Boadicea Resources Ltd (ASX:BOA) has completed the sale of a 90% interest in four Queensland-based tenement packages to Trigg Minerals Limited.
BOA will receive $20,000 in cash and the equivalent of $300,000 in Trigg shares in consideration for the sale and will be free carried for its remaining 10% working interest.
The company is focused on developing its lithium and nickel assets in Western Australia, meaning this asset sale frees up operating capacity and capital while retaining valuable exposure to the tenements.
Lithium exploration to begin this month
“This transaction is consistent BOA’s strategy to focus our activities and dedicate capital and resources to our core exploration tenements in Western Australia,” BOA managing director Cath Norman said.
“As recently announced, BOA plans to start drilling on the first of four tenements later this month, testing the lithium targets in the Two Tanks tenement.
Read: Boadicea Resources readies for 2024 drilling on WA tenements targeting lithium and then nickel
“BOA has an exciting portfolio of lithium prospective tenements, and we plan to drill three of them this year along with a strong base metal target at the Fraser South Project in the Fraser Range.
“Drilling will start at Two Tanks in late March, and we look forward to bringing results to our shareholders as we progress.”