Tri-Star Resources plc acquired Portage Minerals Inc., a Canadian minerals and metals exploration company, in 2013. As a consequence of the transaction, Tri-Star took over Portage’s Bald Hill deposit, which is one of the largest undeveloped antimony projects in Canada. The Bald Hill deposit presented a synergistic opportunity for Tri-Star given the potential to develop the deposit and for Bald Hill to become a potential future supplier of feedstock for the Roaster Project. The transaction also brought Tri-Star two gold assets owned by Portage; Golden Pike and a 60% interest in a joint venture, Golden Ridge.
In 2016, Tri-Star completed the rationalisation of its operations in Canada, selling its interests in Golden Pike and ceasing further exploration at Bald Hill for the time being. The consideration for the sale of Golden Pike comprised 350,000 shares in Globex Mining Enterprises Inc. and a potential future royalty payment to Tri-Star dependent on production. The deal comprised 119 of the 124 claims owned by Tri-Star comprising the Golden Pike claim group (Tri-Star retained five claims that cover the Bond Road antimony target). The Globex shares have since been sold; with the net proceeds of £96,000 and associated profit on sale of £55,000 being recognised in the Company’s 30 June 2017 interim accounts. The Golden Ridge joint venture has been discontinued. As a consequence, Tri-Star’s remaining Canadian interests comprise solely the Bald Hill deposit and the aforementioned Bond Road claims.
The Bald Hill deposit continues to represent a strategically important asset for the Company and details of the discovery are further described in NI 43-101 Technical Reports dated May 2010 and October 2014 available here