Diversified explorer Boadicea Resources (ASX:BOA) has sold its stake in fellow small cap explorer Trigg Minerals (ASX:TMG) for $306,000 off market.
Boadicea sold 43.8 million shares at $0.007 on June 12.
The shareholding was part of the consideration paid by Trigg when it acquired a 90% interest in four Queensland tenements from Boadicea.
Boadicea Managing Director Cath Norman says the divestment is part of the company’s strategy to focus on its primary exploration assets in Western Australia.
“The proceeds from this sale will enhance our financial flexibility and support our ongoing exploration drilling activities across our portfolio,” she says.
Boadicea retains a 10% stake in the four Queensland tenements.
The company is preparing to drill at the Bald Hill East and Cat Camp tenements in Q3, which are both considered “highly prospective” for lithium.
Relevant heritage surveys are planned at both prospects to pave the way for drilling.
The Bald Hill East tenement sits around 2km from Mineral Resources’ (ASX:MIN) Bald Hill lithium mine, which has a resource of 26.5 million tonnes @ 1% lithium.
Exploration has interpreted a potential strike extension to the Bald Hill lithium deposit extending southeast into the Bald Hill East tenement and only 3km from the deposit.
This area will be the focus of the upcoming drilling program.
Meanwhile, drilling at the Two Tanks prospect, located west of Mt Ida in Western Australia, indicates fractionated pegmatitic units exhibiting potential for lithium mineralisation at depth.
Boadicea undertook an 18-hole, 1,296m campaign and is now planning further work to better understand the prospectivity.
The company can also begin exploration at Ant Hill, which is considered prospective for nickel and gold, after being granted the tenement. Ant Hill is located in the Lake Johnston region of Western Australia.
Plans are also underway to follow up with drilling a base metal target at the Fraser South Project in the Fraser Range.
Write to Angela East at Mining.com.au
Images: Boadicea Resources
