Game Changing Purchase For Transformational Company
Thomson Resources (ASX: TMZ)has signed a binding term sheet with Silver Mines Limited to acquire 100% interest in the Webbs Silver Project and Conrad Silver Project in New South Wales.
The projects cover approximately 86 sq. km of highly prospective land located in the New England Fold belt in NSW. Both projects have seen historic silver production and both projects have a resource defined compliant with the JORC Code 2004 as follows:
- Webbs: 1.5Mt @ 345g/t Ag Eq – 16.5M ozs Ag Eq
- Conrad: 2.65Mt @ 206g/t Ag Eq – 17.5M ozs Ag Eq
Executive Chairman David Williams said Thomson will hold a 100% interest in both the Webbs Silver Project and the Conrad Silver Project.
“Entering into the binding Terms Sheet to acquire both Webbs and Conrad is game changing for Thompson and marks transformational step for the company,” Mr Williams said.
“With these acquisitions Thomson has added an additional layer of diversification to its existing high-quality exploration portfolio and with a focussed effort Thomson will be able to quickly move into becoming a silver producer.
“Each project has a significant existing silver resource, and we are eager to commence our initial exploration programme to add additionally ounces to the current resources.
“Coupled with that, the transaction will bring Silver Mines onto our register as the major shareholder, along with the experience and knowledge of Silver Mines MD Anthony McClure.”
The Webbs Silver Project is a very high-grade silver bearing lode system located in northern New South Wales. The existing resource base consists of 1.5Mt @ 345g/t silver equivalent for a contained metal of 16.5 million ounces of silver equivalent. The Conrad Mine and deposit represents a polymetallic exploration and mining opportunity located in northern New South Wales. There are existing resources of high grade silver, lead, zinc, copper, tin and indium and a lode resource base (all categories) of 2.6Mt @ 206g/t Ag Eq for 17Moz of silver equivalent.