Thor Mining PLC (LON:THR) chairman Mick Billing said high-cost exploration is no longer a key activity for the company as he set out plans to fast-track its key tungsten and copper projects.
Part of the programme for the coming months is a review of the open-cut ore reserve at Molyhil, its tungsten and molybdenum deposit in Australia’s Northern Territory.
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This should be followed by an upgraded definitive feasibility study as “we look for partners and financiers to develop this project", Billing said.
At Pilot Mountain, its tungsten asset in Nevada, US, the emphasis is expected to be on scoping and pre-feasibility studies. Again the firm is looking to bring in partners to participate in (and presumably help fund) this process.
Copper too
The firm also owns the Kapunda copper deposit in South Australia. There the company is working towards compiling a resource estimate, but only for the portion of the deposit amenable to in-situ recovery techniques.
Billing said the company would also be working on what he called proof-of-concept activities at Kapunda, “which we hope will progressively yield increasing confidence in this exciting project".
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The update came as part of Thor’s quarterly report covering the three months to September 30.
The document charted a period of significant progress including a successful drilling campaign at Pilot Mountain and financing round.
Its assets, meanwhile, are being developed against the backdrop of strengthening tungsten and copper prices.
Shares jumped 9% to 1.32p in later afternoon trade on Wednesday.
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