Territory gold project gains momentum By Carmen Brown Wednesday, 10/04/2013
South Australian company Thor Mining has increased its stake in the Spring Hill gold project, near Pine Creek in the Northern Territory. The company has just acquired an additional 26 per cent of the venture from Western Desert Resources, taking its total holdings to 51 per cent. Thor Mining executive chairman, Mick Billing, says his company needs to invest a further $1.5 million to gain 80 per cent equity. "We have spent a little bit over half that sum thus far, and have to spend the balance by January 2014," he said. "That isn't a long time, but given the dry season is about to descend on us, we should be able to get on the ground and spend that money. "There are some shallow targets where we think we can increase the size of the resource, without going too deep, relatively quickly." The company's project partner, Western Desert Resources, is currently under investigation for potential environmental breaches at its Roper Bar iron ore project. Environmental lobby groups are critical of mining and exploration regulation in the Northern Territory, labelling the current legislation as 'weak'. However, Mr Billing says the Northern Territory is actually gaining a reputation as a difficult place to do business. "The (environmental) approval process to get things done is quite protracted in the Territory, and that is a negative," he said. "That doesn't mean we don't want to work in the Territory, but sometimes it is extraordinarily frustrating. "I'm sure people are trying to make some changes but thus far, we would like to see some more." The company says it will take at least two years to establish a working mine at the Spring Hill site.
THR Price at posting:
0.6¢ Sentiment: None Disclosure: Held
