Trigg Minerals (ASX:TMG) signed a binding purchase agreement to acquire 100% rights of the Nundle, Upper Hunter, Cobark, and Copeland projects in New South Wales, which contain historical antimony deposits and gold mines, according to a Wednesday Australian bourse filing.
The deal is conditional upon completion of due diligence and shareholder approval, the filing said.
It acquired the tenement packages from Stanford Rocks, for a cash consideration of AU$250,000, payable before completion as well as AU$250,000 worth of fully paid ordinary shares in Trigg, and a 2% net smelter return royalty on all minerals extracted from the tenement area.
It will conduct a systematic exploration program, using historical data and modern exploration methodologies to assess the potential for high-grade gold and antimony mineralization across the projects.
Trigg will have two exploration teams advancing on both these new projects and its primary Wild Cattle Creek deposit, part of the Achilles antimony project, also in New South Wales.
Its shares rose 6% on market close on Wednesday.
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