Rox Resources Limited announced that it has reached agreement with Thor Mining PLC (“Thor”) to sell its Bonya tenement interests for a total of $550,000 to be received in Thor shares (“Thor Offer”).
The Bonya project is situated approximately 350km by road from Alice Springs in the Northern Territory (Figure 1). Rox, as operator of an earn-in and joint venture agreement with Arafura Resources Limited (“Arafura”), discovered copper through RC drilling at the Bonya Mine prospect (ASX:RXL 20 October 2014).
The tenements are also prospective for tungsten and molybdenum, with Rox and Arafura recently restructuring their joint venture so that Rox owns 40% of all minerals on EL29701 (ASX:RXL 19 March 2018). In addition, EL29599, owned 100% by Rox will be included in the sale
Rox Managing Director, Mr Ian Mulholland said, “The Bonya project has a number of areas of outcropping tungsten and molybdenum mineralization, and when added to Thor’s nearby Molyhil tungsten and molybdenum mineral resources, it makes a very exciting project. Rox will retain a significant exposure to any future developments at Bonya and Molyhil through its shareholding in Thor and will allow the Company to place a clear focus on its other projects in Western Australia.”
Under the restructured Joint Venture Agreement, Arafura has a pre-emptive right for 45 days (PreEmption Period) to purchase Rox’s interest on the same terms and conditions for a reasonable cash equivalent value to the Thor shares. If Arafura do not exercise their pre-emptive right, then completion of the sale to Thor will be within 15 days of the end of the Pre-Emption Period.
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