Thor Mining PLC (LON:THR) has inked a deal to acquire a stake in the Western Shaw project, an exploration tenement in the Pilbara region of Western Australia.
The company has a 120-day option to take a 75% stake in the Western Shaw project, it is paying a A$50,000 option fee, and it will proceed with due diligence and field reconnaissance.
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It will pay A$250,000 to Redstone Metals to acquire the stake. The option fee and the acquisition consideration will be payable entirely in shares.
"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 in Western Australia," said Mick Billing, Thor executive chairman.
"This is the first interest secured in what the company considers to be high impact exploration opportunities in Australia and we look forward to moving this opportunity forward, initially via due diligence and field reconnaissance."
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"We will provide further updates to shareholders with regard to the Project, the work we undertake and our findings."