Trigg’s eastern gold focus grows as Boadicea trims down to chase WA lithium

FOLLOWING its step back to review its Western Australian sulphate of potash projects, Trigg Minerals is growing its gold exploration footprint in Northern Queensland with a deal to acquire the majority of Boadicea Resources’ tenements in the eastern state.

Miningnews.net reports: “These acquisitions will add to our recently completed acquisition of Drummond Project, allowing Trigg to expand its Drummond portfolio and position the company as an important explorer in the region,” non-executive chairman Timothy Morrison said.

The binding agreement between the two ASX nano-caps is for Trigg to pay A$20,000 in cash and issue $300,000 in its shares to Boadicea as consideration for 90% interests in four new licence areas in the Drummond Basin region and the West Ravenswood licence in the Charters Towers area, comprising a total of 431sq.km.

“Each of these license areas has shown potential for epithermal and intrusion-related gold and potentially silver deposits,” Morrison said.

“We look forward to advancing our new exploration strategy on these tenements to drive value for our shareholders while assessing the best way to move forward with our WA assets.”

Completion of the transaction is expected in January 2024.

Trigg had about $2 million in cash on September 30.

Boadicea frees up capital and resources to explore WA

Boadicea, meanwhile, is turning its attention west.

“By selling the majority interest in our Queensland projects and being free-carried on all expenditure for the remaining interest, we are freeing up capital and resources to dedicate to our core exploration tenements in Western Australia,” Boadicea managing director Cath Norman said.

The company announced that earthworks and drill site preparatory works have now started on its Two Tanks tenement in the lithium prospective Mt Ida region of Western Australia.

Boadicea had cash and equivalents of about $2.5 million at the end of September.

Trigg’s share price was unchanged in afternoon trade at 1.1c, capitalising it at around $4 million.

Boadicea’s share price fell 5% to 3.9c, capitalising it at $5 million.