The Company's Central Houndé Project, consists of three grassroots exploration permits located in the highly prospective Houndé Greenstone belt approximately 260km south west of Ouagadougou. The three permits cover a total area of 474km2 over the Houndé Belt.
Through the Company's wholly owned subsidiaries in Burkina Faso, Thor has a 100% interest in three contiguous permits, which form the Central Houndé Project.
Acacia Mining Plc – Farm-Out Agreement
In April 2015, Thor entered into a farm-out agreement with Acacia Mining Plc ("Acacia"), relating to Thor's Central Hounde' Project (the "Project") in Burkina Faso whereby Acacia will had the exclusive option to earn up to a 51% interest in the Project by satisfying certain conditions over a 4-year Earn-in period and then the right to acquire an additional 29% interest, for an aggregate 80% interest in the Project, upon declaration of a Pre-Feasibility Study.
In April 2016 Acacia exercised its option and will now further spend a minimum of US$1 million to earn a 51% interest in the project.
Central Houndé Project Highlights:
- Land package of 474 sq km of Birimian Greenstone in the prospective Houndé Belt in south-west Burkina Faso
- JV with Acacia Mining PLC
- Acacia to Earn-in up to 80% by funding all costs up to and including completion of a Pre-Feasibility Study
- Minimum spend of $3.5m in first three years
- Decision to Mine Payment to Thor of $1m
- Work already done during initial Option Period identified gold anomalies and targets worthy of follow up by Acacia
- Drilling program commenced