Trigg Minerals (ASX:TMG) has for H1 2024 scheduled a drilling program at the Drummond Project in Queensland having now obtained the project via the acquisition of Rush Resources.
Trigg today (28 November) reports it has completed the Rush Resources deal, which is a subsidiary of Andromeda Metals (ASX:ADN).
The Drummond Project comprises 5 granted exploration permits covering 540km-square in the Drummond Basin, 150km south of Townsville, Queensland. It’s close to several major gold discoveries and producers, with significant gold endowment within 70km of the project area, including Pajingo (3.6Moz, producing up to 230,000oz gold per year) and Yandan (900,000oz).
Trigg has begun reviewing historical data from the project to identify targets for the aforementioned exploration and drilling in Q1 2024.
The upcoming drilling will comprise several deep holes designed to test for low sulphidation epithermal gold mineralisation consistent with the epithermal model applied for the regional Vera Nancy Gold Project — which forms part of the Pajingo Mine.
On 20 October 2023 Trigg entered into a binding agreement to purchase Rush Resources, the 100% beneficial holder of the Drummond gold and base metals project in Queensland.
Trigg shareholders voted overwhelmingly in favour of the acquisition and the issue of completion shares to the Rush sellers and Andromeda. Such approval satisfied a key condition precedent to completion.
Trigg has issued 29.5 million shares at $0.01 per share as consideration and for the reimbursement of expenses related to the sale of Drummond. The shares are issued in addition to an upfront payment of $27,000 in cash and a cash refund of $7,500 in respect of the environmental bonds for the project.
The company received 97% of votes in favour of the acquisition.
Incoming Non-Executive Chairman Timothy Morrison says this project allows the company to diversify its interests and de-risk its asset base by providing exposure to gold and metals of importance for the global energy transition.
Trigg Minerals is an explorer and developer focused on brine-hosted fertiliser minerals that are critical for producing high-nutrient food sources.
As of 30 September 2023, Trigg Minerals had $2.258 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Trigg Minerals
