(MENAFN- ProactiveInvestors)
() has revealed the acquisition of a significant tin exploration project consisting of two exploration licences near the Ardlethan Mine in New South Wales.
Ardlethan was the biggest tin occurrence in New South Wales with over 50000 tonnes of contained tin where Aberfoyle Tin is believed to have produced 25000 tonnes of tin in concentrate from open cut and underground operations between 1964 and 1986.
The mine itself is on mining leases excluded from the acquired exploration licences and are held by private company Australian Tin Resources.
Thomson's new mining leases contain multiple prospects including a small proportion of the identified remaining mineralisation from the mine.
The Bygoo North prospect has a strongly analogous magnetic signature to that of Ardlethan consisting of a magnetic high surrounded by a ring magnetic low.
Former work at Bygoo North included limited drilling which generated a series of strong intersections to the northeast of the magnetic anomaly where the shallow historical workings occur.
The best drill section shows strong mineralisation in several holes with good continuity and partly defined a sheet of mineralisation 20 metres thick dipping steeply to the east and open to the north and west.
The strength of the US dollar has resulted in tin prices in $AUD terms remaining high and the tin industry is optimistic on future pricing of tin with several large producers coming close to the end of their operations.
To complete the transaction Thomson will issue 8 million shares at a deemed price of $0.018 to the vendors Riverston Tin in return for 100% control of the company.
A further 5 million shares will be issued on definition of a JORC resource in excess of 10000 tonnes of contained tin at a cut off of grade of 0.4%.
Thomson will launch a drilling campaign at Bygoo as soon as regulatory approvals are received; drilling is anticipated to commence in mid May 2015.
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