Trillium Gold Mines Inc. (TSXV:TGM, OTCQX:TGLDF, FRA:0702)
(“Trillium Gold” or the “Company”) is pleased to provide an update
on the extensive historical core sampling activities over its
55,000 hectare Confederation Belt project in Red Lake, Ontario.
A significant number of anomalous results have
been received from the historical core and recent field work, from
areas along and adjacent to the eastern extensions of both the LP
Fault and the Cochenour-Gullrock Fault associated with the Red Lake
Mine, as well as internally within the Confederation greenstones
localized in structurally complex areas. Gold results obtained and
compiled by Trillium to date appear to cluster along several linear
trends generally running parallel to the long axis of the
Confederation greenstone belt. (see Figure 1).
The Fly Lake prospect which lies near the
intersection of the Arrow Zone Trend and is considered to be a
splay off the eastern extension of Kinross Gold’s LP Fault,
returned the highest grade result obtained to date of 7.89 g/t
Au reported from a diamond drilling grab-sample of core from a
weathered cache dating back to 1992 (See Figure 2). This sample was
taken over a 10 cm quartz-Fe-carbonate vein hosted within felsic
volcanic rocks.
Russell Starr, President & CEO of
Trillium Gold stated, “Uncovering gold in historical core
samples in a district drilled primarily for base metals until the
recent Great Bear discovery will greatly enhance our targeting for
the upcoming spring drill program. Large segments of the
Confederation Belt property remain unexplored for gold primarily
due to thick overburden. With the return of these recent assays, we
can now confidently target specific areas for a more aggressive
drill program as Trillium endeavors to find the next major gold
discovery in Red Lake.”
Locally, the Fly Lake high-grade sample occurs
in a corridor proximal to complex cross-faulting adjacent to other
significant gold findings (e.g. 0.724 g/t Au over 1.58m, 1.31 g/t
Au over 1.0m, 1.51 g/t Au over 1.0m and 1.23 g/t Au in a grab
sample) and base metal mineralization (e.g. 2.61% Zn over 31m,
5.92% Zn over 12.2m and 1.3% Zn over 9.0m). Additionally, the
historical gold and base metal occurrences suggest a general
increase locally in width and grade towards the southwest. These
gold occurrences are considered significant insofar as very little
of the Confederation Belt project has been drilled for its gold
potential.
The Arrow Zone Trend contains the only current
Zn-Cu-Ag-Au resource (*) in the area and lies outside Trillium’s
Confederation Belt project area. However, there are indications of
structurally or lithologically controlled gold mineralization
trending northeast and southwest from the Arrow Zone. The Fly Lake
area in the northeast possibly lies on this trend where it
intersects a north north-easterly splay from the far eastern
extension of the LP Fault (Fly Lake Trend), which is itself a
gold-bearing trend, with a number of recent results up to 0.81 g/t
Au from relogging historical drilling and 1.27 g/t Au from a
Trillium prospecting sample. Towards the southwest end of the Arrow
Zone Trend lies another anomalous gold area where it possibly
intersects the LP Fault. Here a number of very old holes were
grab-sampled with results ranging up to 0.49 g/t
Au.
William Paterson, Trillium Gold’s Vice
President of Exploration commented, “With the large number
of anomalous gold assays received from the historical core drilled
on former base metal targets, our understanding of the gold
potential on the Confederation Belt has been critically enhanced.
The Great Bear experience has shown that historical base metal
occurrences were being largely ignored for gold regardless of
grade. This clearly indicates that our extensive Confederation Belt
property has the capacity to host major gold
discoveries.”
Anomalous gold results of up to 0.99 g/t Au in
historical core sampling and up to 1.56 g/t Au from the original
drilling obtained from the Cochenour-Gullrock Trend, coincide with
highly magnetic favourable rock-types in the Fredart area, that
appear to be regularly boudinaged. These anomalous results coincide
with a zone of demagnetization associated with a northwest trending
cross structure. Further west along the trend lie several other
anomalous results ranging up to 0.31 g/t Au.
Figure 1: Map showing Trillium
Gold's Confederation Belt project and all currently known gold
occurrences. Blue colour represents gold values previously known,
purple colour represents new information sourced from old reports
and drill logs and red colour represents sampling done by Trillium.
Green and light blue areas indicate areas of focus for upcoming
work.
On the Panama Lake property, anomalous results
from further sampling of core drilled in 2020 have added new gold
results of up to 1.33 g/t Au along the Panama Fault South Trend.
The Panama Fault North Trend contains gold mineralization up to
0.312 g/t Au and is believed to be the far eastern continuation of
the LP Fault. In this area the stratigraphy is intensely folded and
recent soil sampling gave multiple overlapping anomalies for As
(arsenic), Ni, Zn, Ag and Cr (chromium). Arsenic in soil is a
strong pathfinder candidate for gold mineralization based on
historical geochemistry work performed on drill holes completed by
Benton Resources in 2019. This area also shares similar
stratigraphy, whole rock geochemistry and structural regime as at
the Kinross Gold LP Fault deposit.
In the second half of 2022, Trillium drilled one
hole (CB22-001) in the Fly Lake area before suspending drilling in
favour of sampling the historical core that was being found on the
property. The significant returns that could be gained from
assaying the historical core presented an order of magnitude less
cost. Selection of the historical holes was based upon several gold
related criteria, chiefly but not limited to, their proximity to
high-potential structures, position on-trend of known gold
mineralization and proximity to gold showings in historical or
field sampling by Trillium. Trillium’s geologists found that very
little of the core had been sampled previously, with the limited
sampling focused mainly on massive sulphides or EM conductors. Both
the assay data received and the observational data from this core
is proving to be a meaningful factor for developing drill targets
on the property.
