Managing Director, Keren PatersonSource: The Market Herald
- Trigg Mining (TMG) has entered an option agreement with Tigers Paw Prospecting to divest a non-core gold exploration tenement south of Laverton, WA
- This decision aligns with Trigg's focus on developing its Lake Throssell and Lake Rason Sulphate of Potash projects
- To be granted a six-month option period, Tigers Paw will pay a non-refundable fee of $20,000 to Trigg's subsidiary, K2O Minerals
- To gain a six-month extension, Tigers Paw will need to have spent at least $50,000 on tenement obligations and pay a further $20,000 fee
- If Tigers Paw exercises its option to acquire the tenement, it will pay $100,000 in either cash or shares
- An additional payment of up to $700,000 will be paid once an inferred mineral resource of 200,000 and 500,000 ounces of gold is achieved
- In return, K2O will receive a 1.5 per cent net smelter royalty from production
- Trigg has seen a slight 2.22 per cent dip in its shares and is currently trading for 22 cents