Trillium Gold strikes property deal with Infinite Ore Corp
Trillium Gold Mines is to acquire all of Infinite Ore Corp.'s Eastern Vision property holdings in the Confederation Lake assemblage of the Birch-Uchi greenstone belt in Ontario's Red Lake Mining District.
The property covers 16,991 hectares between the Fredart, Garnet Lake, Confederation North and Confederation South properties, giving Trillium Gold control over a significant portion of the Confederation Lake assemblage and creating a contiguous land package covering greater than 100 km of favourable structure on trend with Great Bear Resources' Dixie Deposit.
It covers the issuance of 4,000,000 common shares in the capital of Trillium Gold including payment of $175,000 in cash to Infinite Ore. In addition, the company assumes all of Infinite Ore's cash payment commitments under its existing option agreements, while Infinite Ore retains its share issuance obligations.
The agreement is considered a major step in strengthening Trillium Gold's strategic advantage to consolidate the greenstone belt and positions it as among the most dominant exploration companies in the Red Lake Mining District.
Trillium Gold Mines has assembled over 55,000 hectares of lands considered highly prospective for gold, including the Newman Todd project being advanced towards open-pit mining, and one of the most extensive property packages in the Confederation Lake assemblage of the Birch-Uchi greenstone belt.
Through the deal, Kinross acquires Great Bear’s flagship Dixie project in the Red Lake mining district in Ontario, Canada, which it believes has "excellent potential" to become a top tier deposit. It is located 25kms southeast of the town of Red Lake and comprises 91sq kms of contiguous claims.
Ontario is the largest producer in Canada of gold, platinum group metals and nickel, and the second largest producer of copper. The province is also a major producer of salt and structural materials. Its 40 mine sites create around 26,000 direct jobs and another 46,000 indirectly.