Thor takes full ownership of Spring Hill
PERTH (miningweekly.com) – Minerals developer Thor Mining has acquired full ownership of the Spring Hill gold project, in the Northern Territory in a deal valued at A$310 000.
Thor on Thursday announced that it had acquired a 49% equity in the project from joint venture partner WDR Gold, a subsidiary of Western Desert Resources, which is currently in liquidation.
Under the terms of the agreement, Thor would pay A$210 000 in cash and A$100 000 worth of Chess depository interests in Thor, payable upon Ministerial agreement to the transfer, which was expected within two months.
“Acquiring the balance of Spring Hill at modest cost is a sound and robust opportunity, particularly with the recent firming of the gold price,” said Thor executive chairperson Mick Billing.
“Spring Hill is a quality gold project with potential for low-cost, near-term profitable development; Thor will be exploring all opportunities to secure maximum benefit from full ownership,” he added.
The project is located some 150 km from Darwin, and is considered highly prospective for gold, with four main zones of gold mineralisation identified.
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