Thor Mining PLC (LON:THR) (ASX:THR) said it has completed the acquisition of additional licence areas adjacent to Ragged Range in the Pilbara region of Western Australia.
Thor previously advised the execution of a non-binding Terms Sheet for this acquisition on November 23, 2020.
The new ground includes historical small scale gold and copper mines and a 13-kilometre gold zone.
The newly acquired tenure is considered highly prospective for shear-hosted gold mineralization along the granite contacts to the north and hydrothermal copper mineralization associated with the felsic porphyries intruding the mafic Euro Basalts in the northeast.
In consideration for the new ground, Thor will issue 12.5mln shares and 8.3mln options.
"We are delighted to complete this acquisition and add to our holdings adjacent to Ragged Range where we have made very encouraging progress this year," said Mick Billing, Thor executive chairman.
"Our sampling programs and airborne magnetic survey results to date have produced exciting and encouraging results, with a further sampling program, along with assessment of drill program access requirements to commence shortly."