Thor signs toll treatment deal for Spring Hill
PERTH (miningweekly.com) – Mineral developer Thor Mining and its joint venture partner Western Desert Resources have signed a memorandum of understanding (MoU) with Canada’s Crocodile Gold for the toll treatment of Spring Hill ore, in the Northern Territory
Crocodile Gold operates the Union Reefs gold processing facility, some 20 km from the Spring Hill operation, and currently had excess processing capacity.
“Having a nearby and operating gold processing plant with existing spare capacity, close to other infrastructure, provides a level of development confidence not available to many commercially prospective gold orebodies, and as such, underpins our belief in generating gold production and eventual revenues from Spring Hill,” said Thor executive chairperson Mick Billing.
He noted that a cooperative approach with Crocodile Gold was in the best interest of all parties.
Thor said this week that under the MoU, ore would be hauled from the Spring Creek site for processing and gold extraction at the Union Reefs processing plant.
The deal was subject to all parties agreeing to acceptable terms, and executing a formal binding agreement, as well as board approval from Crocodile Gold.
The Spring Hill project is estimated to host an indicated resource of 450 000 oz of god, within a 10-million-ton resource, grading 1.4 g/t.
The toll treatment agreement with Crocodile Gold was also subject to Thor and Western Desert receiving all the necessary approvals to conduct mining operations at Spring Hill.
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