Trigg Minerals (ASX:TMG) has completed the acquisition of 90% interest in 4 licence areas encompassing 431km-square in northern Queensland from Boadicea Resources (ASX:BOA).
As part of the agreement, Trigg, which has a market capitalisation of $3 million, paid $20,000 cash and will issue $300,000 worth of shares in the company to Boadicea.
The transfer of ownership is yet to receive final approvals by the Queensland government’s Department of Resources.
In the interim, Trigg has executed a deed with Boadicea, in which Trigg will assume the operating rights and expenditure commitments for the tenements.
Executive Chairman Timothy Morrison says this acquisition expands the company’s portfolio and provides further potential gold targets for exploration.
“It is our goal to advance these new projects concurrent to already planned activity, which will add valuable targets for an expanded campaign.”
Trigg is completing target assessment through an ‘extensive’ digital database available for the project, as well as a pre-campaign assessment of drill pads and access roads, which will inform the timing of its planned drill program.
The new licences acquired include the Clarke Reward and Mt Carmel licences in the Drummond Basin region, the West Ravenswood licence in the Charters Towers area, and the Bosworth licence that is contiguous to West Ravenswood.
Both regions are considered ‘highly prospective’ for epithermal and intrusive-related gold mineralisation.
As part of an ongoing assessment, Trigg says its Sulphate of Potash (SOP) projects and the management of associated expenditure commitments, Trigg has relinquished the Lake Rason and Lake Yeo tenements in Western Australia, to focus on its Lake Throssell SOP asset.
The company is continuing rehabilitation and technical work, including testwork to demonstrate an alternative pre-processing approach at Lake Throssell.
Trigg Minerals is a mineral explorer and developer focused on gold and base metals in northern Queensland. The company covers nearly 1,000km-square of tenure in northern Queensland, following this recent acquisition.
As of 31 December 2023, the company had $2.714 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Trigg Minerals
