Proactiveinvestors United Kingdom Thor Mining PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Thor Mining PLC RSS feed en Sun, 16 Jun 2019 06:31:51 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Thor Mining says assays in metallurgical tests show potentially economic levels of gold ]]> https://www.proactiveinvestors.co.uk/companies/news/222142/thor-mining-says-assays-in-metallurgical-tests-show-potentially-economic-levels-of-gold-222142.html Thor Mining PLC (LON:THR) has given investors further details from its recent metallurgical testing of samples from the Desert Scheelite deposit at the Pilot Mountain project, in Nevada.

Following on from Monday’s project update, Thor today said that assays of both the head sample and the tailings following scheelite recovery showed potentially economic levels of gold.

READ: Thor Mining reveals positive metallurgical test results

"This is a significant step forward for our 100% owned Pilot Mountain project," said Mick Billing, Thor executive chairman.

"The locked cycle testwork has demonstrated production of a high grade scheelite concentrate with good recoveries".

"We are following up the gold potential via extraction of sample pulps from previous testwork which will be re-assayed for gold".

"Significant potential exists for further enhancements to this work which may improve project economic outcomes".

Billing added: "Tungsten remains classified as a critical mineral in the USA, with no domestic tungsten production".

"We continue to have a principle focus on securing off-take and finance agreements for our flagship Molyhil project, and we will keep investors appraised of progress as appropriate.

“However our other projects, including Pilot Mountain, have significant value and we are committed to continuing to take these forward".

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Fri, 14 Jun 2019 10:08:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/222142/thor-mining-says-assays-in-metallurgical-tests-show-potentially-economic-levels-of-gold-222142.html
<![CDATA[RNS press release - Pilot Mountain initial gold finding clarification ]]> https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190614092720_14111349/ Fri, 14 Jun 2019 09:27:20 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190614092720_14111349/ <![CDATA[RNS press release - Response to ASX Price Query ]]> https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190613070013_14109049/ Thu, 13 Jun 2019 07:00:13 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190613070013_14109049/ <![CDATA[News - Thor Mining reveals positive metallurgical test results at Pilot Mountain ]]> https://www.proactiveinvestors.co.uk/companies/news/221792/thor-mining-reveals-positive-metallurgical-test-results-at-pilot-mountain-221792.html Thor Mining PLC (LON:THR) has revealed what it described as positive metallurgical testwork for the Pilot Mountain project in Nevada.

Samples taken from drilling at Pilot Mountain’s Desert scheelite deposit were analysed.

The company highlighted that in testing a scheelite concentrate was produced, assaying more than 68% tungsten trioxide (WO₃). The tests showed a metallurgical recovery rate of 73.6%.

Additionally, following the recovery of the scheelite, analysis of tailings confirmed potentially economic levels of gold. In the initial feed gold was assayed at 0.29 grams per tonne, while in the combined tailings gold measured 0.33 grams per tonne.

WATCH: Thor Mining reports 'spectacular' grades after Molyhil drilling

"This is a significant step forward for our 100% owned Pilot Mountain project," said Mick Billing, Thor’s executive chairman.

"The locked cycle testwork has demonstrated production of a high grade scheelite concentrate with good recoveries".

"We are following up the gold potential via extraction of sample pulps from previous testwork which will be re-assayed for gold".

"Significant potential exists for further enhancements to this work which may improve project economic outcomes".

Billing added: “Tungsten remains classified as a critical mineral in the USA, with no domestic tungsten production".

"We continue to have a principle focus on securing off-take and finance agreements for our flagship Molyhil project, and we will keep investors appraised of progress as appropriate. However our other projects, including Pilot Mountain, have significant value and we are committed to continuing to take these forward".

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Mon, 10 Jun 2019 12:34:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221792/thor-mining-reveals-positive-metallurgical-test-results-at-pilot-mountain-221792.html
<![CDATA[RNS press release - Pilot Mountain process sample initial gold finding ]]> https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190610120013_14105080/ Mon, 10 Jun 2019 12:00:13 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190610120013_14105080/ <![CDATA[Media files - Thor Mining reports 'spectacular' grades after recent drill hole at Molyhil ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13664/thor-mining-reports--spectacular--grades-after-recent-drill-hole-at-molyhil-13664.html Fri, 07 Jun 2019 10:57:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13664/thor-mining-reports--spectacular--grades-after-recent-drill-hole-at-molyhil-13664.html <![CDATA[News - Thor Mining eyeing copper bonus at Molyhil after latest drill hole ]]> https://www.proactiveinvestors.co.uk/companies/news/221632/thor-mining-eyeing-copper-bonus-at-molyhil-after-latest-drill-hole-221632.html Thor Mining PLC (LON:THR) has started to look at the potential for copper as well as tungsten at its Molyhil deposit in Australia.

Mick Billing, executive chairman, said it had come across the copper indications while drilling a hole to produce a bulk sample for metallurgical work.

