JOHANNESBURG (miningweekly.com) – Aim- and ASX-listed Thor Mining has entered into an option agreement to acquire an interest in a tenement known as the Western Shaw project, in the Pilbara region of Western Australia.
The Western Shaw project, which is subject to a licence application, is considered to have potential for conglomerate-hosted gold deposits, lithium in pegmatites and various base metals.
Thor has taken a 120-day option at a fee of A$50 000. During this time, the company’s team will do a due diligence and field reconnaissance work.
Should Thor elect to exercise its option, and subject to the grant of the licence application, the company will pay Redstone Metals A$250 000 for a 75% interest in the project.
"The Western Shaw project appears to be an excellent exploration opportunity and provides Thor with exposure to potential conglomerate-hosted gold and lithium in the Pilbara province,” said executive chairperson Mick Billing.
More than 25 publically-listed companies are currently exploring for gold in the Pilbara, all searching for gold that occurs in conglomerates. The theory is that rocks of a similar type and age occur in the Witwatersrand basin, which has produced more than two-billion ounces of gold.