Thomson Resources has snapped up about 90sq km of highly prospective land surrounding the Cannington silver mine in North-West Queensland.
The company has signed a binding term sheet to acquire 100 per cent of the issued share capital in Caesar Resources, which holds the application for the tenement (EPM27530) for 700,000 fully paid shares in Thomson.
“The region around the Cannington silver mine has proved prolific for silver discoveries and it is a great outcome to have secured these permits and increase our project area in the region,” Thomson Resources executive chairman David Williams said.
It comes after an announcement on November 4 that Thomson had submitted an application for a tenement (EPM27742) 10km to the
west which compliments the Caesar Resources tenement.
And last week the company announced it was acquiring the Webbs and Conrad silver projects in the New England Fold belt in NSW, in a porposed transaction that brings project owners Silver Mines onto the Thomson register as the major shareholder.
The company described the Webbs silver project as boasting some of the highest grades of any undeveloped silver project in Australia, with a JORC resource of 1.5Mt grading at 345g/t silver equivalent.
The company also holds a portfolio of prospective gold assets, including its Chillagoe project in North Queensland.
The company recently raised $6 million through a share placement, with proceeds to further its exploration activities.