- Torian Resources (TNR) has extended its exclusive call option agreement to purchase the Tarmoola Station, in Leonora, WA
- Last year, the company’s subsidiary entered an exclusive agreement for the cattle station, in a bid to strengthen its Mt Stirling Gold Project
- Torian says the decision to extend has been put in place while it looks to finance the purchase as much as possible through debt
- The option is now extended to April 30, 2021, allowing additional time for Torian to continue ongoing discussions and negotiations with financiers
- Notably, the majority of Torian’s Mt Stirling Gold Project falls within the bounds of Tarmoola Station
- On the market, Torian shares are currently suspended and last traded at 5.8 cents
Torian Resources (TNR) has extended its exclusive call option agreement to purchase the Tarmoola Station.
Last year, the company, through its subsidiary Tarmoola Holdings, entered an exclusive agreement for the cattle station, in a bid to strengthen its Mt Stirling Gold Project.
The extension was made as Torian is looking to finance as much as possible through debt to avoid significant shareholder dilution.
The option is now extended to April 30, 2021, allowing additional time for Torian to continue ongoing discussions and negotiations with finances.
Majority of Torian’s Mt Stirling Gold Project falls within the bounds of Tarmoola Station. Notably, around 50 per cent of the pastoral lease is covered by mining and exploration leases and is home to numerous operating and abandoned mines.
Currently, the station has a 20-person camp and approvals and infrastructure in place to expand to a 50-person accommodation facility.
Since 2018, the owners have invested in excess of $1 million in infrastructure upgrades across the station, including maintaining and upgrading 34 automated solar powered wells out of the 42 existing wells that draw from the Tarmoola Aquifer.
As part of the option agreement, the current station manager has agreed to stay on for at least 12 months, post-settlement.
“As drilling results continue to come in from our Mt Stirling Gold Project, it is becoming increasingly obvious that we will be working that ground for many years to come,” Executive Director Peretz Schapiro said.
“Therefore, purchasing the station and its associated business (mining services, accommodation etc) becomes more and more of a “no-brainer,” as in the long
run it will reduce our discovery cost per ounce, and as owners of the pastoral lease it will ensure that the process of obtaining permits for our exploration and potential future mining activities, is as seamless as possible,” he added.
Torian sees the purchase of Tarmoola station as a crucial step towards fast-tracking exploration at Mt Stirling.
On the market, Torian shares are currently suspended and last traded at 5.8 cents.