Trillium Gold (TSXV:TGM) (OTCQX:TGLDF) (FRA:0702) announced today that it signed an agreement to acquire the thirteen contiguous patented mineral claims at the “Willis Property”. The Willis Property combines the thirteen claims for a total of 229 hectares, which are situated southwest of and contiguous to Trillium Gold’s Newman Todd (NT) Property in Todd Township. The properties are both found in the Red Lake Mining District in Ontario.
This is a big step for Trillium as it has acquired a 100% interest in the Willis Property upon the completion of the transaction. Russell Star, CEO of Trillium Gold commented: “The Willis Property represents an important addition to Trillium’s property package in the western Red Lake area. It covers both the southwest extension of the NT Zone as well as other ground proven to be highly prospective for gold with visible gold noted in outcrop sampling. As with the NT Property, the Willis Property displays many similarities to the major gold mines to the east: namely rock types, structures, mineralization, and alteration. Despite these attributes, the property has seen very little exploration since the 1930s and is one of the few remaining unexplored properties in the Red Lake greenstone belt.”
While the new acquisition is sure to expand the company’s exploration plans, the Newman Todd (NT) Property is the company’s flagship asset and has been the focus of the company’s efforts thus far. Previous exploration at the site suggested over 20 individual high-grade zones along the current strike length of the northeast-trending Newman Todd Structure (NTS). This could be traced for 2.2km+ along strike, with a network of gold-rich veins.
The property was only drilled sparsely before Trillium Gold took over, and was only drilled and tested at depths below 400 metres. With mineralization open along strike and depth, and possibly also in the postulated parallel features, the project has some of the biggest potential for the company’s portfolio.
The history of the property goes way back, with early exploration beginning in the 1930s on the southwest extension of the property, and then again in the 1940s. Due to the mining practices at the time, there is very little drill data from those periods. There are some reports about trenching, drilling, and bulk sampling, but the property has largely been a blank slate for Trillium.
With the new property acquisition, Trillium has its work cut out for it. With the properties sharing similar potential and the company extending the NT Zone with this purchase, Willis Property could be the land needed to make the company’s work in the western Red Lake area profitable. The total property package for Willis was acquired for $420,000, and 400,000 common shares of the company. The property is also subject to a 2% net smelter returns (NSR) royalty.