Thor Mining PLC said Dec. 8 that it secured an option to acquire a 75% stake in the Western Shaw project in Western Australia from private firm Redstone Metals Pty. Ltd.
The project, which is subject to license application, is considered to have potential for conglomerate hosted gold deposits, lithium in pegmatites, along with various base metals.
Thor will pay a total of A$250,000 in ordinary shares for the stake if it exercises the option. A A$50,000 option fee is also required.
Redstone will hold a 25% interest in the tenement, which will be carried free until the completion of a bankable feasibility study. Upon completion of the study, the parties would sign a joint venture agreement.