Executive Chairman of Thor, Mick Billing, commented: “This is outstanding news for the Molyhil development. The potential to increase both the scale and the life of the proposed Molyhil operation is very exciting. The proximity of the Bonya deposits to Molyhil should add significantly to the projected economic returns, dovetailing with our commercialisation strategy for Molyhil. In addition to robust levels of tungsten, it is encouraging that the assay results showed low levels of potential penalty elements and overall coarse grain mineralisation, potentially simplifying processing.”
Agreement structure and commercial terms
- Under the terms of the agreement, Thor for consideration of AUS$550 000 in fully paid Thor shares, acquires;
- a 40% interest in Exploration Licence EL29701; and
- a 100% interest in Exploration Licence EL29599.
The consideration shares are to be valued according to the average of the 5 day VWAP (volume weighted average price) on ASX for the 5 days preceding execution of the terms sheet and the 5 day VWAP for the 5 days preceding satisfaction of all conditions precedent to the sale.
