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Thor Mining PLC

Receipt of R&D Grant

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RNS Number : 9964I
Thor Mining PLC
14 August 2019
 

14 August 2019

 

THOR MINING PLC

RECEIPT OF RESEARCH AND DEVELOPMENT GRANT OF A$222,0000

The Board of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR), is pleased to announce the receipt of A$222,512.51 by way of a research grant from the Australian Government, Department of Industry, Innovation and Science.

The grant covers a portion of expenditure during the 2018/19 fiscal year on eligible research activities on Australian projects.

Mick Billing, Executive Chairman, commented:

"We are very pleased to have our cash reserves boosted by this R & D grant."

"We are proceeding with all scheduled 2019 activities with the confidence that they are fully funded."

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

Enquiries:

Mick Billing

+61 (8) 7324 1935

Thor Mining PLC

Executive Chairman

Ray Ridge

+61 (8) 7324 1935

Thor Mining PLC

CFO/Company Secretary

Colin Aaronson/

Richard Tonthat/ Ben Roberts

+44 (0) 207 383 5100

Grant Thornton UK LLP

Nominated Adviser

Nick Emerson

Claire Louise Noyce /

John Beresford-Peirse

 

 

+44 (0) 1483 413 500

+44 (0) 203 764 2341

SI Capital Ltd

Hybridan LLP

Joint Broker

Joint Broker

Tim Blythe/ Camilla Horsfall

+44 (0) 207 138 3222

Blytheweigh

Financial PR

 

Updates on the Company's activities are regularly posted on Thor's website  www.thormining.com,
whic
includes a facility to register to receive these updates by email, and on the Company's twitter page @ThorMining.

About Thor Mining PLC

Thor Mining PLC (AIM, ASX: THR) is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.

Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in August 2018¹ suggested attractive returns.

Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including an Inferred resource for the Bonya copper deposit².

Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate³ on 2 of the 4 known deposits.  The US Department of the Interior has confirmed that tungsten, the primary resource mineral at Pilot Mountain, has been included in the final list of Critical Minerals 2018.

Thor is also acquiring up to a 30% interest Australian copper development company EnviroCopper Limited, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource on the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery⁴, and also holds rights to earn a 75% interest in portion of the Moonta Copper project also in South Australia, and is considered amenable to recovery by way of in situ recovery⁵. 

Thor has an interest in Hawkstone Mining Limited, an Australian ASX listed company with a 100% Interest in a Lithium project in Arizona, USA.

Finally, Thor also holds a production royalty entitlement from the Spring Hill Gold project of:

 A$6 per ounce of gold produced from the Spring Hill tenements, sold for up to A$1,500 per ounce; and

 A$14 per ounce of gold produced from the Spring Hill tenements, sold for amounts over A$1,500 per ounce.

Notes

¹ Refer ASX and AIM announcement of 23 August 2018

² Refer ASX and AIM announcement of 26 November 2018

³ Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018

 Refer AIM announcement of 10 February 2016 and ASX announcement of 12 February 2018

Refer AIM announcement of 5 March 2019 and ASX announcement of 6 March 2019

 Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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Full interview: Thor Mining reports initial copper resource of 114,000...

Thor Mining PLC's (LON:THR) Mick Billing speaks to Proactive London's Andrew Scott after announcing what he describes as a substantial initial copper resource of 114,000 tonnes at the Moonta project in South Australia. The project is operated by EnviroCopper, in which Thor is working to...

on 15/8/19