WATCH: Thor Mining reports 'spectacular' grades after recent drill hole at Molyhil

There was extensive high-grade mineralisation of scheelite - one of the main sources of tungsten - and good levels of molybdenum.

"The high-grade nature of the scheelite mineralisation provides further substantial confidence in the Molyhil deposit,” said Billing.

Levels of copper at potentially economic levels at Molyhil, however, had not been considered until now with no credit in resource or feasibility studies.

"Copper, while part of historic mineral resource estimates at Molyhil, has not been included in the resource estimate for some time, however recent test work has shown encouraging results for production of a separate saleable concentrate. 

"While this work has implications for potential production from the nearby Bonya deposits, it is expected to also apply to any copper mineralisation extracted at Molyhil.

"This has led to the reappraisal of the copper potential at Molyhil itself."

 

 

 

 

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Thu, 06 Jun 2019 09:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221632/thor-mining-eyeing-copper-bonus-at-molyhil-after-latest-drill-hole-221632.html
<![CDATA[RNS press release - High Grade Molyhil bulk sample assay results ]]> https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190606070007_14100511/ Thu, 06 Jun 2019 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190606070007_14100511/ <![CDATA[RNS press release - Investor Presentation ]]> https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190528070012_14088144/ Tue, 28 May 2019 07:00:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190528070012_14088144/ <![CDATA[RNS press release - Result of General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190523093557_14085065/ Thu, 23 May 2019 09:35:57 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190523093557_14085065/ <![CDATA[RNS press release - Appendix 3B ]]> https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190523093529_14085064/ Thu, 23 May 2019 09:35:29 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190523093529_14085064/ <![CDATA[News - Thor Mining highlights positive Arizona lithium results ]]> https://www.proactiveinvestors.co.uk/companies/news/220315/thor-mining-highlights-positive-arizona-lithium-results-220315.html Thor Mining PLC (LON:THR) has highlighted new drill results achieved by Hawkstone Mining at the Big Sandy lithium clay deposit in Arizona.

The AIM-quoted company holds 7.42mln Hawkstone shares, equating to 1.3% of the company.

Hawkstone released results from the first 19 of 37 recently drilled holes, and, the highlights included what was described as “thick, high-grade lithium mineralisation”.

WATCH: Thor Mining's Mick Billing upbeat on Bonya project as financing talks progress

Paul Lloyd, Hawkstone managing director, said that the company is building momentum towards estimating a maiden JORC-complaint resource.

Meanwhile, Thor’s executive chairman, Mick Billing said: "We welcome this positive news from field work at Big Sandy noting that the drilling program is continuing with more news scheduled in the coming weeks,”

"We look forward to the balance of the drilling results as the program continues to improve the value of our investment in Hawkstone."

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Wed, 15 May 2019 12:48:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220315/thor-mining-highlights-positive-arizona-lithium-results-220315.html
<![CDATA[RNS press release - Lithium Results at Hawkstone's Big Sandy Deposit ]]> https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190515121632_14075122/ Wed, 15 May 2019 12:16:32 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190515121632_14075122/ <![CDATA[News - More encouraging tungsten and copper results from Thor Mining’s Bonya deposits ]]> https://www.proactiveinvestors.co.uk/companies/news/219773/more-encouraging-tungsten-and-copper-results-from-thor-minings-bonya-deposits-219773.html Thor Mining PLC (LON:THR)(ASX:THR) has revealed further interim exploration results from drilling at the Bonya tungsten deposits, adjacent Molyhil, in the Northern Territory of Australia.

The Bonya project is held in 40-60 joint venture with Arafura Resources Ltd (ASX:ARU), with both parties contributing to the cost of the program in proportion to project equity.

WATCH: Thor Mining's Mick Billing upbeat on Bonya results as financing discussions progress

Interim results for the Samarkand prospect obtained via portable X-ray fluorescence (XRF) determination show highlights of 15 metres grading 0.44% tungsten trioxide (WO₃), 8 metres at 0.36% WO₃, and 11 metres at 0.61% WO₃.

The drilling also hit copper, with highlights including five metres at 0.5% copper, 12 metres at 0.69% copper and six metres at 0.97% copper.

"More very good XRF tungsten results along with exciting copper readings from the Samarkand  deposit at Bonya," enthused Thor executive chairman Mick Billing.

"The proposed Molyhil processing facility is designed to extract copper as well as tungsten and molybdenum so any primary copper at Bonya can be extracted at minimal additional cost.

"We look forward to the full laboratory assays from this drill program, along with results from the trench sampling from Marrakech and Tashkent, all expected during May."

