Join our daily newsletter At The Bell to receive exclusive market insights
Trigg Minerals Ltd (ASX:TMG) is set to acquire the Achilles project in New South Wales, which contains Australia’s largest undeveloped antimony deposit – Wild Cattle Creek (WCC) – which is also one of the world’s highest-grade deposits for this mineral.
And in response to the news, shares in Trigg shot up by more than 16%.
The company has signed a binding purchase agreement with private company Anchor Resources Pty Ltd, which means it will take on 100% of Achilles, located in the state’s north.
Within this, WCC has been estimated as having a resource of 610,000 tonnes at 2.56% antimony (Sb), for a total of 15,600 tonnes. This makes it NSW’s second largest deposit for the mineral after Hillgrove.
Previous work done on the deposit has yielded not only strong intercepts from exploration, but indications that recoveries beyond 95% are possible from the WCC deposit through an economical conventional milling and flotation technique.
As well as these historical metallurgy results, previous owners of the project have picked up intercepts such as 10.7 metres at 14.24% Sb, 18.7 metres at 4.5% Sb including 5.2m at 9.8% Sb, 10.8 metres at 9.28% Sb, and 51.2 metres at 1.7% Sb including 5.5 metres at 4.8% Sb.
Executive chair Timothy Morrison said the acquisition would help to grow Trigg’s antimony footprint.
“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,” he said.
“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.”
At 12:30 AEST, Trigg’s shares were trading at 3.5 cents – a rise of 16.67% since the market opened.
Join the discussion: See what HotCopper users are saying about Trigg Minerals and be part of the conversations that move the markets.
