Boadicea Resources Ltd (ASX:BOA) welcomes the progress being made by Trigg Minerals Ltd in acquiring 90% interests in four new licence areas comprising 431 square kilometres in Queensland from Boadicea.
This acquisition will expand Trigg’s footprint in the Drummond Basin-Charters Towers region of northern Queensland.
Both parties have agreed to extend the period for satisfaction of conditions precedent by around one month with completion now expected in February 2024.
READ: Boadicea Resources selling Queensland assets to strengthen focus on WA critical minerals
This transaction will enable Boadicea to focus more fully on its core critical minerals exploration properties in Western Australia while also retaining a 10% free-carried interest on the Queensland properties.
Extension agreed
The acquisition, which was announced in late November 2023, was due to be completed during January 2024, subject to the satisfaction of customary conditions precedent.
However, an extension has been agreed to allow the parties additional time to obtain certain regulatory consents and approvals with both Trigg and Boadicea remaining committed to completing the transaction as soon as practicable.
About the acquisition
Under the acquisition, Trigg will acquire 90% interests in the Clarke Reward (EPM27834) and Mt Carmel (EPM27991) licences in the Drummond Basin region and, the West Ravenswood (EPM27752) licence in the Charters Towers area.
Clarke Reward and Mt Carmel cover 214 square kilometres, highlighted by highly anomalous magnetic features in a structural position at the margin of the Drummond Basin and the Anakie Metamorphics.
In addition, Trigg has agreed to acquire a 90% interest from BOA in the newly-granted Bosworth (EPM28419) tenement which is contiguous to the West Ravenswood licence.
The Drummond Basin and Charters Towers regions are highly prospective for epithermal and intrusive-related gold mineralisation.
Completion of the transaction will position Trigg as a prominent gold explorer in the Drummond Basin and Charters Towers region.
Boadicea’s interest in the Hanns Gully (EPM21825) tenement in the Croydon Province of North Queensland is operated by Daly Resources and is not the subject of the agreement with Trigg.
New BOA strategy
Boadicea managing director Cath Norman previously said: “The transaction firmly launches BOA’s new strategy and company direction.
"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.
"The board of BOA wishes to thank the TMG board for working collaboratively on this transaction.”