 

 

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Tue, 07 May 2019 08:33:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219773/more-encouraging-tungsten-and-copper-results-from-thor-minings-bonya-deposits-219773.html
<![CDATA[RNS press release - Further Interim Tungsten & Copper Results - Bonya ]]> https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190507070009_14063966/ Tue, 07 May 2019 07:00:09 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190507070009_14063966/ <![CDATA[Media files - Thor Mining's Mick Billing upbeat on Bonya results as financing discussions progress ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13152/thor-mining-s-mick-billing-upbeat-on-bonya-results-as-financing-discussions-progress-13152.html Tue, 30 Apr 2019 12:25:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13152/thor-mining-s-mick-billing-upbeat-on-bonya-results-as-financing-discussions-progress-13152.html <![CDATA[News - Thor Mining posts encouraging initial results from drilling at Bonya ]]> https://www.proactiveinvestors.co.uk/companies/news/219352/thor-mining-posts-encouraging-initial-results-from-drilling-at-bonya-219352.html Thor Mining PLC (LON:THR) (ASX:THR) shares rose on Tuesday as the miner released encouraging interim results from drilling at the Bonya tungsten deposits, adjacent to Molyhil, in the Northern Territory of Australia.

The Bonya project is held in 40:60 joint venture with Arafura Resources Ltd (ASX:ARU), with both parties contributing to the cost of the programme in proportion to their project equity.

WATCH: Thor excited about significant gold as well as copper at Kapunda

Interim results for three of the four targets are now available following portable x-ray fluorescence (XRF) determination, and should be considered preliminary and subject to confirmation in subsequent laboratory assay. 

Among the highlights were 27 metres grading 0.32% tungsten trioxide (WO₃), 12 metres grading 0.70% WO₃, and 29 metres grading 0.75% WO₃.

"These are very exciting interim results, particularly from the White Violet deposit, where results are substantially better than expectations,” said Thor executive chairman Mick Billing.

"The inclusion of attractive copper interim assays from several holes also elevates the potential of the Bonya area in general, but White Violet especially."

"We look forward to the interim results from the Samarkand drilling, and also to the full laboratory assays expected during May."

The program comprised 2,184 metres of drilling by reverse circulation method on the Samarkand, Jericho, White Violet, and Tashkent deposits, and approximately 200 metres of trench sampling across each of the Marrakesh and Tashkent deposits.

The Jericho deposit, in particular, has been mined historically, with a surface stockpile estimated at several hundred tonnes of scheelite ore at surface adjacent to the deposit.

It is anticipated that assay results will be available within four weeks.

In afternoon trading, shares in Thor Mining were 3.7% higher at 0.70p.

 -- Adds share price --

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Tue, 30 Apr 2019 09:14:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219352/thor-mining-posts-encouraging-initial-results-from-drilling-at-bonya-219352.html
<![CDATA[RNS press release - Notice of GM ]]> https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190430085556_14056936/ Tue, 30 Apr 2019 08:55:56 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190430085556_14056936/ <![CDATA[RNS press release - Interim Drill Results - Bonya Tungsten ]]> https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190430082954_14056882/ Tue, 30 Apr 2019 08:29:54 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190430082954_14056882/ <![CDATA[News - Thor Mining upbeat over potential for offtake and other deals ]]> https://www.proactiveinvestors.co.uk/companies/news/219253/thor-mining-upbeat-over-potential-for-offtake-and-other-deals-219253.html Thor Mining PLC (LON:THR) remains confident about securing partners for its Molyhil tungsten project in Australia’s Northern Territory.

Mick Billing, executive chairman, said interest currently ranges from offtake deals to joint venture arrangements and debt.

Assays are now being analysed for Bonya tungsten deposit close to Molyhil following a recent 2,500m shallow drilling programme.

Thor recently also spun out its copper interests into a new vehicle, Enviro Copper, 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.

The Kapunda copper project hosts an inferred resource of 119,000 tonnes of contained copper, while Moonta holds between 238mln tonnes and 310mln tonnes of ore at grades of between 0.18% and 0.23% copper.

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

"The developments in our ISR copper investments show tremendous promise as we look towards a, potentially quite large, ISR focussed copper business," said Billing.

Thor recently raised £400,000, which Billing said will be sufficient to fund it through until next year.

Ttight supply conditions remain for tungsten concentrates while molybdenum faces supply constraints for several years, he added.

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Mon, 29 Apr 2019 08:53:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219253/thor-mining-upbeat-over-potential-for-offtake-and-other-deals-219253.html
<![CDATA[RNS press release - APPENDIX 5B JANUARY TO MARCH 2019 ]]> https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190429070018_14054578/ Mon, 29 Apr 2019 07:00:18 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190429070018_14054578/ <![CDATA[News - Resource estimation work commences on Thor Mining’s Moonta copper project ]]> https://www.proactiveinvestors.co.uk/companies/news/218940/resource-estimation-work-commences-on-thor-minings-moonta-copper-project-218940.html Resource estimation work has commenced on the Moonta copper project in South Australia.

