Thor Mining erwirbt seine ersten 25 % of Spring Hill Gold-Projekt
Donnerstag, 28. Juli, 2011
Thor Mining (LON:THR, ASX:THR) told investors that it has now completed its deal to buy a stake in the Spring Hill gold project, in Australia?s Northern Territory.
In a stock exchange statement it said that it has now received notification that the final conditions for the deal have been met and it has now acquired its first 25 per cent stake in the project.
Thor has already paid AU$250,000 to the seller, Western Desert Resources, and it will now issue 40 million shares.
Thor subsequently has options to acquire more equity in the project, which would take its total stake to 80 per cent.
Once Thor has spent AU$1.5 million on exploration, providing that it is within 18 months, it will be able to acquire a further 26 per cent ? taking its total stake to 51 percent. After that Thor can increase its stake, up to the full 80 percent, once it has spent a further AU$3 million on exploration, within the next 30 months.
Spring Hill hosts an indicated resource of 274,000oz gold within 3.64 million tonnes at 2.34 grams per tonne gold. Thor will assess the potential for open pit production in the near term.
Thor is planning to evaluate both the feasibility of open cut mining and a deep discovery target, between now and November.
The near surface program will include diamond and reverse circulation drilling to support the renewed resource estimate. Consultant studies will be launched to address gaps in the current scoping and pre-feasibility databases.
Deep target exploration may be preceded by a geophysical survey later this year with the objective of completing an initial drill hole of 500-600m depth.
Earlier today Thor released its quarterly update to investors on London?s AIM market.
The Australian junior has had a busy few months both operationally and on a corporate level.
Improving Tungsten prices led to a decision to re-assess the Molyhil project, which is prospective for both tungsten and molybdenum.
Importantly, however, Thor point out that although tungsten prices have increased strongly the price for molybdenum roasted concentrates has declined slightly.
The results of the Molyhil assessment are expected in October.
In the current quarter the company will carry out a two-stage drill programme that has been designed to extend the known resource and enhance resource confidence.
Firstly 6-8 holes will be drilled in stage one targeting potential southern extensions to the known mineralised lodes. Then in stage two six holes will be drilled to follow up the stage one results.
Meanwhile at the Dundas Gold project, in Western Australia, Thor has continues with its geochemical work, with an aim of identifying future drill targets.
During the quarter a total of 707 samples were collected, and a detailed flora and fauna study was carried out over the area that host the next preferred drill targets ? the Algron, Bifrost, and Asgard prospects.
In the coming months Thor will continue its geochem? work and a drill programme is expected to get underway in September or October.
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