Trigg Minerals (ASX:TMG) has been granted additional time to satisfy a number of conditions related to its acquisition of 4 new licence areas in northern Queensland.
At the end of November 2023, the Perth-based explorer signed a deal with Boadicea Resources (ASX:BOA) to purchase a 90% stake in the Clarke Reward and Mt Carmel tenements in the Drummond Basin region, and the West Ravenswood and Bosworth tenements in the Charters Towers area.
The properties collectively span 431km-square in a region considered highly prospective for epithermal and intrusive-related gold mineralisation, and Trigg says the properties will help establish it as a prominent gold explorer in Queensland.
According to the terms of the agreement, Trigg will pay Boadicea $20,000 in cash and issue shares equal to $300,000.
Boadicea will retain a 10% free-carried interest in the tenements until mining feasibility, at which point it can begin contributing 10% of expenses, sell the stake to Trigg via right of first refusal, or convert its interest to a 1.5% net smelter royalty.
Completion of the transaction had previously been expected to occur in January. However, in order for both Trigg and Boadicea to secure the necessary regulatory approvals, the scheduled date of completion has been delayed until February.
“It has been a pleasure working with the BOA 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,” Trigg’s Executive Chairman Timothy Morrison says.
“The timing of the transaction correlates with improved sentiment for the gold exploration sector generally.”
Trigg says it intends to get boots on the ground at the tenements in late March.
The pending acquisition of the properties follows Trigg’s purchase of the Drummond Project — an advanced gold and copper exploration project in Queensland’s Drummond Basin — from Rush Resources, a subsidiary of Andromeda Metals (ASX:ADN), in November 2023.
Trigg also holds a 100% interest in 3 sulphate of potash (SOP) projects roughly 170km east of Laverton in Western Australia.
Write to Oliver Gray at Mining.com.au
Images: Trigg
