Bacchus cites the failure to meet certain conditions precedent as the reason for termination.
The agreement provided for Bacchus and Thomson to transfer interests in the titles so that Thomson would have a 90% interest in the project and Bacchus 10%. These transfers were not completed by the due date (30 June 2019).
As a result, Thomson retains 100% of EPM application 27186 (Figure 1, Table 1 in link below).
Negotiations are continuing over the future of the Bygoo Project with private Canadian company BeiSur OstBarat Agency Ltd.
To view tables and figures, please visit:
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.
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Link: Chillagoe Project Update