The Thomson Resources Ltd (ASX: TMZ) share price is edging higher in late-morning trade. This comes after the company announced an update regarding its Webbs and Conrad silver projects. At the time of writing, the minerals mining company's shares are fetching 11.75 cents, up 2.17%.
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What did Thomson announce?
Investors are lifting the Thomson share price higher after the company provided the ASX with some positive news.
According to its release, Thomson has formally completed the acquisition of the Webbs and Conrad silver projects. This follows the recent shareholder approval obtained in the company's extraordinary general meeting (EGM) on 29 March 2021.
As a result, Thomson issued the agreed 70 million ordinary shares with 50 million options to Silver Mines Limited (ASX: SVL). In addition, a payment of $800,000 was made, with another $269,000 as an equivalent to the cash bonds in place.
Currently, Thomson is in discussions with leading minerals and energy exploration consultancy firm, Global Ore Discovery. Both companies are working together to develop an exploration strategy as well as improved geological models for the acquired projects. Using these models along with historical drilling data, Thomson will calculate a new Joint Ore Reserves Committee (JORC) resource estimate.
The exploration strategy will seek to identify possible targets within the known mineralised area. The company believes that the structural logging of existing core and surface geology will guide to new drill hole planning.
Thomson noted that the Webbs and Conrad silver projects form an integral part of its 'Fold Belt Hub & Spoke' strategy.
Thomson executive chair David Williams commented:
It gives me great pleasure to formally announce the completion of the acquisition of the Webbs and Conrad Silver Projects following the approval gained from our valuable shareholders.
With the transaction complete Thomson can now turn its attention to calculating new JORC 2012 resource estimates for these projects, and importantly the integration of the projects into the larger Hub and Spoke Strategy as the Company builds towards our target of 100Moz of silver equivalent within our centralised processing hub.
Thomson share price summary
The Thomson share price has jumped by more than 480% in the past 12 months. The company's shares hit an all-time high of 25.5 cents at the start of February.
Based on valuation grounds, Thomson commands a market capitalisation of around $40 million, with roughly 380.2 million shares outstanding.
