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Thor Mining all cashed up for 2018 as it looks to move towards commercialisation

Published: 09:15 27 Dec 2017 GMT

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The junior miner also took the chance to update on its various projects

Thor Mining PLC (LON:THR) has told investors it has enough cash in the bank to fund the business through all of 2018.

Through a fundraise and the conversion of warrants and options, the junior miner has received just shy of £1.9mln since the end of October which, based on planned activities, should be more than enough to last the year.

READ: Thor Mining agrees option deal for Western Shaw project in Pilbara

AIM-quoted Thor also updated on where its various projects are at as it heads into the New Year.

An upgraded open cut or reserve report is expected shortly at the Molyhill tungsten-molybdenum project in the Northern Territory, Australia.

The report will be a key part of an updated definitive feasibility study which Thor hopes to have finalised by the end of March.

Over at the Pilot Mountain tungsten-copper-silver project in Nevada, USA, Thor is currently working on internal scoping to assess the information and data it currently has.

A mineral resource estimate for the Kapunda copper project in Australia is also due shortly, while test work and field recovery trials are planned for 2018 which Thor hopes will advance Kapunda “considerably”.

READ: Test results boost economics at Thor Mining’s Molyhil project

Thor told investors earlier this month that it has a 120-day option to acquire a 100% interest in the Western Shaw project in the Pilbara region of Western Australia - an area potentially prospective for lithium and gold.

Initial review work has been undertaken by the team on the ground to determine whether or not the project is a goer.

‘Well-placed’ for 2018

“With three advanced business interests covering the tungsten, copper and silver commodities, all in safe operating jurisdictions; a material 25% stake in a US lithium venture and a strategic option in respect of ground prospective for lithium and gold in the Pilbara, Thor Mining ends the year in a position of considerable asset strength,” said executive chairman Mick Billing.

“In addition, the company is benefiting from strengthening market prices in the underlying commodities on which existing business projects or those under option are focused, notably in respect of tungsten, copper, lithium and gold.
“Added to this our robust financial position means the company is well placed to aggressively pursue its commercialisation focus and the objective to efficiently crystallise value for shareholders.”

Thor added that, given the progress made this year, it has promoted Richard Bradey to executive director from exploration manager.

As a result, Bradey will be awarded with 5mln share options at a price of 4.5p per share. They will only vest though when the volume-weighted average price exceeds 6p for 20 consecutive business days.

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