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.
+61 (8) 7324 1935
Thor Mining PLC
+61 (8) 7324 1935
Thor Mining PLC
Richard Tonthat/ Ben Roberts
+44 (0) 207 383 5100
Grant Thornton UK LLP
Claire Louise Noyce /
+44 (0) 1483 413 500
+44 (0) 203 764 2341
SI Capital Ltd
Tim Blythe/ Camilla Horsfall
+44 (0) 207 138 3222
UpdatesontheCompany'sactivitiesareregularlypostedonThor'swebsite www.thormining.com, which includesafacilitytoregistertoreceivetheseupdatesbyemail,andontheCompany'stwitterpage @ThorMining.
Thorholds100%ofthe advancedMolyhil tungsten project in the NorthernTerritory of Australia, forwhich anupdated feasibility study inAugust 2018¹suggestedattractive 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.
Thoralsoholds100%ofthePilotMountaintungstenprojectinNevadaUSAwhichhasaJORC2012 Indicated andInferredResources Estimate³on2ofthe4 knowndeposits. 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 Minerals⁶2018.
Thorisalsoacquiringuptoa30%interestAustraliancopper developmentcompanyEnviroCopper Limited,whichinturnholdsrightstoearnuptoa75%interestinthemineralrights andclaims overthe resource on the portionof the historic KapundacoppermineinSouthAustralia recoverableby way ofin 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 ofin situ recovery⁵.
ThorhasaninterestinHawkstone MiningLimited,anAustralianASX listed company witha100%Interest ina Lithiumprojectin Arizona, USA.
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.
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Thor Mining PLC's (LON:THR) (ASX:THR) Mick Billing tells Proactive London's Andrew Scott they've recently begun talks with potential investors about a second of its projects - Pilot Mountain.
He adds that they're also expecting an initial resource estimate from the Bonya prospect in Australia...