The Directors of Thor Energy Plc (AIM, ASX: THR) are pleased to announce that, further to the announcement on 24 November 2022 in relation to the Farm-in Funding Agreement and the announcement on 24 April 2024 in relation to the Completion of Stage 1 Earn-In Commitment, a joint venture Agreement (“JV”) with ASX-listed Investigator Resources Limited (ASX: IVR), operating as Fram under the Heads of Agreement , has been formalised for the Molyhil and Bonya Projects, in the Northern Territory.
HIGHLIGHTS
JV formed with IVR completing by spending $1,000,000 on the tenements (Stage 1 commitment) and the transfer of 25% interest in the Molyhil tenements and the sale of Thor’s 40% interest in Bonya tenement EL29701 (Table 1 and 2). The initial interest for the parties is 25% Fram and 75% Molyhil. IVR will now issue Thor A$250,000 worth of IVR shares upon the formalisation of Fram’s 25% JV interest. Fram can opt to continue to earn up to 80% interest by spending up to, a further $7,000,000 on the Tenements via a three-stage process. The JV at Molyhil will allow Thor to focus on its priority USA Uranium assets and Alford East Copper-REE Project while retaining a meaningful interest in the Molyhil Project.
The Directors are delighted that the Stage 1 Commitment has been completed and that Fram is progressing with developments on this exciting tungsten/molybdenum deposit. The increase in the mineral resource endowment is underpinning feasibility work at Molyhil.
The commitment shown by Fram in diligently working through all aspects of this deposit is to be applauded.
The Molyhil divestment and Bonya sale (EL29701) will support the Company’s focus on its priority US uranium assets, where we see the most significant and nearest-term value potential for Thor’s shareholders.
THE
MOLYHIL TUNGSTEN PROJECT
The Molyhil Project is located 220 kilometres north-east of Alice Springs in the Northern Territory. It has a known deposit of 11,800t of Tungsten, making it the largest known deposit of this strategic metal in Australia. In July 2020, the Northern Territory government announced that the Molyhil project had been awarded Major Project status.
LATEST
NEWS
Formation of Joint Venture at the Molyhil Tungsten Project, NT
The Directors of Thor Mining (THR) are pleased to announce a joint venture Agreement with ASX-listed Investigator Resources Limited (“IVR”),
Updated Mineral Resource Estimate, Molyhil Tungsten Project
The Directors of Thor Mining (THR) are pleased to announce the funding agreement to accelerated exploration of the Molyhil and Bonya Tungsten Projects
A$8M Farm-in Funding Agreement to Accelerate Molyhil Project, Northern Territory
The Directors of Thor Mining (THR) are pleased to announce the funding agreement to accelerated exploration of the Molyhil and Bonya Tungsten Projects