Thomson Resources has reported that it is taking steps to abandon its tenement holdings on 2,794 sq. km in the Thomson Fold belt, so that it can focus its activities on the priority exploration targets in the Cobar area.
The company is already carrying out the aircore drill campaign at the target area. The exploration campaign of the company will be affected by this relinquishment. All the existing high-priority target areas are present in the regions that were retained in Thomson Resources’ project portfolio. The high-priority targets include Cuttaburra A and B, where the company has identified base and precious metal mineralized systems. Joint ventures, which were inked recently, will not be affected.
The company has taken this action because of the new NSW Government budget that proposes to impose annual fee of $60 per unit on exploration licenses and to raise the liability of security deposit on tenements. The company has started aircore drill campaign, which was reported last week, and will declare the results once they become available.
Thomson Resources is an exploration firm based in Australia and has targeted the discovery and expansion of high-quality mineral deposits located in the Thomson Fold Belt of North NSW.
All exploration tenements of the company is located in the Thomson Fold belt, which is an area containing intruded and deformed sediments and volcanics towards the northern part of the Lachlan fold belt, premier metalliferous mining districts in Australia. The belt has significant potential for high-grade deposits, specifically in Cobar-type.
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