Thor Mining PLC said March 28 that it agreed to purchase interests in two tenements within the polymetallic Bonya joint venture between Rox Resources Ltd. and Arafura Resources Ltd. in Australia's Northern Territory.
Under the deal with Rox, Thor will acquire a 40% stake in exploration license EL29701 and a 100% interest in exploration license EL29599 for A$550,000 in shares. The tenements are prospective for copper, molybdenum and tungsten.
Arafura will have 45 days to match Thor's offer for the project stakes as part of a restructured joint venture agreement with Rox. If Arafura does not exercise this right, the deal will close within 15 days at the end of the period.
Thor is developing its Molyhil tungsten-molybdenum project, also in the Northern Territory, and the potential to increase the scale and life of this asset makes the acquisition more compelling, Executive Chairman Mick Billing said.