Canada-based Trillium Gold Mines has completed the previously announced acquisition of the rights and title to the Panama Lake gold project in the Red Lake Mining District in Ontario from St. Anthony Gold Corp.

The Panama Lake gold project is located nearly 80km from Kinross Gold’s Dixie gold project. It was acquired by St. Anthony Gold Corp from Benton Resources.

Benton Resources will register 100% of the title of the Panama Lake project to Trillium Gold Mine while keeping to itself a 50% stake till the latter fulfills its option to earn a 100% stake.

The Canadian gold project extends Trillium Gold Mines’ contiguous foothold along the Confederation belt by 9,882 hectares.

Russell Starr — Trillium Gold Mines President and CEO said: “With the recently completed acquisition of the Eastern Vision properties, the Panama Lake acquisition brings Trillium Gold’s consolidated land package along the Confederation Belt to over 58,400 hectares, bound by the Red Lake and LP Fault structures, positioning it as one of the most prospective exploration projects in the heart of the Red Lake mining district.”

As per the terms of the deal signed last month, Trillium Gold Mines will pay CAD 500,000 in cash and issue 1,000,000 of its shares to St. Anthony Gold Corp.

Trillium Gold Mines said that its geological team has started early exploration work at the Panama Lake gold project. The company said that permit applications for drilling and trenching are in progress and are likely to be obtained in early summer 2022.

Trillium Gold Mines intends to undertake an initial 6,000m of drilling throughout the area of the gold project on targets that have been researched, prioritized, and considered to be drill ready.

  Benton Resources, Canada, Dixie gold project, Gold mining news, Kinross Gold, Ontario, Panama Lake project, Red Lake, Russell Starr, St. Anthony Gold Corp., Trillium Gold Mines