Alamos Gold (NYSE: AGI) has disclosed that it has finalized the acquisition of Trillium Mining Corp. for C$25 million. After this agreement, Alamos Gold will be able to expand the land package of the firm as Trillium Mining owns a large land package consisting of 5,418 hectares (ha) directly nearby.
AGI is planning to expand the land package of the firm around the Island Gold mine to 14,929 ha, a 57% increase. This new land facility consists of substantial discovery potential in closeness to existing high-grade Mineral Resources and locally. In the land package of Trillium Mining, a highland Property is also included.
Shares of Alamos Gold (NYSE: AGI) traded up 5.36% as it gained +0.50 during the market trading session of Thursday. The firm has recorded a trading volume of 3.85 million during the pre-market trading session of Friday as compared to the average volume of 2.91 million.
In the past 52-weeks of trading, this company’s share fluctuated between the low range of $3.34 and a high range of $11.58. Its share surged 194.31% and plunged -15.11% during the 52-weeks low and high, respectively. Alamos Gold’s market capitalization has remained high, hitting $3.86 billion at the time of writing.
The property is currently in the final year of a five-year option deal. It is anticipated that Alamos Gold will fully own the high land property after using this option. It is anticipated that the company will finalize this on February 26, 2021. Alamos will be able to use the district sale approach to exploration after owning the large land package.