Trigg Minerals finalises strategic Queensland gold acquisition from Boadicea Resources
Trigg Minerals (ASX: TMG) has acquired a majority interest in four new licence areas in northern Queensland from Boadicea Resources (ASX: BOA).
Under the terms of the purchase, Trigg made a cash payment of $20,000 and will issue $300,000 in shares to Boadicea as consideration for a 90% interest in each licence.
The company now holds a stake in 431 square kilometres of the region comprising the Clarke Reward and Mt Carmel licences in the Drummond Basin and the Bosworth and West Ravenswood licences in the Charters Towers area.
Clarke Reward and Mt Carmel cover an area of 214sqkm and contain highly-anomalous magnetic features in a structural position at the margin of the Drummond Basin and the Anakie Metamorphics.
The Drummond Basin and Charters Towers regions are highly-prospective for epithermal and intrusive-related gold mineralisation and Trigg now holds a footprint of nearly 1000 sq km in that part of the state.
The company is conducting a target assessment from an extensive digital database as well as an assessment of drill pads and access roads ahead of a drilling program in the second half of this year.
Expanding portfolio
Executive chair Timothy Morrison said the deal confirms Trigg’s position as a significant gold explorer in the region west of Townsville.
“We are pleased to have completed this acquisition, which expands our portfolio and provides more potential gold targets for exploration,” he said.
“It is our goal to advance these new projects concurrent to already planned activity, which will add valuable targets for an expanded campaign.”
The acquisition from Boadicea was due to be completed in January; however, the companies agreed on an extension to allow additional time to satisfy conditions precedent and obtain regulatory consents and approvals.
Minerals review
Trigg recently engaged a geological team to review alternative mineral prospectivity at the mining tenements it holds in Western Australia.
The work included the compilation of geoscientific data sets created for sulphate of potash projects at Lake Throssell, Lake Rason and Lake Yeo.
Trigg has since relinquished the Lake Rason and Lake Yeo tenements to focus on Lake Throssell.
Rehabilitation and technical work, including testwork to demonstrate an alternative pre-processing approach, continues at the project.