20th Feb 2014 09:41
LONDON (Alliance News) - Thor Mining PLC Thursday said it has completed the exploration and evaluation necessary to enable the acquisition of an additional 29% of the Spring Hill gold project in Australia.
The Australian gold, tungsten and molybdenum explorer and developer said the deal will represent the final stage in the acquisition of an 80% equity holding in Spring Hill, from Western Desert Resources Ltd.
The company said it is expected that the transfer documents will be provided to the Northern Territory Department of Resources by WDR in coming weeks.
Thor Mining said that since acquiring the initial interest in Spring Hill in mid-2011, it has undertaken an aggressive campaign to meet the required expenditure commitment by the due date of January 2014.
The company said it has added significant value to the project, discovering further gold mineralisation outside the resource boundaries and upgrading assay results using fire assay testing.
The Spring Hill gold project, 150 kilometres south of Darwin, at this point has roughly 900,000 tonnes of ore from the upper portions of the resource, delivering more than 40,000 ounces of gold at a cost of below AUD1,100 per ounce. However, Thor believes it can significantly improve on these rates.
Thor Mining shares were up 4.8% to 0.283 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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