Trigg Minerals' Drummond Basin Project: High-Priority Drill Targets Identified
TMG (TMG) Share Update July 2024 Monday 29th
Trigg Minerals Identifies High-Priority Drill Targets at Drummond Basin
Trigg Minerals Limited (ASX: TMG) has released its June 2024 Quarterly Activities Report, highlighting significant progress in its Drummond Basin Project in Queensland. The company has identified several high-priority drill targets following successful geophysical surveys.
Instant Summary:
- Completion of induced polarisation geophysics programs at Breccia Hill and SW Limey targets.
- Integration of IP geophysics results with historical datasets by Global Ore Discovery.
- High-priority drill targets defined at SW Limey, Breccia Hill, and Quartz Ridge.
- Initial drilling program planned for Q3 2024.
- Ongoing efforts to divest SOP assets and review new acquisition opportunities.
- Cash at bank as of 30 June 2024: $1.6 million.
- Placement to raise $800,000 for exploration activities announced.
Drummond Basin Project Overview
In early July, Trigg Minerals reported excellent results from recent Induced Polarisation (IP) geophysical surveys conducted at its Drummond Basin epithermal gold-silver project in northern Queensland. The surveys, carried out at the SW Limey and Breccia Hill low sulphidation epithermal prospects, have identified several high-priority drill targets.
Trigg's technical advisor, Global Ore Discovery, successfully integrated the new IP geophysics results with historical datasets. This integration has defined clear targets for the upcoming drilling program, set to commence in Q3 2024.
Key Drill Targets
The SW Limey target, located at the southern end of the Limey Trend, hosts low-sulphidation epithermal quartz veining and silica sinter along a 2km strike length. Historical rock chip sampling has returned gold and silver values up to 55g/t Au and 9g/t Ag. The recent IP surveys have identified strong chargeability and resistivity anomalies, suggesting a preserved epithermal system.
At the Breccia Hill prospect, the IP survey has pinpointed three priority drill targets. The prospect features a significant zone of breccia within a rhyolite dome, similar to the Lone Sister epithermal deposit in the Drummond Basin. The survey identified promising resistivity and chargeability anomalies beneath the outcrop, suggesting untested deeper 'feeder' structures.
Quartz Ridge, part of the Panhandle-Sinter mineral system, also showed significant potential. 3D reprocessing of historical IP data revealed a resistivity and chargeability anomaly at a key structural intersection, providing a clear target for the upcoming drill program.
Corporate Updates
Trigg Minerals continues to look for opportunities to divest its portfolio of SOP assets and actively reviewed new acquisition opportunities during the quarter. The company announced a placement to raise $800,000 to fund exploration activities at the Drummond Project. The placement will be conducted in two tranches, with the first tranche already completed and the second pending shareholder approval.
As of 30 June 2024, Trigg Minerals had $1.6 million in cash. The company also reported a change in its Company Secretary, with David McEntaggart taking over the role.
The identification of high-priority drill targets at the Drummond Basin Project is a positive development for Trigg Minerals. The upcoming drilling program could lead to significant gold-silver discoveries, potentially boosting the company's stock price. The successful integration of new and historical data by Global Ore Discovery enhances the credibility of the targets identified.
However, the company's ongoing efforts to divest SOP assets and review new acquisition opportunities indicate a strategic shift that investors should monitor closely. The recent placement to raise $800,000 will provide necessary funds for exploration but may dilute existing shareholdings.
Investor Reaction:
Investors and analysts have reacted positively to the announcement, noting the potential for significant gold-silver discoveries at the Drummond Basin Project. The identification of high-priority drill targets has been seen as a strong indicator of the project's potential. However, some investors remain cautious about the company's strategic shift and the potential dilution from the recent placement.
Conclusion:
Trigg Minerals' June 2024 Quarterly Activities Report highlights significant progress at the Drummond Basin Project, with high-priority drill targets identified and an upcoming drilling program planned for Q3 2024. Investors should monitor the results of the drilling program and the company's strategic moves closely. The potential for significant discoveries makes Trigg Minerals a stock to watch in the coming months.