in quartz veins in drill core, outcrops and
in trenches across the property. Alteration and wide-spread
gold mineralization occur extensively within structurally and
chemically favorable rocks. It is underexplored and has not
been drilled below 300m vertically. Historically, the Rivard
Property contains both visible gold in narrow high-grade
veins as well as in broader zones of lower grade gold
mineralization. Our technical team will commence an
exploration program by updating and confirming the
geological data from our predecessors ahead of a drill
program planned for later this year.
Photo: 2 Visible Gold in quartz collected from the Rivard Property, July 27, 2020
History of Exploration on Rivard Property:
Early exploration was carried out on the Property in the
middle 1930s and again later in the middle 1940s. There is
little information available about work in these periods
aside from reports regarding trenching, drilling and bulk
sampling. Diamond drill hole results reported in The
Northern Mine (1946), after converting gold values at
$38.50 per ounce, include:
• 19.60 gpt Au over 1.52 m (0.63 opt over 5 ft)
• 12.44 gpt Au over 3.05 m (0.40 opt over 10 ft)
• 6.22 gpt Au over 2.74 m (0.20 opt over 9 ft)
• 7.78 gpt Au over 1.83 m (0.25 opt over 6 ft)
Canamax Resources Inc. and Inmet Mining worked the
property in the 1980s and 1990s, but reporting is very
sparse.
Rubicon Minerals held the property in 2003 and completed
15 diamond drill holes. Highlights (from Rubicon Minerals
news release, June 3rd, 2003) include:
14.32 gpt Au over 9.45 m (0.46 opt Au over 31.00 ft)
from 263.00 m
22.83 gpt Au over 1.00 m (0.73 opt Au over 3.28 ft)
from 281.60 m
E-Energy Ventures acquired the property in 2006 and held
it through 2015, completing 35 holes. Results (listed in E-
Energy news releases on March 12 and May 28th, 2007)
from this drilling included:
12.38 gpt Au over 2.00 m (0.40 opt Au over 6.56 ft)
34.07 Au gold over 1.5 m (1.10 opt Au over 4.92 ft)
13.65 Au gold over 1.00 m (0.44 opt Au over 3.28 ft)
28.62 Au gold over 2.90 m (0.92 opt Au over 9.51 ft)
Channel samples collected by E-Energy were encouraging
with diamond saw cut channels returning 188.49 gpt Au
(5.49 opt Au) (Fire Assay), 80.38 gpt Au (2.34 opt Au)
(Pulp & Metallic) over 0.45 m (1.47 feet) including 28.29
gpt Au (0.83 opt Au) (Fire Assay), 53.91 gpt Au (1.57 opt
Au) (Pulp & Metallic) over 0.30 m (0.98 feet) (Reference:
E-Energy News Release November 14th, 2006).
(These results are historical and are provided for context
only with respect to the Rivard project and are not
contained in a 43-101 report and were taken prior to the
implementation of national instrument 43-101.)
The technical information presented in this news release
has been reviewed and approved by Robert W. Schafer
QP, PGeo, a director of Trillium Gold Mines, as defined by
NI 43-101.
For further information about this news release and the
Company’s current activities contact
[email protected], visit our website
at www.trilliumgold.com or call us at 604-688-9588.
On behalf of the Board of Directors,
Trillium Gold Mines Inc.
“Russell Starr”
Russell Starr
President, CEO and Director
Trillium Gold Mines Inc.
About Trillium Gold Mines Inc.
Trillium Gold Mines Inc. is a British Columbia based
company engaged in the business of acquisition,
exploration and development of mineral properties located
in the highly prospective Red Lake Mining District of
Northern Ontario.
Disclosure and Caution
Completion of the transaction is subject to a number of
conditions, including TSX Venture Exchange acceptance.
The transaction cannot close until the required conditions
are satisfied and required approvals are obtained. There
can be no assurance that the transaction will be completed
as proposed or at all.. Trading in the securities of the
Company should be considered highly speculative. The
TSX Venture Exchange has not reviewed or approved the
terms to the Transaction.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.
This news release contains forward-looking information,
which involves known and unknown risks, uncertainties
and other factors that may cause actual events to differ
materially from current expectation. Important factors -
including the ability to complete the transaction, the ability
to satisfy the conditions required and approvals needed to
complete the transaction, the expected viability of the
assets subject to the transaction, availability of funds and
the results of financing efforts, - that could cause actual
results to differ materially from the Company's
expectations are disclosed in the Company's documents
filed from time to time on SEDAR (see www.sedar.com).
Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of
the date of this press release. The Company disclaims any
intention or obligation, except to the extent required by law,
to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
The securities referred to in this news release have not
been, and will not be, registered under the United States
Securities Act of 1933, as amended, or any state securities
laws, and may not be offered or sold in the United States
unless pursuant to an exemption therefrom. This press
release is for information purposes only and does not
constitute an offer to sell or a solicitation of an offer to buy
any securities of the Company or Canadian Shield in any
jurisdiction.