• Trigg Minerals secures $2.5m for antimony exploration through a strongly supported placement
  • Proceeds to be used for exploration and drilling at the Achilles, Taylors-Arm and Spartan antimony projects
  • Funds will also be used for exploration and drilling at the Drummond gold project

 

Special Report: Investors have demonstrated their support for Trigg Minerals and its antimony projects by providing firm commitments for a $2.5m placement.

The placement of 100 million shares priced at $0.025 per share – a 19% discount to the 15-day volume weighted average price – received substantial demand and was cornerstoned by several large Australian and international institutions.

At least part of this strong interest is undoubtedly due to antimony prices having increased more than 100% over the past year to US$29,000/t – largely because leading producer China has placed restrictions on exports of that critical metal, which is used heavily in military tech, battery technologies, semiconductors and to strengthen alloys.

Proceeds from the placement will be used by Trigg Minerals (ASX:TMG) to advance the high-grade Achilles antimony project as well as the Taylors-Arm and Spartan antimony projects.

“We are thrilled with the overwhelming response from both strategic investors and global funds, which reinforces the market’s confidence in our business strategy,” executive chairman Tim Morrison said.

“This capital injection gives us a strong financial platform to continue delivering on our plans and creating shareholder value. We look forward to capitalising on this momentum as we advance our projects.”

 

Antimony exploration

Proceeds from the placement – along with the company’s cash reserves of $1.56m as of the end of the September quarter – will be used for exploration and drilling programs at the Achilles, Taylors Arm, and Spartan projects.

Funds will also be used for exploration and drilling at the Drummond gold project.

Earlier this month, TMG started maiden exploration activities aimed at expanding resources at the Wild Cattle Creek antimony deposit within the Achilles project.

This work will identify walk up drill targets to test the strike’s extent in a bid to deliver high-grade intersections outside the current resource of 10,000t at 2.56% antimony – reportedly the highest of any antimony project in Australia.

Historical drilling outside the resource area has already identified the potential for more mineralisation with at least three known holes intersecting ultra-high grade antimony.

TMG has also used high resolution satellite imagery analysis to identify several high-grade antimony targets at Taylors Arm, adding to the 71 historically producing antimony workings and mines across the project.

Separately, the company started drilling over a high-potential SW Limey gold target at its Drummond epithermal gold and antimony project in northern Queensland in mid-September.

The target is noted for its similarity to privately held Yuxin’s nearby 3.6 million ounce Pajingo gold deposit.

 

 

This article was developed in collaboration with Trigg Minerals, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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