The location of CB22-001 is shown in Figure 2
and a table of all significant intercepts (> 0.1 g/t Au) is
included below.
Hole |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
CB22-001 |
332.42 |
334.0 |
1.58 |
0.724 |
CB22-001 |
334.0 |
335.5 |
1.5 |
0.186 |
CB22-001 |
345.5 |
347.1 |
1.6 |
0.207 |
Figure 2: Map showing location
of historical drilling, CB22-001, and significant gold results in
the Fly Lake area of the Confederation Belt property – see Figure
1. Drilling is hosted within felsic tuffs and flows. CB22-001
details: 5 658 320 E / 522 793 N UTM (NAD83, Zone 15), 416m Elev,
Az 120, Dip -45, 350m length. Underlying geology mapping from
Minova, 1992 (Assessment Report 52N02SE0007).
Figure 3: Section for drill hole
CB22-001 showing lithology and assays data filtered to >0.005
g/t Au.
A PDF of this image is available
at http://ml.globenewswire.com/Resource/Download/d854c1fb-3696-486a-bffa-6ce1b5f9de9a
Trillium’s program of re-logging historical core
commenced in mid-2022 and continued until just prior to year end
with over 3,400 samples collected representing over 10,000 metres
of equivalent drilling. Approximately 20 percent of these remain
pending. The project encompasses one of the largest contiguous land
positions ever assembled along the same geological trends as the
Red Lake Operations [Evolution Mining] and the LP Fault Zone of the
‘Dixie’ discovery [Kinross Gold] in this world-class mining
jurisdiction predominantly known for its VMS base metal
mineralization.
* As the Arrow Zone resource is not on Trillium
Gold’s property, Trillium Gold’s Qualified Person has not done
sufficient work to confirm this resource and is not treating it as
current mineral resources or mineral reserves. While the
Qualified Person believes that drilling and analytical results were
completed to industry standard practices, no work has been
completed to verify the historic information in regard to these
historical drill results. This information provides an indication
of the exploration potential of the Trillium property but may not
be representative of expected future results.
The technical information presented in this news release has
been reviewed and approved by William Paterson QP, PGeo, VP of
Exploration of Trillium Gold Mines, as defined by NI 43-101.
On behalf of the Board of Directors,Trillium Gold Mines Inc.
Russell StarrPresident & CEO, Director
For further information, please contact Donna Yoshimatsu, VP
Corporate Development and Investor Relations at
dyoshimatsu@trilliumgold.com, (416) 722-2456, or
info@trilliumgold.com.
Visit our website
at www.trilliumgold.com.
About Trillium Gold Mines
Inc.
Trillium Gold Mines Inc. is a growth focused
company engaged in the business of acquisition, exploration and
development of mineral properties located in the Red Lake Mining
District of Northern Ontario. As part of its regional-scale
consolidation strategy, the Company has assembled one of the
largest prospective land packages in and around the Red Lake mining
district in proximity to major mines and deposits, as well as along
the Confederation Lake and Birch-Uchi greenstone belts. In 2022 the
Company closed a number of acquisitions effectively extending its
contiguous land position over more than 100 km of favourable
structures on trend with Kinross Gold’s Great Bear Project and
Evolution Mining’s Red Lake Operation. In addition, the Company has
interests in highly prospective properties in Larder Lake,
Ontario.
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.
Cautionary note regarding
forward-looking statements
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 expectations.
Forward-looking information is based on
management’s reasonable assumptions, estimates, expectations,
analyses and opinions, which are based on management’s experience
and perception of trends, current conditions and expected
developments, and other factors that management believes are
relevant and reasonable in the circumstances, but which may prove
to be incorrect. Such factors, among others, include: impacts
arising from the global disruption caused by the Covid-19
coronavirus outbreak, business integration risks; fluctuations in
general macroeconomic conditions; fluctuations in securities
markets; fluctuations in spot and forward prices of gold or certain
other commodities; change in national and local government,
legislation, taxation, controls, regulations and political or
economic developments; risks and hazards associated with the
business of mineral exploration, development and mining (Incl.
environmental hazards, industrial accidents); inability to obtain
adequate insurance to cover risks and hazards; the presence of laws
and regulations that may impose restrictions on mining; employee
relations; relationships with and claims by local communities and
indigenous populations; availability of increasing costs associated
with mining inputs and labour; the speculative nature of mineral
exploration and development (Incl. the risks of obtaining necessary
licenses, permits and approvals from government authorities); and
title to properties.
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.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/b69b39d0-8780-4305-9c58-ce4dbb4344a2
https://www.globenewswire.com/NewsRoom/AttachmentNg/1b7cbf5e-9c03-495d-a595-07d4dbdd21a0
https://www.globenewswire.com/NewsRoom/AttachmentNg/e2008420-ae52-4a0d-8ac3-c367b504e72a
Trillium Gold Mines (TSXV:TGM)
Historical Stock Chart
From Nov 2024 to Dec 2024
Trillium Gold Mines (TSXV:TGM)
Historical Stock Chart
From Dec 2023 to Dec 2024