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- Torian Resources (TNR) is set to acquire Tarmoola Station in a bid to bolster its Mt Stirling Gold Project operations in Western Australia’s Leonora Gold District
- An exclusive option agreement for the cattle station will be made through TNR’s subsidiary Tarmoola Holdings
- The acquisition also includes mining services business Carhill Contracting, a 20 person camp facility, and rights to continuing carbon credits
- Tarmoola Station is 50 per cent covered by mining and exploration leases which include both operating and abandoned mines
- Results are still pending from the explorer’s phase one Mount Stirling drills with a resource update expected in early 2021
- TNR shares are trading in the grey at 2.6 cents each
Torian Resources (TNR) is set to acquire Tarmoola Station in a bid to bolster its Mt Stirling Gold Project operations in Western Australia’s Leonora Gold District.
An exclusive option agreement for the 172,662-hectare cattle station will be made through TNR’s subsidiary, Tarmoola Holdings.
A spokesperson for the company says the station and its associated businesses yields an audited cumulative free cash flow of $1 million per annum.
Associated enterprise includes mining equipment hire business Carhill Contracting, which is operated from the station and includes approximately $700,000 worth of machinery.
Tarmoola station also has a 20 person camp facility in place, with the potential to expand to 50 people and approximately 700 cattle.
As owners of the station, Torian will also be in receipt of continuing carbon credits valued at $360,000.
The Tarmoola Station is 50 per cent covered by mining and exploration leases which include both operating and abandoned mines.
Results are still pending from the explorer’s Mount Stirling drills with a resource update expected in early 2021.
31 reverse circulation drillholes were executed as part of Mt Stirling’s phase one campaign.
Key discoveries so far contain 23 metres at 1.08 g/t gold, including two metres at 1.08 g/t gold, and 21 metres at 1.15 g/t gold, including six metres at 1.62 g/t gold.
TNR shares are trading in the grey at 2.6 cents each at 9:13 am AEDT.
