Trillium reboots exploration at Newman Todd, shares up
Trillium Gold Mines (TSXV: TGM) is restarting exploration drilling on the Newman Todd property in Ontario after a seven-year hiatus, the company announced on Wednesday.
The Newman Todd project is subject to a joint venture agreement in which Trillium has a controlling interest. More than 55,000 metres of drilling has been previously completed.
According the company, the property has favourable geology with typical “Red Lake” alteration and northeast trending structures and is located in the prolific Red Lake gold district of Northwestern Ontario. It is situated within the Red Lake Greenstone Belt, which hosts the high-grade Red Lake/Campbell gold deposit 25 kilometres to the east.
The proposed exploration program currently has 14 planned holes, with a minimum 3,000 metres. Only 2.2 kilometres of mineralized strike length has been tested to date, remaining open to the northeast, southwest and at depth.
The property is underexplored with multiple untested zones and an emerging geological model that will generate further targets, Trillium says. The Newman Todd Structure remains the primary focus for this initial drill plan with drill testing along strike and at depth.
“With our new technical and new management teams, our renewed efforts to drill the NT Structure with goals to increase the size and grade of known mineralized zones, follow high grade mineralization to depth and to explore along strike and in potential parallel structures in order to discover new gold zones,” Trillium CEO David Velisek said in a press release.
The company will call a management committee meeting of the joint venture to approve the proposed exploration program. The approval would require a simple majority vote whereby each joint venture party can cast one vote for each 1% interest owned by that party.
The company says it has more than the sufficient votes required to approve the proposed exploration program. It is expected that the exploration program would begin within the next 30 to 45 days.
Shares of Trillium Gold Mines rose 5.5% on the TSX Venture Exchange by midday Wednesday, after hitting a three-year high of C$1.79 earlier in the session. The Vancouver-based gold miner has a market capitalization of about C$36 million.