Thor Mining (ASX:THR) has achieved an 80% equity interest milestone at the Spring Hill gold project in Northern Territory, having completed the exploration and evaluation spend to enable it to acquire an additional 29%.
This represents the final stage in the acquisition of an 80% equity holding in Spring Hill from Western Desert Resources (ASX:WDR).
As part of the staged acquisition, Thor was to acquire an initial 25% interest for a consideration of A$1.25 million and the issue of 10 million Thor ordinary shares to WDR and option to increase it to 80%.
Thor upped its stake to 51% in December 2012 as it fulfilled expenditure commitment to build up the Spring Hill resource inventory.
Thor has met the agreed capital spend on the project by January 2014, discovering further gold mineralisation outside the boundaries of the known resource.
A pit optimisation study in June 2013 determined that approximately 900,000 tonnes of ore from the upper portions of the resource can be mined, delivering more than 40,000 ounces of gold at a cost of below A$1,100/oz.
Recent drill and assay results indicate potential for further significant improvement.
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