Thomson Resources, an Australian-based exploration company focused on discovery and development of high quality mineral deposits within the Thomson Fold Belt of northern NSW, has announced the acquisition of a significant tin exploration project consisting of two exploration licences near the Ardlethan mine in NSW.
Ardlethan is the biggest tin occurrence in NSW with an endowment of over 50,000 tonnes of contained tin. According to the ASX announcement by Thomson Resources, the mine itself is on mining leases excluded from the acquired exploration licences which are held by private company Australian Tin Resources, who are considering recommencing operations.
Thomson’s mining leases contain multiple prospects including a small proportion of the identified remaining mineralisation from the mine and excellent exploration potential for significant near surface tin deposits.
The Bygoo North is considered the key prospect within the tenements and has similar geology to Ardlethan including proximity to the Ardlethan Granite, believed to have been the source for tin deposits in the region. The prospect also has strongly analogous magnetic signature to that of Ardlethan, consisting of a magnetic high surrounded by a ring magnetic low.
To complete the transaction Thomson Resources will issue 8 million shares at a deemed price of 1.8c per share to the principals of Riverston Tin., holder of the two exploration licences, in return for 100% control of the company.
A further 5 million shares will be issued on definition of a JORC resource in excess of 10,000 tonnes of contained tin at a cut off of 0.4% Sn. Environmental bonds of $20,000 will also be reimbursed.
Thomson Resources said it will launch a drilling campaign to test the greisen zone at Bygoo as soon as regulatory approvals are received, with drilling anticipated to commence in mid May 2015.
Thomson has also reached an agreement with drilling company and shareholder Australian Mineral & Waterwell Drilling Pty Ltd to issue up to 3.5 million shares in return for such drilling services on completion of this program.