Thor Mining PLC (LON:THR)(ASX:THR) holds a significant interest in Moonta through a complicated structure involving an interest in Enviro Copper LTD, which is earning into the property from Andromeda Metals.

WATCH: Thor excited about significant gold as well as copper at Kapunda

Mining consultancy Mining Plus has been engaged to prepare a resource estimate on several of the deposits at Moonta, considered amenable to in situ recovery.

Numerous drill holes into Moonta deposits over several decades provide the basis for resource estimation.

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Tue, 23 Apr 2019 08:18:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218940/resource-estimation-work-commences-on-thor-minings-moonta-copper-project-218940.html
<![CDATA[RNS press release - Resource Estimate Commissioned - Moonta Copper ]]> https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190423070008_14047506/ Tue, 23 Apr 2019 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190423070008_14047506/ <![CDATA[News - Thor Mining commences drilling at the Bonya tungsten project ]]> https://www.proactiveinvestors.co.uk/companies/news/218654/thor-mining-commences-drilling-at-the-bonya-tungsten-project-218654.html Thor Mining PLC (LON:THR) (ASX:THR) shares rose on Tuesday as the firm said it has commenced a drilling programme at the Bonya tungsten deposits adjacent to its Molyhil project in the Northern Territory of Australia.

The Bonya project is held in a 40:60 joint venture with Arafura Resources Ltd (ASX:ARU), with both parties contributing to the cost of the program in proportion to their project equity.

WATCH: Thor excited about significant gold as well as copper at Kapunda

The plan is to conduct reverse circulation drilling to the tune of approximately 2,500 metres on four targets: Samarkand, Jericho, White Violet, and Tashkent.

Each deposit has outcropping tungsten at surface, ensuring the drilling is into, or below, previously known mineralisation.

The drilling is expected to take approximately two weeks, with updates expected on drilling progress, preliminary on-site XRF analysis, followed by formal laboratory assays.

"The 13 outcropping tungsten deposits at Bonya, several of which have historical mine workings, have the potential to add considerably to the life, scale, and economic outcomes of the company's flagship Molyhil project nearby," said chairman Mick Billing.

"We hope to be able to provide regular updates of progress, including provisional XRF analysis, during the program."

In afternoon trading, shares in Thor Mining were 3.6% higher at 0.72p.

 -- Adds share price -- 

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Tue, 16 Apr 2019 08:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218654/thor-mining-commences-drilling-at-the-bonya-tungsten-project-218654.html
<![CDATA[RNS press release - Commencement of Drilling - Bonya Tungsten ]]> https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190416070013_14042078/ Tue, 16 Apr 2019 07:00:13 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190416070013_14042078/ <![CDATA[RNS press release - Appendix 3B ]]> https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190410094320_14035859/ Wed, 10 Apr 2019 09:43:20 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190410094320_14035859/ <![CDATA[Media files - Thor excited about significant gold as well as copper at Kapunda ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12820/thor-excited-about-significant-gold-as-well-as-copper-at-kapunda-12820.html Tue, 02 Apr 2019 11:06:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/12820/thor-excited-about-significant-gold-as-well-as-copper-at-kapunda-12820.html <![CDATA[News - Thor Mining may be able to produce gold from the Kapunda in-situ project, as well as copper ]]> https://www.proactiveinvestors.co.uk/companies/news/217739/thor-mining-may-be-able-to-produce-gold-from-the-kapunda-in-situ-project-as-well-as-copper-217739.html Thor Mining PLC (LON:THR)(ASX:THR) has announced the successful recovery of gold from samples taken from the Kapunda copper in-situ recovery project in South Australia.

The results are from research activities on Kapunda undertaken by the Commonwealth Scientific and Industrial Research Organisation (CSIRO).

Kapunda is owned by Environmental Copper Recovery Pty Ltd, in which Thor is acquiring a 60% interest.

The recovery of the gold from samples demonstrates proof of concept for the idea of leaching metal out of the rock in situ.

Thor chief executive Mick Billing called the news “a very significant project enhancement."

He added: "there is not sufficient drilling assay information to allow a gold resource to be added to the previously published copper resource, however, the information we have suggests the presence of gold relatively evenly across much of the Kapunda deposit."

"The directors of ECR and the directors of Thor are reviewing options in light of this new and potentially strategically critical information, and will provide further updates in the near term"

 

 

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Tue, 02 Apr 2019 08:56:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/217739/thor-mining-may-be-able-to-produce-gold-from-the-kapunda-in-situ-project-as-well-as-copper-217739.html
<![CDATA[RNS press release - Kapunda Gold Recovery ]]> https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190402084121_14025096/ Tue, 02 Apr 2019 08:41:21 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190402084121_14025096/ <![CDATA[Media files - Thor Mining to start drilling at its Bonya deposits as early as next week ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12783/thor-mining-to-start-drilling-at-its-bonya-deposits-as-early-as-next-week-12783.html Fri, 29 Mar 2019 09:51:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12783/thor-mining-to-start-drilling-at-its-bonya-deposits-as-early-as-next-week-12783.html <![CDATA[News - Thor Mining adds gold and uranium focused companies to Australian portfolio ]]> https://www.proactiveinvestors.co.uk/companies/news/217318/thor-mining-adds-gold-and-uranium-focused-companies-to-australian-portfolio-217318.html Thor Mining PLC (LON:THR) has acquired two gold and uranium focused companies in Australia in a move to expand its operations portfolio in the country.

