Australia

Thor Mining’s broad portfolio of assets starts to mature

  • Tungsten, molybdenum and copper estimates rise at Molyhil

  • Preparing a mineral resource estimate at Bonya tungsten deposits

  • Kapunda copper project looks amenable to in-situ extraction

  • Financing talks for Molyhil ongoing

What does Thor Mining do?

Thor Mining PLC (ASX:THR)(LON:THR) specialises in exploration and the development of base metals resources in Australia and the USA.

Its run by Mick Billing, a seasoned mining industry professional who has more than 40 years experience in resources and the resources finance business and who boasts extensive time at Western Mining on his CV.

What does Thor Mining own?

The key asset is the Molyhil tungsten and molybdenum project, which lies 220 kilometres east of Alice Springs.

Since mid-2004 it has been the subject of systematic testwork comprising geophysical exploration, diamond and reverse circulation drilling programmes, surface and underground bulk sampling, metallurgical testwork and a geotechnical study.

A feasibility study revealed in August 2018 that the project is technically and economically viable, has a seven-year life, with strong financial returns and rapid capital payback.

In October this year, mining consultants RPM Global raised by 1.5% the total indicated and inferred estimate to 13,300 tonnes of tungsten trioxide, 6,800 tonnes of molybdenum, and 2,200 tonnes of copper.

Thor has also recently demonstrated the existence of a significant new tungsten deposit adjacent to Molyhil at the Bonya Samarkand prospect.

The Bonya tenement is held jointly with Arafura Resources (ASX:ARU).

At the Desert Scheelite deposit on the Pilot Mountain project in Nevada, Thor now boasts a resource of 10.7mln tonnes of ore grading 0.26% WO3 (tungsten), with additional silver, zinc and copper.

In March, Thor agreed to spin out its copper interests into a new vehicle, EnviroCopper, where it will take up to a 30% stake.

Enviro has rights for up to 75% of both the Kapunda copper project and the Moonta copper project.

Both projects are amenable to in-situ leaching (ISR).

Thor also owns 1.87% of the issued capital of Hawkstone Mining Limited (ASX: HWK), which wholly-owns Big Sandy lithium deposit in Arizona, which published a maiden mineral resource estimate for the deposit in September.

How it's doing

A second drilling campaign in Bonya completed in November confirmed tungsten mineralisation in the White Violet area, which is now extended by 40 metres to give a total strike of 120 metres horizontally and up to 110 metres vertically.

Eleven holes were drilled at Bonyas White Violet area, and, eight were drilled in the Samarkand area.

Highlight results from Samarkand date show high grades, including 0.86% tungsten across two metres and 0.33% over 44 metres – albeit the company noted that these findings should only be considered as preliminary analysis.

In all, some 1,386 metres of drilling was undertaken.

In November, Thor also published results from first drilling at Kapunda.

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