A potential new gold mine north of Pine Creek has changed hands.
Thor Mining has taken a majority stake in the Spring Hill project, which is about 40 kilometres north of the town.
It's being developed in a joint partnership with Western Desert Resources, who have sold their majority of the project to Thor.
Thor Mining's executive chairman Mick Billing says his company is excited to now be the senior partner in the project.
"We think Spring Hill has the potential to, over time, turn into a stand alone mining operation that could produce a few hundred thousand ounces of gold at a reasonable profit.
"We got in at a pretty modest cost and we think it has quite a bit of value."
Mr Billing says his company will now focus on a feasibility study to see whether it's worth developing a stand alone mining operation.
THR Price at posting:
1.0¢ Sentiment: Hold Disclosure: Held
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