PERTH (miningweekly.com) – Junior Thor Mining has divested of its 60% interest in the base metal rights at the Dundas project, in Western Australia.
The Dundas project consists of two tenement areas, and Thor said on Wednesday that it would retain its 60% interest in the gold and associated metals at both tenements.
Under the terms of an agreement signed with fellow-listed Ram Resources, Thor would divest of its 60% interest in the first exploration licence, as well as all of its base metal and platinum group metal rights in the second exploration permit.
In exchange, Thor would receive some A$70 000 in Ram shares, at the expiration of the 45-day due diligence period, as well as a further A$100 000 either in cash or Ram shares, some 18 months from the date of the due diligence completion.
Thor executive chairperson Mick Billing told shareholders that the company had always pursued the Dundas project for its potential to hold significant gold mineralisation, and this remained Thor’s objective.
“This agreement allows us to retain that potential but also provides Thor with carried exposure to any base metal discovery,” he added.