PERTH (miningweekly.com) – Triple-listed Thor Mining has struck an A$8-million farm-in agreement over its Molyhil polymetallic project, in the Northern Territory.
The company on Thursday reported that it had signed a heads of agreement (HoA) with ASX-listed Investigator Resources to fund an accelerated exploration programme at the Molyhil tenements, and to create a new joint venture.
Through a three-stage process, Investigator, through its subsidiary Fram Resources, would earn an 80% interest in the tenements and would acquire Thor’s 40% interest in the Bonya tenements for a total exploration expenditure of A$8-million. Thor would also receive A$100 000 in cash and A$500 000 in Investigator shares through the earn-in period and the sale of its interest in the Bonya tenement.
“We are very pleased to enter into an HoA with Investigator for Fram’s earn-in and exploration funding of the Molyhil tenements and the sale of our interest in the Bonya tenement,” said Thor MD Nicole Galloway.
“The agreement enables Thor to retain an equity interest in the prospective Molyhil tenements with reduced operational risk, benefitting from exploration upside on the Tenements as well as receiving considerations in the form of cash and IVR shares.
“The Molyhil divestment and Bonyas sale reflect the company’s focus on our priority US uranium assets and the multi-element Ragged Range project, where we see the most significant and nearest-term value potential within Thor’s portfolio.”