Vancouver’s Trillium Gold are busy campers in the Red Lake district. The junior explorer has been a whirlwind of activity flying airborne surveys, filing for drill permits, and running drill programs on its Red Lake gold properties.
On New Year’s Eve, the company announced it closed the acquisition of the Newman Todd Project, which, according to Trillium, makes them the largest property holder in the area.
In a cash-and-share deal with Heliostar Metals, Trillium picked up the remaining 16.5 per cent ownership stake in the 198-hectare property.
Heliostar gets a cash payment of $700,000 cash, 650,000 shares, and potentially a $1 million if Trillium Gold comes up with a measured and indicated resource of 1,000,000 or more ounces of gold for Newman Todd.
Trillium believes the project has excellent potential to host a gold deposit. Exploration was done in the mid-1930s and mid-1940s with only sporadic drilling below 400 metres over the years.
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