Trigg Mining Ltd (ASX:TMG) will commence trading on the ASX tomorrow at 1.00pm for the first time after raising $4.5 million in an initial public offer (IPO) priced at 20 cents per share.
The company has two key assets being the Laverton Links and Lake Throssell sulphate of potash (SOP) projects in Western Australia.
Notably, the Lake Rason prospect within the Laverton Links Project has a JORC compliant Exploration Target of 2.5-9.0 million tonnes of SOP grading 4.3-6.3 kilograms per cubic metre SOP.
Trigg's SOP projects aim to address Australia’s reliance on imported potassium fertilisers, which are necessary for our agricultural production.
Trigg’s managing director is Keren Paterson, a mining engineer with 20 years’ experience in the leadership of minerals exploration, mine development, operations management, and project financing.
Paterson said: “We are delighted to complete the $4.5 million IPO and ASX listing of Trigg Mining.
“It is a significant milestone in the journey of the company and the funds raised will be used to advance the exploration and evaluation of the Laverton Links and Lake Throssell Sulphate of Potash Projects.
“I would like to thank all of the seed shareholders and subscribers under the IPO for their support as we move towards developing this exciting agricultural minerals business and I look forward to keeping you informed as we progress the projects.”
Laverton Links is most advanced project
The Laverton Links and Lake Throssell Potash Projects cover 2,640 square kilometres of granted tenure containing over 400 square kilometres of salt lake playa and 300 kilometres of interpreted palaeochannels (ancient underground rivers), all prospective for brine hosted SOP.
The Laverton Links Potash Project comprises three prospects (Lake Rason, Lake Hope Campbell and East Laverton) and is the company’s most advanced project.
As mentioned, early exploration work has established a JORC compliant Exploration Target at the Lake Rason prospect, which represents about 15% of the company’s total tenure.
Drilling planned this quarter
At the Laverton Links Potash Project, Trigg’s strategy is to focus exploration activities on the more advanced Lake Rason and Lake Hope Campbell prospects.
The objective is to expand the Exploration Target and progress towards the estimation of a JORC resource and possible processing flow sheet options for the brine.
For the less advanced prospect of East Laverton, a phased and systematic approach to value-adding exploration is planned.
As detailed in the prospectus, Trigg’s funds will be put to work on exploration programs with drilling planned in the December quarter.