Trigg Minerals has entered a binding purchase agreement to acquire the Achilles Antimony Project from Anchor Resources.
This deal includes a 100% ownership transfer of the project situated in northern New South Wales (NSW), Australia, with payment in company shares and an NSR royalty.
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The acquisition of the Achilles Antimony Project by Trigg Minerals involves a share-based transaction with Anchor Resources.
Trigg Minerals will issue A$250,000 ($173,184) worth of shares (tranche 1 TMG shares) at a price determined by the volume-weighted average price (VWAP) of its shares over the 15 trading days prior to the deal’s completion.
This issuance is contingent upon approval from Trigg Minerals shareholders.
A further A$200,000 in shares (tranche 2 TMG shares) will be issued upon securing land access for the project, with the issue price also based on the VWAP preceding this milestone.
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By GlobalDataThe second tranche of shares is similarly subject to shareholder approval.
Additionally, a 1% NSR royalty on all minerals extracted from the tenement area will be established under a royalty deed at the completion of the acquisition.
The completion of this acquisition is dependent on a series of approvals including those from shareholders, regulatory bodies and the transfer of deeds of assignment.
The Achilles Project is noted for its high-grade and high-tonnage antimony deposit, with a JORC 2012-compliant mineral resource estimate of 610,000 tonnes (t) at 2.56% antimony, amounting to 15,600t of antimony.
The deposit also contains valuable tungsten and gold.
The Achilles project, discovered in the 1890s, has a history of antimony production, with reported ore grades reaching up to 46% antimony.
Anchor Resources’ involvement with the project spanned from 2005 to 2016, during which it conducted extensive exploratory and research work including drilling, resource estimation studies and environmental monitoring.
Trigg Minerals executive chair Timothy Morrison said: “Acquiring the Achilles Project, including the Wild Cattle Creek antimony deposit, is a significant bolstering of our existing portfolio and provides Trigg Minerals with an advanced project with a JORC resource and plenty of exploration upside in and around the resource.
“Adding to our recent acquisitions of the Taylors Arms and Spartan antimony projects, we expect Achilles to be our flagship, given its advanced state. This acquisition positions Trigg as a globally significant player in the rush to secure antinomy supply.”
In March this year, Trigg Minerals acquired a 90% interest in four new licence areas spanning 431km² in northern Queensland from Boadicea Resources.