The exploration firm, which already has a portfolio of assets in tungsten, molybdenum, copper, and other metals, said it had acquired Pilbara Goldfields Pty Limited (PGL) and Hamersley Metals Pty Limited (HML), which together hold interests in two granted licences and seven licence applications at various stages.

READ: Thor Mining says drilling to commence at Bonya deposits after clearance from the Aboriginal Areas Protection Authority

The licences, which are prospective for both gold and uranium, cover a total of 784 square kilometres in the Pilbara region of Western Australia, an area well known for its vast mineral deposits, as well as in the Northern Territory.

Thor said it would pay £450,500 to acquire both PGL and HML through the issue of 53mln new shares at a price of 0.85p each.

Financing and new director

In addition to the acquisitions, the firm said it had raised £400,000 through the issue of around 47.05mln new shares at 0.85p each, the proceeds of which would be used for working capital.

Thor also said it was currently undertaking due diligence prior to appointing a new non-executive director to the board to help with its transition and development.

Mick Billing, the company's executive chairman, said the acquisitions were in anticipation of a “crystallisation of value” in its other Australian assets, which include the Molyhil tungsten and molybdenum project, currently seeking financing to construct a mine at the site, and its Kapunda copper project which has been spun out into a new copper-focused company, Enviro Copper LTD.

READ: Thor Mining spins Kapunda project out into new in-situ leaching specialist Enviro Copper

“In anticipation of the above crystallisation process the company needs to access new Australian opportunities and the strategic acquisitions announced today enable us to take a material step forward in this regard, Billing said.

He added that the financing would bolster the firm’s working capital and provide “a considerable extension” to its cash runway.

In early trading Wednesday, Thor shares were down 1.3% at 0.8p.

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Wed, 27 Mar 2019 09:52:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/217318/thor-mining-adds-gold-and-uranium-focused-companies-to-australian-portfolio-217318.html
<![CDATA[RNS press release - Strategic Australian Acquisitions and Financing ]]> https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190327090653_14017546/ Wed, 27 Mar 2019 09:06:53 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190327090653_14017546/ <![CDATA[News - Thor Mining says drilling to commence at Bonya deposits after clearance from the Aboriginal Areas Protection Authority ]]> https://www.proactiveinvestors.co.uk/companies/news/217139/thor-mining-says-drilling-to-commence-at-bonya-deposits-after-clearance-from-the-aboriginal-areas-protection-authority-217139.html Thor Mining PLC (LON:THR) (ASX:THR) has announced that drilling at the Bonya tungsten deposits adjacent Molyhil, in the Northern Territory of Australia, is to commence following advice from the Aboriginal Areas Protection Authority (AAPA), providing clearance for the planned drilling program.

The Bonya project is held in a 40%/60% joint venture with Arafura Resources Limited (ASX:ARU), with both parties contributing to the cost of the program in proportion to their project equity.

READ: Thor Mining releases Q&A on recent company developments

The AIM-listed group said AAPA clearance has been received for exploration work on five Bonya targets, with a reverse Circulation (RC) drilling program of around 2,500 metres scheduled for each of the Samarkand, Jericho, White Violet, and Tashkent deposits, while sampling trenches – costeans -  are to be excavated at surface on the Marrakesh deposit.

The company said drilling is now expected to commence in early April, with further updates expected on drilling progress, preliminary on-site XRF (X-ray fluorescence analysis), followed by formal laboratory assays.

Mick Billing, Thor Mining’s executive chairman, commented: "I am extremely pleased with the news that we can now commence exploration activities on the Bonya tungsten deposits."

He added: "The 13 outcropping tungsten deposits at Bonya, several of which have historical mine workings, have the potential to add considerably to the life, scale, and economic outcomes of the Company's flagship Molyhil project nearby."

In afternoon trading in London, shares in Thor Mining were 3% higher at 0.85p.

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Mon, 25 Mar 2019 13:47:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/217139/thor-mining-says-drilling-to-commence-at-bonya-deposits-after-clearance-from-the-aboriginal-areas-protection-authority-217139.html
<![CDATA[RNS press release - Clearance for Drilling - Bonya Tungsten ]]> https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190325132704_14014603/ Mon, 25 Mar 2019 13:27:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190325132704_14014603/ <![CDATA[News - Thor Mining releases Q&A on recent company developments ]]> https://www.proactiveinvestors.co.uk/companies/news/216072/thor-mining-releases-qa-on-recent-company-developments-216072.html The board of Thor Mining PLC (LON:THR, ASX:THR) has released a questions & answers (Q&A) document covering some of the questions recently received from shareholders.

Q: What impact does the establishment and listing of EnviroCopper Limited have for the cash and funding requirements of Thor Mining?

READ:Thor Mining spins Kapunda project out into new in-situ leaching specialist Enviro Copper

A: The original cash commitment to be made by Thor for the Kapunda project was A$1.8 million over three years of which the company has expended A$450,000 to date.

Thor needs to spend of A$600,000 to secure 25% of EnviroCopper, of which A$450,000 has already been spent; a further A$400,000 is required to increase the stake to 30%.

Thor said the company's cash commitments in respect of Kapunda have therefore reduced significantly and have given the group exposure to a significantly larger copper play.

Q: What will the asset base of EnviroCopper look like, assuming this goes forward?

A: EnviroCopper would initially have two exciting in situ recovery (ISR) copper projects in South Australia.

Kapunda, with 119,000 tonnes of contained copper metal within an existing ISR amenable JORC-compliant inferred resource and funded through feasibility via Australian Government CRCP grant funding (A$2.85 million) plus Moonta, with sufficient potential scale to become a medium size long term copper producer and an ISR amenable exploration target of between 428,000 and 728,000 tonnes of contained copper.

More projects will potentially emerge in the future, Thor said, but stressed that “the potential scalability of this ISR business model should not be underestimated”.

Q: Copper production using ISR technology is not common. Are there other examples?

A: Excelsior Mining, with a market capitalisation of C$250 million, has the Gunnison project in Arizona USA as the main asset. The project is under construction, fully financed, with the first production scheduled for the fourth quarter of this calendar year.

For further information about ISR Technology, Thor suggested investors should access the EnviroCopper website.

Q: This is relatively significant exposure to copper. What are your views on the copper market in the medium term?

A: This is significant exposure to the global copper market for Thor, but at very low entry cost for the company and its shareholders.

The global copper market is very large, around 23 million tonnes annually. Those who comment with authority all seem to be saying that the market is now growing at a very rapid rate, driven by electric vehicles (which use two to three times as much copper as internal combustion vehicles), and improved living standards across the globe as more and more people in communities, previously acknowledged as third world, achieve capacity to acquire and run the types of electric appliances and infrastructure, which all use copper, and which most of us take for granted.

Undeniably investors are searching for high-value scalable copper opportunities and the company believes the shareholders of Thor have one through its interest in EnviroCopper.

Q: Now the elephant in the room. Can you provide an update on finance and off-take discussions for Molyhil?

A: It would be easier for shareholders if we could provide more detailed updates on progress; however, the nature of these discussions is such that the company has signed confidentiality agreements and as a result, there is little we are allowed to say.

Our quietness publicly should not be confused with a lack of progress, quite the contrary.

As announced last November, Thor has appointed Argent Partners Limited as corporate advisors to assist with completion of off-take and financing arrangements for Molyhil. Together with them, Thor is engaging with a number of parties who have expressed interest on four main fronts:

Joint venture

Tungsten off-take, preferably with finance attached

Molybdenum off-take, preferably with finance attached

Standard project-level debt arrangements.

The eventual outcome may be a mix of several of the above, and Thor and its corporate advisors continue to work very hard to achieve the best possible outcome for the company and its shareholders.

It is, however, the case that the first shareholders will hear about real progress is when a transaction is announced by a formal regulatory announcement. Indeed, there may be multiple announcements depending on the type of deal structure the company adopts.

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Fri, 08 Mar 2019 07:56:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216072/thor-mining-releases-qa-on-recent-company-developments-216072.html
<![CDATA[RNS press release - Copper Project Q & A - March 2019 ]]> https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190308070005_13994869/ Fri, 08 Mar 2019 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190308070005_13994869/ <![CDATA[Media files - Thor Mining to shift its Kapunda project into new copper-focused company ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12452/thor-mining-to-shift-its-kapunda-project-into-new-copper-focused-company-12452.html Tue, 05 Mar 2019 10:42:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12452/thor-mining-to-shift-its-kapunda-project-into-new-copper-focused-company-12452.html <![CDATA[News - Thor Mining spins Kapunda project out into new in-situ leaching specialist Enviro Copper ]]> https://www.proactiveinvestors.co.uk/companies/news/215803/thor-mining-spins-kapunda-project-out-into-new-in-situ-leaching-specialist-enviro-copper-215803.html Thor Mining PLC (LON:THR)(ASX:THR) has signed a Memorandum of Understanding for the vending of its interest in the Kapunda copper project into a new copper-focused company, Enviro Copper LTD.

It is intended that Enviro Copper will seek a listing on a recognised securities exchange in the near term.

 

Enviro Copper will hold earn-in rights for up to 75% of both the Kapunda copper project and the Moonta copper project.

Thor Mining PLC will hold up to 30% equity in Enviro Copper prior to any listing, and eligible Thor Mining Shareholders will hold the first option to invest in any listing of the new entity.

The Kapunda copper project hosts an inferred resource of 119,000 tonnes of contained copper, while Moonta holds between 238mln tonnes and 310mln tonnes of ore at grades of between 0.18% and 0.23% copper.

Both projects are amenable to in-situ leaching.

"The non-invasive production technique of in-situ recovery of copper has the potential to co-exist without significant disruption to farming and once completed, have little to no impact on future agricultural land use. This is a very exciting development in our copper strategy, potentially adding significant scale to our copper interests."

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Tue, 05 Mar 2019 09:43:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215803/thor-mining-spins-kapunda-project-out-into-new-in-situ-leaching-specialist-enviro-copper-215803.html
<![CDATA[RNS press release - Strategic Development: Australian Copper Interests ]]> https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190305092224_13990498/ Tue, 05 Mar 2019 09:22:24 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190305092224_13990498/ <![CDATA[News - Thor Mining’s Molyhil is “very well positioned” as a low cost tungsten project ]]> https://www.proactiveinvestors.co.uk/companies/news/215537/thor-minings-molyhil-is-very-well-positioned-as-a-low-cost-tungsten-project-215537.html Thor Mining PLC (LON:THR) told investors that its flagship Molyhil project, in Australia, remains “very well positioned” despite evidence of weakness in tungsten prices in previous months.

The mine development company, in its interim results statement, noted that early in its first half, tungsten price fell by around 20%, but, also highlighted that with the anticipated production cost of US$90 per metric ton unit, Molyhil is positioned in the first quartile of global projects.

WATCH: Thor Mining's Mick Billing updates on Bonya results

It also noted that molybdenum pricing maintained the gains made in early 2018, pitched at US$11-12 per pound.

The results statement highlighted key operational milestones, including the completion of an upgraded Definitive Feasibility Study (DFS) which confirmed Molyhil as a low cost yet attractive project, with the potential for a very early return on capital.

Thor also acquired nearby tenements, hosting outcropping tungsten deposits and a copper resource, to expand its footprint in the vicinity of Molyhil.

Elsewhere, at the company’s Pilot Mountain project a scoping study was released in September and it showed potential for a profitable 12-year mine life - a revised resource assessment further boosted the project.

In terms of financial results, the pre-revenue firm reported a £455,000 loss for the six months ended 31 December 2018.

During the period, it raised £625,623 of new capital and Thor ended the half year with £1.04mln of cash and equivalents.

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Thu, 28 Feb 2019 13:56:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215537/thor-minings-molyhil-is-very-well-positioned-as-a-low-cost-tungsten-project-215537.html
<![CDATA[RNS press release - Half-year Report ]]> https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190228123127_13985611/ Thu, 28 Feb 2019 12:31:27 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190228123127_13985611/ <![CDATA[News - Thor Mining has a broad portfolio of assets in tungsten, molybdenum, copper, and other metals ]]> https://www.proactiveinvestors.co.uk/companies/news/214114/thor-mining-has-a-broad-portfolio-of-assets-in-tungsten-molybdenum-copper-and-other-metals-214114.html Thor Mining PLC (ASX:THR)(LON:THR) specialises in exploration and the development of base metals resources in Australia and the USA.

It’s 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.

The Molyhil deposit occurs in two adjacent skarn bodies that contain outcropping molybdenite and scheelite mineralisation. 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.

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 to spin out its copper interests into a new vehicle, Enviro Copper, 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).

"The developments in our ISR copper investments show tremendous promise as we look towards a, potentially quite large, ISR focussed copper business".

  Chairman Mick Billing confident of continued progress

“Samarkand is just one of what we believe will be series of satellite tungsten and copper deposits within economic trucking distance of Molyhil, thus making the case for Molyhil development even more compelling,” said Thor Mining chairman Mick Billing.

“We now have confirmed tangible evidence of extensive surface outcropping tungsten mineralisation at Bonya, including mineralisation extending in excess of 500 metres of strike at Samarkand. Our discussions and negotiations with potential partners continue with regard to Molyhil project level offtake and investment.”

 

 

Inflection points

Financing talks in regard to the development of Molyhil are ongoing and will be supported by the evidence of new tungsten mineralisation adjacent to the project at Bonya.

At Pilot Mountain, work on other deposits like Gun Metal and Good Hope has the potential to add further resources.

