Trillium Gold Mines and Pacton Gold are merging to taking a “dominant” stake in the Red Lake mining district in northwestern Ontario.
The two Vancouver-based exploration companies inked an arrangement agreement on March 15.
In the proposed deal, Pacton will become a subsidiary of Trillium. Trillium shareholders will own 53 per cent of the new company, Pacton shareholders will own 47 per cent.
It brings together more than 15 exploration projects and more than 1,260-square kilometres of prospective ground across the prolific mining district.
That’s larger, a news release said, than the holdings of Evolution Mining, owners of the Red Lake mining complex, and Kinross Gold, the new owners of the Great Bear project.
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