Mining News
Alamos Gold to buy Trillium for $25 million
(Kitco News) - After a relatively quiet year due to the COVID-19 pandemic, mergers and acquisition activities are heating up, heading into year-end. Alamos Gold Inc. is the latest company to jump into the market.
Thursday, Alamos gold announced it completed an agreement to acquire Trillium Mining Corp. for cash consideration of C$25 million.
Alamos said that Trillium holds a large land package comprised of 5,418 hectares directly adjacent to and along strike from the Island Gold Deposit within the Michipicoten Greenstone Belt.
The acquisition has expanded Alamos’ land package around Island gold by 57%.
“Based on the current geological interpretation of the E1E structure which hosts the Island Gold Deposit, there is strong potential for the structure to extend onto the Trillium mineral tenure,” the company said in a press release.
“The acquisition of Trillium is consistent with our strategy of consolidating prospective land in proximity to our Island Gold mine, where we have had tremendous exploration success over the last several years. Island Gold’s Mineral Reserve and Resource base has more than doubled since 2017. We see excellent potential for this growth to continue given ongoing exploration success. The acquisition of these claims ensures we maintain full ownership over future growth of the existing deposit and regionally where there have been a number of high-grade gold occurrences including two past producing mines,” said John McCluskey, president and chief executive officer of Alamos.
