Trillium Gold signs an option agreement for the Wenasaga gold project 35 km from the Dixie deposit in Red Lake, Ontario

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VANCOUVER, British Columbia, June 02, 2022 (GLOBE NEWSWIRE) — Trillium Gold Mines Inc. (TSXV: TGM, OTCQX: TGLDF, FRA: 0702) (“Trillium Gold” or the “Company”) is pleased to announce that it signed the Wenasaga Property Option Agreement (the “Agreement”) to acquire a 100% undivided interest in the Wenasaga Gold Property (the “Property”) held by Bounty Gold Corp. (“Bounty Gold”). The 1,692 hectare property is contiguous to Trillium Gold’s Eastern Vision land package and effectively extends Trillium Gold’s dominant footprint along the Confederation Belt on trend with Kinross Gold’s LP fault zone of Dixie deposit (see Figure 1).

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Pursuant to the terms of the agreement, in order to keep the option thereunder in good standing, Trillium is required to pay Bounty Gold an aggregate amount of C$25,500 over a two-year period, to issue a total of 64,500 common shares in the capital of Trillium over a two-year period, and grant Bounty Gold a 2.0% net smelter return royalty on the claims comprising the property upon exercise of the option . The Company has the right to redeem 50% of the royalty (i.e. 1.0%) by paying the holder an aggregate amount equal to $1,000,000.

The common shares of Trillium Gold issued pursuant to the agreement will be subject to a hold period of four months from the date of closing. The agreement is subject to the approval of the TSX Venture Exchange and other applicable regulatory authorities, as well as the approval of the Mining Recorder of Ontario to extend the due dates for the appraisal work.

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About the Wenasaga Gold Property

The Wenasaga gold property is located 30 km northeast of Ear Falls and 55 km southeast of Red Lake. The property is located on a crustal fault structure¹ and is on strike with Kinross’ Dixie project, 35km to the west. The Dixie Project hosts the LP Fault Zone, a 4.6 km long, drill-tested zone containing 16 highly continuous bulk mineralized domains and 5 high-grade mineralized domains with attractive grades and true thickness.² The Wenasaga gold property contains a regional geology similar to that of the Dixie project, underlain by felsic intrusive and metasedimentary rocks to the south, with intermediate felsic to mafic metavolcanic rocks to the north. Historical drilling to the west and strike along the crustal fault structure on the Wenasaga gold property intersected strongly deformed, chlorite and carbonate altered green basic metavolcanic rocks.³ Trillium’s exploration programs will focus on delineating the fault structure that crosses the Wenasaga gold property.

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The technical information presented in this press release has been reviewed and approved by William Paterson QP, P.Geo, Vice President of Exploration of Trillium Gold Mines, as defined by NI 43-101.

¹ Lemkow, DR, Sanborn-Barrie, M., Bailes, AH, Percival, JA, Rogers, N., Skulski, T., Anderson, SD, McNicoll, V., Whalen, JB, Tomlinson, KY, Parker, JR, Hollings, P. and Young, M.2006: GIS Compilation of Geological and Tectonostratigraphic Assemblages, West Uchi Subprovince, West Superior Province, Ontario and Manitoba; Geological Survey of Canada Open File 5269, Manitoba Geological Survey Open File Report OF2006-30, Ontario Geological Survey Divers Release–Data 203. Scale 1:250,000. 1 CD-ROM.
² Kinross Gold Corporation, BMO Investor Presentation February and March 2022, accessed May 4, 2022.
³ File evaluation: 52K14SE0024, diamond drill report

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Figure 1: Map showing the Wenasaga gold project
https://www.globenewswire.com/NewsRoom/AttachmentNg/e4aab7ba-ec45-4c9b-aed1-0ac0b2960991

On behalf of the Board of Directors,
Trillium Gold Mines Inc.

Russell Starr
Acting President, President and CEO

For more information, please contact Donna Yoshimatsu, Vice President of Corporate Development and Investor Relations at dyoshim[email protected], (416) 722-2456, or [email protected].

Visit our website at www.trilliumgold.com.

About Trillium Gold Mines Inc.

Trillium Gold Mines Inc. is a growth-oriented company engaged in the acquisition, exploration and development of mineral properties located in the Red Lake mining district of Northern Ontario. As part of its regional consolidation strategy, the Company has assembled the largest pool of potential land in and around the Red Lake mining district, close to major mines and deposits, as well as greenstone belts Confederation Lake and Birch-Uchi. Recently, the Company signed a definitive agreement for control of a significant portion of the Confederation Lake greenstone belt over 100 km in length. In addition, the Company holds interests in highly prospective properties in Larder Lake, Ontario.

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Neither the 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.

Caution Regarding Forward-Looking Statements

This press 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, analyzes and opinions, which are based on management’s experience and perception of trends, current conditions and expected developments, and other factors that management considers relevant and reasonable in the circumstances, but which may prove to be incorrect. These factors, among others, include: impacts resulting from the global disruption caused by the Covid-19 coronavirus outbreak, business integration risks; fluctuations in general macroeconomic conditions; fluctuations in the 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 exploration, development and mining activities (including environmental risks, industrial accidents); failure to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relations with local communities and indigenous peoples and their claims; the availability of rising costs associated with mining inputs and labor; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from governmental authorities); and title deed.

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 statement, whether as a result of new information, future events or otherwise.