Thor Mining (ASX:THR, LON:THR) has revealed a new drill campaign close to its existing Molyhil tungsten deposit in the Northern Territory of Australia.
The 50-hole campaign is designed to confirm the close proximity of additional tungsten mineralisation within a six kilometre radius of the Molyhill tungsten deposit, targeting magnetic anomalies with similar characteristics to Molyhill.
The key objective, Thor said, is to find additional ore sources that would extend the life of the mine and reduce costs.
In all, the cost of the program is estimated at less than A$100,000.
Mick Billing, chairman, commented:
"Improvements in the APT [tungsten] price combined with renewed interest in the sector leads us to believe that now is the ideal time to test these exciting targets, as we move to the next phase of work at Molyhil with renewed vigour.
"Exploration of adjacent known deposits is a sound and cost effective exploration tactic and this initial test of these Molyhil lookalike targets will hopefully lead to a significant increase in the project's current known mining inventory."
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