The directors of Thor Mining PLC’ (“Thor”) (AIM, ASX:THR) are pleased to advise the execution of a Term Sheet for the acquisition of the Pilot Mountain tungsten project in the US state of Nevada.
Subject to normal due diligence and necessary shareholder and regulatory approvals Thor have agreed to acquire the Pilot Mountain tungsten project from Black Fire Minerals Limited (“Black Fire”)(ASX:“BFE”). Consideration for the acquisition has been agreed between the parties at 418,750,000 shares in Thor, which will be subject to a 12 month escrow period.
Highlights
- Acquisition valued at A$1.675million.
- Desert Scheelite JORC Resource2 of 6.8million tonnes @ 0.31% WO.
- Garnet Exploration Target3 of 1.5 to 2.0 million tonnes @ 0.35 – 0.4% WO.
- Gunmetal Exploration Target3 of 1.5 to 2.0 million tonnes @ 0.37 – 0.42% WO.
- Substantial exploration upside with high grade tungsten & copper intercepts to follow up.
For further information please download PDF attached:
