Trigg Minerals continues to diversify with acquisition of Queensland tenements
Trigg Minerals’ (ASX: TMG) plans to add precious metals exploration to its portfolio through the acquisition of a majority interest in four new licence areas continues to make good progress.
In late November 2023, the company announced it had reached an agreement to acquire tenements covering 431 sq km in northern Queensland from Boadicea Resources (ASX: BOA).
The acquisition was due to be completed during January 2024, however the parties have agreed to extend the period to allow the parties additional time to satisfy the conditions precedent and obtain the necessary regulatory consents and approvals.
Completion of the transaction is now expected in late February 2024.
Multiple assets acquired
Under the acquisition, Trigg will acquire a 90% interest in each of the Clarke Reward and Mt Carmel licences in the Drummond Basin region, along with the West Ravenswood licence in the Charters Towers area.
Covering an area of 214 sq km, Clarke Reward and Mt Carmel contain anomalous magnetic features in a structural position at the margin of the Drummond Basin and the Anakie Metamorphics.
Executive chair Timothy Morrison said Trigg is confident that, upon completion of the transaction, the two licences will position it as a prominent gold explorer in the Drummond Basin and Charters Towers regions, which are highly prospective for epithermal and intrusive-related gold mineralisation.
Additionally, Trigg has agreed to acquire a 90% interest from Boadicea in the newly-granted Bosworth tenement contiguous to the West Ravenswood licence.
“It has been a pleasure working with the Boadicea team and we look forward to completing the transaction and getting boots on the ground as we grow our footprint in this highly-prospective gold region of Australia,” Mr Morrison said.
“The timing of the transaction correlates with improved sentiment for the gold exploration sector generally.”
Lake Throssell project
Best known as a leader in the search and development of sulphate of potash (SOP) for the fertiliser market, Trigg continues to evaluate opportunities to commercialise its large Lake Throssell project area in Western Australia.
In October 2023, Trigg contracted an experienced geological team to review alternative mineral prospectivity over the exploration tenements Trigg holds in WA.
This work included comprehensive compilation of all relevant geoscientific data sets created for the Lake Throssell project.
The study is also reviewing drill chips obtained by Trigg and/or drill core held by the Geological Survey of Western Australia.
Trigg has also commenced test work to demonstrate an alternative pre-processing approach to that used by the previous SOP operators in WA.
Results are expected before the end of Q1 2024 and if successful would enable Trigg to extend the testing to a next-level pilot stage and potentially expand into the construction of a demonstration-scale SOP production plant.