Sale of non-core silver asset

Earlier today, our silver development Investment Thomson Resources (ASX: TMZ) announced an agreement to sell its non-core Texas Project.

The sale is to private company Warwick Gold Holdings (WGH), which will pay TMZ consideration of up to ~$3.5M for the project, payable as follows:

• A$50,000 within 5 Business Days of the date of the Agreement;
• A$150,000 on Completion; and
• An amount equal to the Existing Bonds (~A$3.3 million), which shall be paid by WGH to Thomson by WGH paying 50% of the Net Operating Margin for the processing of minerals at the Texas Site.

Located 8km from the township of Texas in QLD, the Texas Project comprises 2 Mining Leases and 7 Exploration Permits, and incorporates processing and mining facilities.

The disposal of the Texas project enables TMZ to better focus on developing its New England Fold Belt Hub and Spoke silver gold-base metal project.

What’s next?

TMZ foreshadowed the disposal of other non-core assets, so we await details of these.

We also want to see TMZ complete all of its resource updates, as it looks to define a portfolio-wide 100M+ ounces silver equivalent JORC resource base.