Completion of deal to set up Enviro Copper

Prices of tungsten and molybdenum improve

 

 

 

 

 

 

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Wed, 06 Feb 2019 16:33:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214114/thor-mining-has-a-broad-portfolio-of-assets-in-tungsten-molybdenum-copper-and-other-metals-214114.html
<![CDATA[Media files - Thor Mining's Mick Billing updates on Bonya results from Cape Town conference ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12118/thor-mining-s-mick-billing-updates-on-bonya-results-from-cape-town-conference-12118.html Wed, 06 Feb 2019 09:47:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12118/thor-mining-s-mick-billing-updates-on-bonya-results-from-cape-town-conference-12118.html <![CDATA[News - Thor Mining to push ahead with Bonya drillng after encouraging tungsten samples ]]> https://www.proactiveinvestors.co.uk/companies/news/213880/thor-mining-to-push-ahead-with-bonya-drillng-after-encouraging-tungsten-samples-213880.html Thor Mining PLC (LON:THR) has found extensive tungsten mineralisation in samples from the Samarkand deposit, one of thirteen deposits at Bonya in Northern Territory.

Bonya is a 40/60% joint venture with Arafura Resources Limited ASX:ARU and sits adjacent to Thor’s Molyhil tungsten project.

Outcrops at surface extended more than 500 metres and were open ended.

Thor hopes to get a licence to start drilling as early as this month.

Mick Billing, executive chairman, said: "Samarkand is just one of what we believe will be series of satellite tungsten and copper deposits within economic trucking distance of Molyhil, thus making the case for Molyhil development even more compelling."

"These initial results demonstrate proof of surface outcropping tungsten mineralisation extending in excess of 500 metres strike length at the Samarkand deposit."

"Current indications are that Bonya tungsten mineralisation is coarse grained and may be amenable to low cost pre-concentration by x-ray ore sorting and treatment at the Molyhil processing plant."

 

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Mon, 04 Feb 2019 08:18:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213880/thor-mining-to-push-ahead-with-bonya-drillng-after-encouraging-tungsten-samples-213880.html
<![CDATA[RNS press release - Bonya Rock Chip Assays ]]> https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190204070005_13956302/ Mon, 04 Feb 2019 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190204070005_13956302/ <![CDATA[RNS press release - Appointment of Joint Broker ]]> https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190201120441_13955635/ Fri, 01 Feb 2019 12:04:41 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190201120441_13955635/ <![CDATA[Media files - Thor Mining PLC focused on getting Molyhil financed and into development ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12045/thor-mining-plc-focused-on-getting-molyhil-financed-and-into-development-12045.html Thu, 31 Jan 2019 11:50:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12045/thor-mining-plc-focused-on-getting-molyhil-financed-and-into-development-12045.html <![CDATA[RNS press release - APPENDIX 5B OCTOBER TO DECEMBER 2018 ]]> https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190131070011_13952741/ Thu, 31 Jan 2019 07:00:11 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190131070011_13952741/ <![CDATA[News - Thor Mining boss lauds “positive quarter”, highlighting progress on all core projects, strengthened cash position ]]> https://www.proactiveinvestors.co.uk/companies/news/213619/thor-mining-boss-lauds-positive-quarter-highlighting-progress-on-all-core-projects-strengthened-cash-position-213619.html Thor Mining PLC’s (LON:THR) (ASX:THR) executive chairman, Mick Billing has lauded a “positive quarter” for the Australian and United States-focused firm, highlighting “progress on all core projects, and a strengthened cash position."

In a quarterly update for the period from October to December 2018, the dual AIM and ASX-listed group said its cash position remains sound, with forecast activities fully financed until late 2019, having raised £581,000 (approximately A$1,035,000) from the exercise of warrants during the quarter.

WATCH: Thor Mining PLC focused on getting Molyhil financed and into development

Billing noted: “The appointment of corporate advisors to support and guide our efforts towards off-take & financing for Molyhil is a strategy we believe will improve our prospects of securing the best arrangement possible for our shareholders."

He said: "A number of potential scenarios are possible with various interested parties, and we hope to be in a position to advise progress shortly."

Additionally, Thor’s chairman said the potential of nearby Bonya tenements, hosting tungsten, copper, and vanadium, provides “potential upside for Molyhil, and also for other stand-alone development opportunities."

Away from Molyhil, Billing pointed out that the improvement in the resource estimate Pilot Mountain tungsten project in Nevada “is an additional welcome boost as we advance our technical studies."

And Thor’s boss added: "Proof of Concept for ISR recovery for the Kapunda copper project is a significant critical step in this very exciting project."

Billing concluded: "We will continue to provide investors with regular updates in respect of activities and progress."

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Wed, 30 Jan 2019 12:44:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213619/thor-mining-boss-lauds-positive-quarter-highlighting-progress-on-all-core-projects-strengthened-cash-position-213619.html
<![CDATA[RNS press release - QUARTERLY REPORT OCTOBER TO DECEMBER 2018 ]]> https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190130111045_13952035/ Wed, 30 Jan 2019 11:10:45 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1008/LSE20190130111045_13952035/