Thor Mining PLC - QUARTERLY REPORT OCTOBER TO DECEMBER 2019
("THOR" OR THE "COMPANY")
QUARTERLY REPORT OCTOBER TO
Kapunda, SA Australia
· Field pump test drilling.
· High tenor copper (preliminary) from pump test drilling.
TUNGSTEN & MULTI COMMODITIES
· Confirmatory assays from field pump test drilling.
· Continue field pump studies.
· Preparation for field recovery trial.
· Marketing activities around potential project finance and off-take agreements for both tungsten and molybdenum concentrates.
· Significant upgrade Molyhil Mineral Resource Estimate.
· Drilling success at Bonya results in maiden resource estimates.
· Discussions with Australian government agencies mandated to assist Australian critical minerals projects.
· Continued discussions with potential Molyhil project financiers and off-take partners.
· Tungsten price has strengthened by more than 25% since early
· Commenced discussions with various US parties aimed at securing specific investment to progress this project.
· Continuing discussions with US parties to secure project investment.
GOLD & OTHER COMMODITIES
· Ground reconnaissance survey over Pilbara tenements provided very encouraging gold, nickel & chromium results.
· Execution of agreements with traditional owners of
· Secure grant of
· Follow-up ground reconnaissance work over areas of gold, nickel, & chromium prospectivity.
CORPORATE & FINANCE
During the quarter, the Company advised of a two stage placing of capital, to raise, before expenses, UK£510,000 (approximately
The Company has had expressions of interest in acquiring the Spring Hill gold royalty entitlement, and will advise the market further with progress in due course.
The Company has, during and subsequent to the end of the quarter, sold potion of its shares in Hawkstone Mining Limited.
"Challenging market conditions continue, however we continue to focus on adding to its value through resource upgrade at Molyhil, and also with the release of resource estimates at Bonya, potentially adding significantly to the life of the project, and also to the economic outcomes. We believe this will significantly improve the production profile and economics of the Molyhil project, and also increase the overall attractiveness of the project to strategic investors and offtake partners. Discussions with these parties are ongoing."
"In addition, recent renewed interest by the Australian and US governments in critical minerals has resulted in increased support for projects of this nature, and we hope to be able to take advantage of this."
"Our ISR copper investments continue to show great promise with positive initial pump flow test results, and drill assays due shortly."
"Finally, the initial sampling program in our 100% owned Pilbara project produced some outstanding initial results, and we look forward to follow up work on these."
KAPUNDA and MOONTA COPPER PROJECTS - SA
Thor holds a 25% equity interest in private Australian company,
During 2018, the
Field pump tests of the flow of fluids through the deposit for successful ISR activities were conducted during the quarter. The program involved drilling three holes, in the southern portion of the deposit, with tests to measure connectivity, porosity and permeability then conducted. These tests are continuing, however interim results show good potential connectivity, and good interim copper values via portable X-Ray Fluorescence (XRF) determination, with (to be confirmed by laboratory assay) values of:
· KPFRT01 intersected 66 metres @ 0.27% Cu including 5m @ 0.72% Cu and 11 metres @ 0.54% Cu (Pilot Hole);
· KPFRT02 intersected from 8m 23m @ 0.49% Cu to end of hole
· KPFRT03 intersected from 22m, 6m @ 0.47% Cu to end of hole.
The geochemical analysis results may vary from those obtained from XRF, and these are expected shortly, to confirm copper values, and the presence of any measurable gold. The released results can be accessed via the following link:
Other near-term activities at Kapunda include continued community liaison in respect of project activities, testwork on historical drill core to determine the optimum extraction agent (lixiviant) most suited to the Kapunda deposit and establishing appropriate parameters for future field trials.
During the September quarter the Company advised that
The full details of the resource announcement may be accessed via the following link:
Tungsten and Molybdenum Price Trends
Tungsten prices recovered during the early part of the December quarter and have held those gains into
At the date of this report, the price of tungsten, per mtu of APT (Ammonium Para Tungstate) sits between
Industry discussion continues to forecast tight supply conditions for tungsten concentrates and downstream products, with dominant supplier,
MOLYHIL TUNGSTEN PROJECT - NT (100% Thor)
During the quarter, Thor continued discussions with various potential partners who have expressed interest, in either off-take, joint venture or debt finance arrangements. It is hoped that, on the back of improved tungsten prices, and the release of resource estimates at the nearby Bonya deposits, a favourable arrangement can be finalised in the near term.
Adjacent to Molyhil, the Bonya tenements, in which Thor holds a 40% interest, host outcropping tungsten deposits, a copper resource and a vanadium deposit.
During the quarter, a reverse circulation (RC) drilling program was conducted at Bonya, generating sufficient assay information for maiden mineral resource estimates on the White Violet and Samarkand tungsten deposits.
A full background on the project is available on the
During the quarter, on
The revised resource estimate increased contained WO₃ by 1.5% , and contained Mo by 9.3% compared with the previous estimate, and includes copper, which had not previously been reported since 2006.<
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