Thor Energy PLC (AIM:THR, OTCQB:THORF, ASX:THR) has confirmed the creation of a joint venture (JV) with Investigator Resources Limited (Fram) for the Molyhil and Bonya projects, located in Northern Territory, Australia.
The JV was solidified following Fram's completion of Stage 1, which involved spending US$1 million on the tenements, securing a 25% interest in Molyhil, and the sale of Thor's 40% interest in the Bonya tenement (EL29701).
Under the terms of the agreement, Thor Energy will receive AU$250,000 worth of Investigator Resources shares.
Fram has the opportunity to increase its stake to 80% by investing an additional $7 million through a three-stage process.
This JV enables Thor to concentrate on its high-priority uranium and copper-REE projects in the USA while still retaining a meaningful stake in Molyhil.
Nicole Galloway Warland, managing director of Thor Energy said: "The directors are delighted that the Stage 1 Commitment has been completed and that Fram is progressing with developments on this exciting tungsten/molybdenum deposit.
“The increase in the mineral resource endowment is underpinning feasibility work at Molyhil. The commitment shown by Fram in diligently working through all aspects of this deposit is to be applauded.”