Thomson Resources (ASX:TMZ) spent the majority of 2022 advancing its New England Fold Hub and Spoke Strategy with exploration drilling and metallurgical testwork.
The company’s New England Fold Belt Hub and Spoke Strategy covers the Texas Silver, Mt Carrington Silver-Gold, Conrad Silver, and Webbs Silver projects in the New England region of New South Wales.
It also holds the Harry Smith Gold, Yalgogrin Gold, and Bygoo Tin projects in the Lachlan Fold Belt region of central New South Wales, and the Chillagoe Gold Project in north Queensland.
March 2022 quarter off to a flying start
Kicking off the year, Thomson formed a consolidation strategy that brought together the company’s projects around the Queensland and New South Wales border, forming the New England Fold Bet Hub and Spoke Strategy.
The company announced Mineral Resource Estimates (MRE) for 3 prospects within the Texas Silver Project. Twin Hills holds 10.3 million ounces of silver equivalent (AgEq) @ 52g/t AgEq. My Gunyan holds 5.9 million ounces of AgEq @ 41g/t AgEq. Lastly, Silver Spur holds 3.3 million ounces of AgEq @ 156g/t AgEq.
During this quarter Thomson announced new geological deposit models and metallurgical testwork was completed at Texas, with initial testwork indicating 77.8% and 90.7% average silver recovery for Twin Hills and Mt Gunyan respectively.
Drilling also commenced at Bygoo that targeted new tin discoveries made in 2021.
Drilling, surveys and restructures define June 2022 quarter
In the June 2022 quarter, Thomson restructured the Mt Carrington earn-in and option to a joint venture agreement in 2 stages, with the company earning 51% interest in stage one, and a further 19% in stage two.
In the June 2022 quarter, Thomson restructured the Mt Carrington earn-in and option to a joint venture agreement in 2 stages, with the company earning 51% interest in stage one, and a further 19% in stage two
The drilling program at Bygoo also extended the Stewards discovery made in 2021.
At Chillagoe, Thomson undertook an airborne magnetic survey which highlighted several reversely magnetised anomalies.
Starting the September 2022 quarter, Thomson re-logged geotechnical holes drilled at Mt Carrington which identified base metal mineralisation. Resource extension and exploration drilling at the Silver Spur Prospect within Texas was also completed, intersecting a zone of base metal-silver veining.
Thomson completed the Central Processing Pathway Study in this quarter which indicated further positive cashflow over the 8-year project life. Further testwork was then initiated to support the study.
The company also found ‘outstanding’ assay results from the Lachlan Fold drilling program at Bygoo.
Fourth quarter sees the receipt of government grant
In mid-November, Thomson announced it had been awarded a $500,000 grant under the New South Wales Government’s Critical Minerals and High-Tech Metals Activation Fund that was used for further testwork identified in the Central Processing Pathway Study.
Following this in early December, the company reported it had entered into a binding agreement to dispose of the Texas Project. Thomson stated the project has identified in the Central Processing Pathway Study as a non-core asset, and the project was sold to Warwick Gold Holdings.
Moving into 2023, Thomson reports it is continuing exploration activities across its portfolio and is also continuing testwork to complete a Prefeasibility Study for Mt Carrington.
