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Thor Mining adds to acreage around Molyhil

The tenements comprise outcropping tungsten deposits in the Bonya Creek area

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Outstanding news for Molyhil, says chairman

Thor Mining PLC (LON:THR) is buying a stake in two deposits 30km from its Molyhil project in Australia’s Northern Territory.

The tenements comprise outcropping tungsten deposits in the Bonya Creek area, along with a high-grade copper deposit.

WATCH: Thor Mining to maximise value on its three 'cracking' copper and tungsten projects

Thor will buy 40% of exploration licence EL29701, which hosts 13 outcropping tungsten deposits and a copper deposit, and all 100% of the copper play, EL29599.

The exploration target area is of 3.0 - 4.9 mln tonnes at a grade of 0.3% - 0.5% tungsten trioxide (WO3).

Vendor Rox Resources Limited (ASX:RXL) will receive A$550,000 in Thor shares.

Mick Billing, Thor’s executive chairman, said the additions were outstanding for the Molyhil development. 

“The potential to increase both the scale and the life of the proposed Molyhil operation makes this acquisition compelling. 

“The proximity of the Bonya deposits to Molyhil should add significantly to the projected economic returns, dovetailing with our commercialisation strategy for Molyhil."

Quick facts: Thor Mining PLC

Price: 0.305 GBX

AIM:THR
Market: AIM
Market Cap: £3.74 m
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