Thomson Resources Ltd (ASX: TMZ) has exercised its right to exit from the Mt Carrington Earn In and Joint Venture agreement with White Rock Minerals Ltd.
An internal review concluded that the earn in requirements; the liabilities to be incurred with the increase in environmental security bonds; and the cost of ongoing care and maintenance were too costly and onerous to justify continuing with the earn in.
Thomson recently released an updated resource for several deposits at Mt Carrington but there was an insignificant silver content in these deposits to contribute materially to the Silver Hub and Spoke strategy.
Thomson is continuing to review its Silver Hub and Spoke strategy, with recently released updated Mineral Resource Estimates for the wholly-owned Webbs and Conrad silver deposits.
Thomson will continue to be responsible for care and maintenance at the Mt Carrington site until May 17th 2023.
Thomson has also sold several non-core projects for cash considerations: its 90% interest in the Chillagoe tenement package – Queensland Exploration Permit for Minerals (EPMs) 26333, 26502, 26638, 26996, 27102, 27186, 27738 (A$140,000); EPMs 27742 and 27530 near Cannington in Queensland ($30,000); and Exploration Licence (EL) 7391 near Mudgee in NSW (A$50,000).
For further information please visit: https://www.thomsonresources.com.au/
