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OPTION AGREEMENT TO ACQUIRE PILBARA PROJECT
OPTION AGREEMENT TO ACQUIRE PILBARA PROJECT.
About this update from Thor Energy Plc
[{"type":"text","content":"\n \nRNS Number : 8016Y Thor Mining PLC 08 December 2017 \n\n8 December 2017\n \nTHOR MINING PLC\nOPTION AGREEMENT TO ACQUIRE PILBARA PROJECT\n \nThe board of Thor Mining PLC (\"Thor\" or the \"Company\") (AIM, ASX: THR), is pleased to advise that it has entered into an option agreement to acquire an interest in a tenement, which is currently subject to license application, known as the Western Shaw Project (ELA 45/4960) (the \"Western Shaw Project\" or the \"Project\"), situated in the Pilbara region of Western Australia.\nThe Western Shaw Project is considered to have potential for conglomerate hosted gold deposits, lithium in pegmatites, along with various base metals.\n \nHighlights:\n· Thor has secured a 120 day option to acquire a 75% interest in the Western Shaw Project tenement and is to pay an option fee of A$50,000 (approximately £28,000) (the \"Option\");\n· Due diligence and field reconnaissance work will be undertaken by the Thor team during the option period;\n· Should Thor elect to exercise the option, and subject to the grant of the licence application, the acquisition cost payable to the vendor, Redstone Metals Pty Ltd (\"Redstone\"), for a 75% interest in the tenement is A$250,000 (approximately £140,000);\n· Both the option fee and any subsequent acquisition consideration upon exercise of the option are payable entirely in Thor shares;\n· Further information with regard to the project, its location and geological potential will be provided in due course.\n \nMick Billing, Executive Chairman, commented:\n\"The Western Shaw Project appears to be an excellent exploration opportunity and provides Thor with exposure to potential conglomerate hosted gold and lithium in the Pilbara province in Western Australia.\"\n\"This is the first interest secured in what the Company considers to be high impact exploration opportunities in Australia and we look forward to moving this opportunity forward, initially via due diligence and field reconnaissance.\"\n\"We will provide further updates to shareholders with regard to the Project, the work we undertake and our findings.\"\nOption agreement details:\nThor has entered into an option agreement which gives the Company the right to acq...