Thomson Resources (ASX:TMZ) has received a "Letter of Notification" from private company Bacchus Resources ending the sale agreement over the gold exploration project in the Chillagoe district of north Queensland. The project comprised 6 EPMs (Exploration Permit for Minerals), 3 of which are granted. The area covered (594 square km) lies 30km west of Chillagoe and near the Mungana, Red Dome and King Vol mining operations.

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).

Bygoo Project

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:
http://abnnewswire.net/lnk/9B1VFBCO


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.

 

Contact

Thomson Resources Ltd
T: +61-2-9906-6225
E: info@thomsonresources.com.au
WWW: www.thomsonresources.com.au



Link: Chillagoe Project Update



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Related Industry Topics:
Energy General Financial General Mining Tin