THE BOURSE WHISPERER: Thor Mining (ASX: THR) has received ministerial approval for the acquisition of the balance of the Spring Hill gold project in the Northern Territory.
In April, Thor agreed terms to acquire the 49 per cent equity interest in Spring Hill that it did not own, from WDR Gold, a subsidiary entity of Western Desert Resources, which is presently in liquidation.
Thor said it had now obtained all approvals for the acquisition and the tenements are now registered in the name of the company’s wholly-owned subsidiary, TM Gold with a 100 per cent interest.
“The gold price now sits around $1,600 per ounce, and the Spring Hill project has potential for development at low capital and operating costs,” Thor Mining executive chairman Mick Billing said in the company’s announcement to the Australian Securities Exchange.
“Holding 100 per cent of Spring Hill places Thor in a robust position to secure maximum benefit, and a number of strategies are currently being explored to progress to near term development and mine start.”