- Thomson Resources (TMZ) executes a definitive agreement with Cubane Partners to acquire the mining lease (ML) that covers the Silver Spur Mine
- Silver Spur is located in Southern Queensland's Texas Silver District and has historically produced 2.19 million ounces of silver at an average of 800g/t
- The mine is surrounded by exploration licences comprising TMZ's Texas Silver Mine acquisition, which is also nearing completion
- Once the Silver Spur and Texas Silver Mine transactions are complete, Thomson will control 100 per cent of the district
- Shares are sitting steady at 10.5 cents at 10:50am AEST
Thomson Resources (TMZ) has executed a definitive agreement with Cubane Partners to acquire the mining lease (ML) that covers the Silver Spur Mine in Southern Queensland.
The historic and reportedly "high-grade" mine is located in the Texas Silver District, around nine kilometres from the town of Texas, and previously produced 2.19 million ounces (Moz) of silver at an average grade of 800 grams per tonne (g/t).
The newly penned deal replaces the binding terms sheet signed by the parties back in May to formalise the transaction.
Notably, Silver Spur is surrounded by other Texas Silver Mine exploration licences, which form part of the company's previously announced Texas Silver Mine acquisition that is also nearing completion.
Accordingly, once both the Silver Spur and Texas Silver Mine acquisitions are complete, Thomson will control 100 per cent of the district.
This area has reportedly produced around 3.6Moz silver, as well as significant zinc, lead and copper, and hosts multi-million-ounce JORC 2012 silver resources.
Commenting on the acquisition, Thomson Resources' executive chairman David Williams said it was great to have a formal definitive agreement in place.
"The more we look at it the more we realise that the Silver Spur ML is a key part of the potentiality of the Texas Silver project," he said.
"The Texas Silver Project, with the Silver Spur ML, represents a key district-scale asset within the company’s New England Fold Belt Hub and Spoke Strategy, and has the potential to materially contribute to the company’s objective of 100Moz silver equivalent resources for its central processing concept."
The company said it was well advanced in a comprehensive re-evaluation of the Silver Spur deposit and intends to deliver a mineral resource estimate for the project in the fourth quarter of 2021.
Thomson Resources shares were sitting steady at 10.5 cents at 10:50am AEST.