Thor Mining PLC (LON:THR)(ASX:THR) has signed a non-binding term sheet for the acquisition of two additional licence areas adjacent to Ragged Range in the Pilbara region of Western Australia.
The licences include areas over and surrounding historical small scale gold and copper mines. Thor now has a total of 213 square kilometres of ground either under licence or under application.
"We are delighted to be able to add to our holdings adjacent to Ragged Range where we have made very encouraging progress this year,” said Mick Billing, executive chairman of Thor Mining in a statement.
"The eastern portion of the newly acquired area hosts sites of historical small scale gold and copper mining, however, there has been very little modern day exploration of this area. We expect shortly to have assays from the October sampling program where we also recovered visible gold via panning, and are also working on interpretation of the data from the recently completed airborne magnetic survey, which is aimed at refining gold and nickel drill program planning," he added.