February 8, 2023
Trillium Gold Mines Inc. (TSXV:TGM, BUY, C$1.30 target, Taylor Combaluzier) reported that it received a significant number of anomalous results from its historical core re-assaying program and recent fieldwork at its +55,000 ha Confederation Belt project in Red Lake. Exploration focused on areas along and adjacent to the extensions at the LP and the Cochenour-Gullrock faults that are associated with the Red Lake mine. Gold results analyzed by Trillium appear to cluster along several linear trends, which run parallel to the long axis of the Confederation greenstone belt. We note that Trillium’s Confederation Belt project is one of the largest contiguous land positions in the Red Lake area, spanning over 115km. This is several times larger than Kinross Gold’s (TSX:K, Not Rated) Great Bear project, which contains the LP Fault zone. Highlights from re-logging and sampling include: 1) 7.89 g/t Au from a diamond drilling grab-sample of core at the Fly Lake prospect, which lies near the intersection of the Arrow zone trend (see map); 2) anomalous Au 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 at the Cochenour-Gullrock Trend; and 3) anomalous results from re-sampling of core drilled in 2020 at the Panama Lake project added up to 1.33 g/t Au along the Panama Fault South trend. As ~20% of the 3,400 samples collected from historical core (~10,000m of equivalent drilling) for re-logging remain pending, we anticipate additional news flow as results become available. While most historical exploration work focused on base metals at the Confederation Belt project, we continue to believe that a significant gold discovery would attract the attention of majors that are looking for a tier-one deposit in a tier-one jurisdiction. Read more
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Trillium Gold Mines Inc. – TSXV:TGM – 3
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