Thomson Resources enhances hub and spoke strategy with silver project acquisition

Thomson Resources Ltd (ASX:TMZ) has entered into a binding Mine Sale Agreement with MRV Metals Pty Ltd to acquire the Texas Silver Project in the highly prospective Silver Spur Basin of southern Queensland. The company acquired the project, including permitted mine infrastructure, mine and exploration leases and JORC 2012 silver-gold resources, for total consideration of around $2.5 million. This also includes connection to the state power grid and approximately A$3.3 million to replace the existing rehabilitation bonds for the mine leases. Hub and spoke strategy Texas, along with the recent acquisition of Webbs and Conrad silver deposit and the earn-in and JV on White Rock Minerals Ltd’s (ASX:WRM) (OTCQX:WRMCF) Mt Carrington Silver-Gold Project, is another step in Thomson’s consolidation of a large silver dominant resource in the border region of NSW and Queensland. Thomson will now control silver as well as gold, base and technology metal resources that could underpin its’ Fold Belt Hub and Spoke Silver centralised processing strategy. Texas has JORC 2012 silver-gold resources that extend beneath the existing pit floor at Twin Hills deposit and at the undeveloped Mt Gunyan deposit that outcrops as a prominent hill on the mining lease. “Key piece” Thomson executive chairman David Williams: "I am very pleased that we have been successful in our tender for the Texas Silver Project in Southern Queensland. “This provides a key piece for our implementation of the Fold Belt Hub and Spoke Strategy. “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. “The project has also been essentially maintained in a turnkey condition which will enable Thomson to extract existing silver resources from four heap leach pads at an early stage if desired, as well as provide significant in-ground and above-ground infrastructure to facilitate a ready route to early production with low capital expenditure. “The Texas project also brings considerable exploration potential for silver, and also gold, zinc, lead and copper. “This has been a highly competitive sales process, keenly fought by a number of other parties. “However, with the addition of Texas to our Fold Belt Hub and Spoke Strategy, 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." Mt Carrington earn-in Recently, White Rock Minerals Ltd (ASX:WRM) (OTCQX:WRMCF) entered into a binding and exclusive term sheet with Thomson Resources Ltd (ASX:TMZ) for a three-stage earn-in and option to a joint venture agreement to progress the Mt Carrington Gold and Silver Project in northeast NSW. This term sheet contemplates Thomson earning up to 70% of White Rock’s Mt Carrington project on the formation of a 70:30 joint venture to develop and put the project into production. Pathways to extract from Texas Thomson is evaluating processing pathways to extract from the Texas deposits via open pit bulk mining methods and to centrally process at the Texas site, via a new purpose-built facility, utilising concentrates from Texas and the company’s other Fold Belt Hub and Spoke projects to optimise the recovery of the silver, gold and base metals. The Texas project heap leach circuit and plant has been maintained in ‘turnkey’ condition and the existing leach pads contain a resource of recoverable silver. Thomson is evaluating an interim restart of the heap leach circuit to potentially generate near-term cash flow.