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The stock jumped 15% yesterday after Trigg reported rotary drilling results from the Lake Throssell sulphate of potash project near Laverton in Western Australia.
A total of 26 rotary holes drilled to a maximum depth of 10m across the playa lake surface returned high-grade assay results of up to 14,500mg/L SOP.
The holes returned an average grade of 11,300mg/L SOP from 77 brine samples collected, with 90% of all holes drilled to date returning grades exceeding 10,000mg/L SOP.
Trigg said the results placed Lake Throssell amongst the highest-grade SOP projects in Australia.
"It's a new high-grade discovery that's potentially very large," Paterson said today.
The company is analysing the results of a gravity survey to define targets for aircore drilling to test the basal aquifer in the interpreted palaeochannel, which has the potential to host a large volume of potassium-rich brine.
Trigg is hoping the results of recent work will allow it to define a maiden resource in the December quarter.
Trigg listed on the ASX in October 2019 after a A$4.5 million initial public offering and had $1.8 million at the end of June.
Shares in Trigg were up 16.1% to 11.5c, the highest price this year. It values the company at $7.7 million.
