Thor Mining PLC (LON:THR) has reported positive findings from an initial surface sampling exploration programme at the Bonya tungsten and copper project in Australia’s Northern Territory.
The company said assay results from rock chip samples taken from four of the 13 outcropping tungsten deposits that comprise the project were “encouraging”.
WATCH: Thor Mining's Mick Billing 'encouraged' with surface sampling at Bonya
The project is located 30km east of Thor's Molyhil mine project.
"These preliminary results support the validity of historical drilling and trenching assay data and bode well for the imminent development of the Bonya deposits,” said executive chairman, Mick Billing.
"In addition to robust levels of tungsten, it is encouraging that the assay results showed low levels of potential penalty elements and overall coarse grain mineralisation.”
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Billing said the potential for high-grade copper mineralisation in some of the deposits is “also very attractive” with a proposed processing plant at Molyhil “highly likely to be also suitable for copper flotation”.
Thor is gearing up to fast-track the assessment and development of the Bonya deposits within the 2018 field season, he added.
“Provided some of these known prospects mature, along with others which we expect to find and develop, it is more than likely that Molyhil production life and throughput volume should increase substantially," Billing said.