Retraction Raises Questions on Antimony Canyon Project’s Resource Reliability
Trigg Minerals has withdrawn previously reported mineral resource estimates for its Antimony Canyon Project after ASX compliance review, while reaffirming confidence in ongoing exploration efforts.
- Retraction of Foreign and Revised Foreign Estimates for Antimony Canyon Project
- Estimates found not based on original source documents as per ASX guidelines
- Revised Foreign Estimate disclosed in error and deemed immaterial
- Company reports Exploration Target under JORC Code, aiming for compliant Mineral Resource Estimate
- Trigg Minerals confirms compliance with ASX Listing Rules and continuous disclosure obligations
Background to the Estimates
Trigg Minerals Limited (ASX – TMG) recently addressed a formal query from the Australian Securities Exchange concerning its disclosure of mineral resource estimates for the Antimony Canyon Project in Utah, USA. The company had previously cited a Foreign Estimate of 12.7 million metric tonnes grading 0.79% antimony, originally derived from a 1949 United States Bureau of Mines report, and a Revised Foreign Estimate from a 1975 Utah Geological survey publication.
ASX Compliance Review and Retraction
Following the ASX's inquiry, Trigg Minerals undertook a detailed review of the source documentation underpinning these estimates. The company concluded that neither the Foreign Estimate nor the Revised Foreign Estimate met the ASX's requirements for valid and reliable mineral resource estimates, primarily because the figures were based on secondary summaries rather than original source data as mandated by ASX Guidance Note 31. Consequently, Trigg Minerals retracted both estimates in a July 14 announcement.
Clarifying the Revised Foreign Estimate
The Revised Foreign Estimate, which had been reported as approximately 14 million tons at 0.75% antimony, was disclosed inadvertently and was not used as a principal figure in market communications. Trigg Minerals emphasized that this figure was a restatement of existing data in different units and rounding, and therefore not material under Listing Rule 3.1.
Ongoing Exploration and Future Reporting
Despite the retraction, Trigg Minerals maintains a strong belief in the potential of the Antimony Canyon Project. The company has instead reported an Exploration Target compliant with the JORC Code (2012 edition) and plans to continue exploration activities to enhance confidence in the mineralisation. The ultimate goal is to produce a Mineral Resource Estimate that fully complies with ASX and JORC standards.
Compliance and Market Implications
Trigg Minerals confirmed it remains in full compliance with ASX Listing Rules, including continuous disclosure obligations. The company’s transparent response to the ASX query and prompt retraction of non-compliant estimates reflect a commitment to regulatory standards and investor confidence. However, the episode underscores the challenges junior miners face in reconciling historical data with modern reporting requirements.
Bottom Line?
Trigg Minerals’ retraction signals a cautious reset for Antimony Canyon’s valuation, with eyes now on forthcoming compliant resource updates.
Questions in the middle?
- When will Trigg Minerals deliver a JORC-compliant Mineral Resource Estimate for Antimony Canyon?
- How will the retraction affect investor confidence and Trigg Minerals’ share price in the near term?
- What new exploration data or drilling results might validate or revise the current Exploration Target?
