Rio Tinto Exploration signs on for Thomson farm-in development

The Thomson project is one of the largest tenement holdings in NSW, and shares similar characteristics with several intrusion related copper gold districts. These include the Paterson Province in Western Australia, where recent major discoveries have been made. The Winu project in that zone, discovered by Rio Tinto Exploration in 2017, has revealed resources of 3 million tonnes of copper and 8 million ounces of silver.

Extensive hydrothermal alteration and mineralisation observed across the Thomson project support the potential for the district to host a large intrusion related copper gold system as well.

Under the farm-in deal, Rio Tinto Exploration will have the option to fund a minimum of $400,000 of exploration activities within the first six months. It will also provide a $50,000 cash payment to Legacy Minerals.

Upon exercising the option, Rio Tinto Exploration can then earn an initial 75 per cent joint venture interest by sole funding $5 million of exploration within five years, including a minimum of 3000 metres of drilling. The company can then elect to earn an additional 5 per cent interest by sole funding a further $20 million of exploration within an additional five years. 

Legacy Minerals chief executive officer and managing director Christopher Byrne said the partnership was an exciting one, given Rio Tinto Exploration’s expertise and experience.

“Securing one of the world’s largest mining companies as a partner on the Thomson Project is of huge significance,” he said.