Thor Mining, a lithium, copper and tungsten-focused operator, has agreed to an option for the 75 per cent purchase of the Western Shaw project from Redstone Metals for $250,000 in company shares.
The project is in the vicinity of Dynasty Resources’ prospective North Shaw lithium project in the Pilgangoora region of the Pilbara, which is in itself adjacent to several further high-profile projects owned by the likes of Atlas Iron, Altura, BHP and Pilbara Minerals.
Thor has four months (120 days) to decide whether or not to acquire a 75 per cent interest in the project, and is preparing to undergo reconnaissance and due diligence during this period, and the project’s geological potential will be revealed down the line. Thor paid $50,000 to secure the option, which is non-refundable in the even Thor decides not to acquire the project following the 120-day period.
“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,” said Thor executive chairman, Mick Billing.
“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.”