- Thomson Resources (TMZ) has entered a mine sale agreement with MRV Metals to acquire the Texas Silver Project in southern Queensland
- Thomson may pay up to $6.5 million which includes the cost of the Texas Project itself and the cost to replace the environmental assurance bond for the mine site
- However, MRV has reached a settlement with the Department of Environment and Science to reduce the bond from $4 million to about $3.3 million
- If this is formally implemented, the acquisition will cost Thomson $5.8 million
- This aligns with Thomson’s strategy of consolidating a large silver dominant resource in the New South Wales and Queensland border region
- Company shares are up a slight 3.23 per cent and shares are trading at 16 cents
Thomson Resources (TMZ) has entered a mine sale agreement with MRV Metals to acquire the Texas Silver Project in southern Queensland.
The company will pay $2.5 million to acquire the Texas Project which comprises the open cut Twin Hills mine, heap leach facility and plant, one mining lease, five exploration tenements, environmental authorities and other infrastructure.
Thomson will also replace the environmental assurance bond for the mine site which currently totals around $4 million. However, MRV has informed the company it has reached a settlement with the Department of Environment and Science to reduce the bond to about $3.3 million. While it has been agreed on, it isn’t certain the reduction will be formally implemented.
This acquisition aligns with Thomson’s strategy of consolidating a large silver dominant resource in the New South Wales and Queensland border region.
Thomson currently owns six projects across New South Wales and Queensland, and recently entered an earn-in to acquire up to a 70 per cent interest in the Mt Carrington Silver-Gold Project.
“I am very pleased that we have been successful in our tender for the Texas Silver Project in Southern Queensland,” Executive Chairman, David Williams said.
“Not only will it provide Thomson with an ideal location for a central processing facility that we envisage, but it will also bring the additional resources which will take us close to our goal of having at least 100 million ounces of silver equivalent resources available to that facility if required,” he added.
Under the mine sale agreement, Thomson was originally required to pay a total of $6.5 million. However if the provided financial assurance are to be formally reduced by the Department of Environment and Science, Thomson will end up paying paying a total of $5.8 million.
“Thomson was uniquely placed as the best party to realise the full and true value of the Texas Silver Project and we look forward to progressing the project as an integral part of a much larger and sustainable strategy,” David concluded.
Company shares are up a slight 3.23 per cent and shares are trading at 16 cents at 11:32 am AEDT.