Quarterly Activities Report
Sydney, July 25, 2018 AEST (ABN Newswire) - Thomson Resources Ltd (ASX:TMZ) provides the Company's Quarterly Activities Report for the period ending 30 June 2018.
- Positive results continue for each of Bygoo Tin and Harry Smith Gold Projects
- Further Joint Venture and other third party funding received
- Follow up drilling to commence shortly at Bygoo and Harry Smith
- Neighbouring tin project wins development approval
During the quarter drill results were received from the Bald Hill prospect near the old Ardlethan tin mine, NSW. Bald Hill is 12km south of the Ardlethan mine, and 20km south of the Company's Bygoo tin prospects on the same exploration license (EL 8260). Three holes were drilled and all intersected tin at shallow depths; the best intersection being 15m at 0.4% Sn from 19m depth.
Drilling is planned in the next quarter to extend and define this, as well as to further document the other three tin greisens discovered to date - two at Bygoo North and one at Bygoo South.
Harry Smith Gold
Follow up drilling and regional gold exploration is planned after a successful first round of drilling in March 2018 (ASX release of March 26th) and further encouraging results from recent analysis of soil geochemistry at Harry Smith and other nearby historic workings (ASX release of 19th June).
Ardlethan Tin Mine Tailings Re-processing
Coolamon Shire recently gave final approval to a Development Application for the Ardlethan Tin Mine Rehabilitation and Tailings Reprocessing Project. The project is being developed by private company EOE (No. 75) Pty Ltd and proposes to extract tin from 10 million tonnes of tailings at the old Ardlethan Tin Mine. The project lies on granted Mining Leases that sit within, but are excluded from, Thomson's EL 8260. The construction of a tin processing plant at Ardlethan clearly has potential synergies for Thomson's tin projects in the area, however no substantive negotiations have taken place with the proprietors and there is no guarantee that any arrangement would be entered into.
Tenement Holdings and Joint Ventures
After recent transfers and relinquishments Thomson now holds 13 Exploration Licenses covering 1088.6 square kilometres. Three joint venture arrangements are in place - Bygoo (Els 8260 and 8163) with private Canadian investor, BeiSur OstBarat Agency Ltd; Wilga Downs (EL 8136) with Silver City Minerals (ASX:SCI) and Havilah (EL 7391) with Silver Mines Ltd (ASX:SVL). The JVs cover an area of 640 sq. km.
Significant payments of A$660,000 under the Bygoo JV (see ASX announcement of 5 July 2018) were received during the quarter. This brings the total cash contributions received to date to A$1,500,000 of the $3 million investment needed to earn an initial 51%.
Exploration expenditure incurred during the quarter totalled $147,000. Cash at the end of the quarter was $803,000, after JV cash contributions of $660,000 and a private placement for $350,000 ($110,000 received after June 30th).
Thomson has 110,928,149 shares on issue currently.
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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.