Trigg Mining Ltd (ASX:TMG) managing director Keren Paterson has demonstrated her confidence in the companys sulphate of potash (SOP) strategy with an on-market share purchase.

On June 2, Paterson acquired 52,000 shares in a direct interest.

She now holds 52,000 fully paid ordinary shares in that direct interest and another 1.45 million loan shares in the same interest, which were acquired under a Loan Funded Plan.

The MD also holds 2.498 million shares in an indirect interest.

Shares last traded at 8 cents and since the close on April 1 have traded in the range from 2 cents to 8.7 cents.

Road sealing boost

Last week Trigg received an infrastructure boost for its Lake Throssell SOP Project in WA with a joint State and Federal government program to seal a 41-kilometre section of the Great Central Road.

The road is a key arterial route that runs from Leonora and Laverton towards Trigg's high-grade project and the $20 million road sealing contract will assist in future project development.

This work is expected to improve project access and future logistics in terms of the transport of people, equipment, materials and product to and from the project.

Travel restrictions eased

The WA Government also announced a further phased lifting of intrastate travel restrictions which is expected to clear the way for the resumption of field activities and for the companys maiden exploration aircore drilling program to begin next quarter.

SOP targets defined

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Australian Potash Ltd (ASX:APC) has completed its rights offer of one share for every seven shares held at an issue price of 5 cents, with applications received for over 70% of the entitlements offered.

The company raised about $2.23 million via the rights offer which complements the $2 million placement completed in April 2020.

Lake Wells Sulphate of Potash Project

APC holds a 100% interest in the Lake Wells Sulphate of Potash Project (LSOP) in Western Australia's Eastern Goldfields.

Following the release of the Definitive Feasibility Study (DFS) in August 2019, APC is focused on the Front-end Engineering Design (FEED) study, finalising offtake discussions and securing financing to develop the LSOP.

Offtake deals and approvals progressing well

APC managing director and CEO Matt Shackleton said: “The strong vote of support shown by our shareholders through this rights issue is very encouraging.

“There is clear recognition of the continued good work the APC team are doing on the offtake program, where just under 50% of the planned production is now contracted; the approvals pathway, where we recently received consent from the Environmental Protection Authority to commence minor works on site and our Environmental Review Document is progressing steadily through the approvals process; and financing, where we have experienced project debt providers in our data room conducting due diligence.

“The changes we have been making through the FEED program are yielding some quite outstanding results, including reducing the LSOPs already low carbon footprint and improving logistics.

30-year mine life producing 150,000 tonnes per annum

Shackleton added: “The building blocks are all here: a major JORC compliant Measured Resource estimate that is the largest in class, a methodical, thorough and detailed sequence of studRead More – Source

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Perseus Mining Limited (ASX:PRU) (TSE:PRU) (OTCMKTS:PMNXF) is acquiring Exore Resources Ltd (ASX:ERX) (OTCMKTS:NLIOF) which will result in Perseus gaining a gold project near its Sissingué Gold Mine in Côte dIvoire.

The parties have entered into a Scheme Implementation Deed which will see Perseus acquire 100% of Exore and the agreement provides a fully diluted equity value of A$59.8 million based on PRUs 10 trading day VWAP.

Resources near Sissingué

Exore will exercise its pre-emptive right to acquire the remaining 20% of the Bagoe and Liberty projects from Apollo Consolidated Limiteds in northern Côte dIvoire for US$4.5 million to obtain 100% ownership.

Bagoe has a maiden JORC-compliant indicated gold resource of 90,000 ounces with a further 440,000 ounces in the inferred category and is within trucking distance of the Sissingué Gold Mine.

“Creating value for shareholders”

Perseus managing director and CEO Jeff Quartermaine said: “The acquisition of Exore results in Perseus gaining ownership of approximately 2,000 square kilometres of geologically prospective land in northern Côte dIvoire, close to our operating Sissingué Gold Mine.

“Sissingué has a mine life of three years from July 1, 2020, and with the acquisition of Exores land package, including defined mineral resources, we have the option of developing Bagoe into a new mine potentially using the Sissingué infrastructure, or alternatively, delineating further mineral resources that can be economically mined and trucked to our Sissingué plant for processing.

“Either option provides an opportunity to continue creating value for Perseuss shareholders.”

Exore recommendation

Exores board unanimously recommends that Exore shareholders vote in favour of the scheme, in the absence of a superior proposal and subject to an independent experts report concluding that the scheme is in the best interests of shareholders.

Acquisition of the remaining interest in the projects will be funded by Exore from its existing cash.

Scheme consideration

The scheme consideration of A$59.8 million is calculated on a fully diluted basis applying a purchase price of A9.8 cents per share and this is based on Perseuss 10 trading day VWAP.

Consideration will be paid in the form of shares in Perseus with each Exore shareholder receiving 1 Perseus share for every 12.79 Exore shares held.

This share swap ratio is based on the 10-day VWAP of Perseus shares on June 2, 2020, and implies a price of A10.5 cents per Exore share based on Perseuss closing share price on that date.

This consideration represents a premium of:

• • 69% to Exores closing share price of A$0.062 on June 2, 2020; and
• • 78% to the 20-trading day VWAP of Exore of A$0.059, up to and including June 2, 2020.

Highly prospective ground

Exore holds around 2,000 square kilometres of highly prospective land in northern Côte dIvoire, near the Sissingué mine.

An 80% joint venture in exploration permits making up the Bagoe and Liberty projects, which cover 816 square kilometres, was acquired from Apollo in December 2018.

Exore then expanded this position through additional earn-in and joint venture agreements with local Ivorian groups.

This area is relatively under-explored but known to host geological structures on which several significant gold discoveries have previously been made.

JORC resource

The JORC-compliant resource at Bagoe comprises an indicated resource of 750,000 tonnes at 3.5 g/t for 90,000 ounces and inferred resources of 5.85 million tonnes at 2.3 g/t for 440,000 ounces.

Exore managing director Justin Tremain said: “The board of Exore believes the proposed transaction with Perseus represents compelling vaRead More – Source

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