Bygoo Tin Update
- Staged payments continue as part of the Bygoo Farm-In agreement
- Further drilling planned for November
Under the original agreement BeiSur OstBarat Agency Ltd or its nominee could invest $3 million by 31 January 2018 for exploration on three exploration licences: EL 8260 (Bygoo), EL 8163 (Gibsonvale) and EL 8531 (Frying Pan). The investor then has an option to contribute additional funds to earn a further 25% interest. The option will be exercisable until 1 October 2018 at an exercise price of A$22,000,000, with an initial payment at commencement of A$4,000,000.
Delays in obtaining regulatory approvals and associated fund raising in Canada, resulted in changes to the payments schedule, in turn delaying on ground activities in Australia. Receipt of the latest instalment of A$420,000 (bringing the total received to date to A$790,000), allows the next drill campaign at Bygoo to get underway. Further staged payments are due monthly through to end February 2018, with a final payment to reach the cumulative $3 million due on or before June 30, 2018 at which point the option can be exercised.
It is anticipated that drilling will recommence in the next few weeks.
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About Thomson Resources Ltd
Thomson Resources Ltd (ASX:TMZ) is an NSW active mineral explorer. Thomson has several tin projects (including an advanced project near Ardlethan), as well as gold, copper and zinc targets in a range of settings. Thomson has a good record of discovery, with multiple new Intrusion-Related Gold (gold with copper, lead, zinc, molybdenum, tungsten) systems discovered in the Thomson Fold Belt in the NW of the state.
Thomson Resources Ltd