Bygoo Tin Farm-In JV
Sydney, Nov 21, 2016 AEST (ABN Newswire) - Thomson Resources (
ASX:TMZ) is pleased to announce it has signed a Farm-in and Joint Venture Agreement for its Bygoo Tin Project in central New South Wales with a North American private investor who can earn 51% equitable interest on contributing $A3,000,000 in a series of staged payments by 30 November 2017. They then have an option to contribute additional funds to earn a further 25% interest. The option will be exercisable until 1 October, 2018 at an exercise price of A$22,000,000, with an initial payment at commencement of A$4,000,000.
- Farm-In agreement signed with a North American private investor who can earn 51% of the Bygoo Project by contributing A$3 million
- The investor will also have an option for an additional 25% interest of the project for A$22 million.
Thomson welcomes this investment as a strong show of support for the prospectivity of the Bygoo Tin Project. The farm-in funding removes the financial constraints on Thomson in developing this project towards production. Drilling is planned to commence at Bygoo North as soon as practical.
Bygoo Tin Project
The Bygoo Tin Project consists of three exploration tenements in central NSW - ELs 8163 and 8260, as well as ELA 5350, which cover most of the Ardlethan Tin Field. Thomson Resources has made important discoveries at Bygoo North and South with wide, high-grade tin intersections at shallow drill depths. Several other prospects along the eastern edge of the Ardlethan granite remain to be tested.
The Ardlethan Tin Mine closed in 1986 after a collapse in tin prices. It produced over 25,000 tons of tin between 1962 and 1986 (see Thomson ASX release 14 November 2016) and potential remains at depth below the workings. The Bygoo Tin Project EL 8260 covers a part of the historic mine area where tin bearing breccia pipes have been recorded (see Thomson ASX release 2 November 2016). Little or no mineral exploration occurred in the project area since 1986 until Thomson acquired it in 2015. Three drilling campaigns by Thomson have confirmed significant tin mineralisation at Bygoo North and South.
These intersections are believed to lie within the east-west greisen zone with "True Width" estimated by 3D modelling of the zone. This table is reproduced from the Thomson Resources ASX release of April 29, 2016 (March quarterly).
To view tables and figures, please visit:
http://abnnewswire.net/lnk/130F4VK8
About Thomson Resources Ltd
Thomson Resources Ltd (ASX:TMZ) is an NSW active mineral explorer. Thomson has several tin projects (including an advanced project near Ardlethan), as well as gold, copper and zinc targets in a range of settings. Thomson has a good record of discovery, with multiple new Intrusion-Related Gold (gold with copper, lead, zinc, molybdenum, tungsten) systems discovered in the Thomson Fold Belt in the NW of the state.
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