Thor Mining PLC (LON:THR) has received ministerial approval for its acquisition of interests in the tungsten, copper, and vanadium hosted Bonya tenements next to its Molyhil project in the Northern Territory of Australia.
The miner said it would be acquiring a 40% interest in the EL29701 exploration licence at the site, which hosts 13 outcropping tungsten deposits, from Rox Resources Limited (ASX:RXL), in addition to a 100% interest in EL29599 which is considered prospective for copper mineralisation.
EL29701 also hosts the Bonya copper deposit, with “exciting” previous drilling results, and the Jervois vanadium/titanium deposit with high-grade vanadium drilling results, Thor said.
The entire project area will have a combined exploration target of between 3mln and 4.9mln tonnes at a grade of 0.3%-0.5% tungsten trioxide (WO3).
The price tag rings in at A$550,000 in Thor shares, with company executive chairman Mick Billing saying the purchase should “add significantly” to the projected economic returns of the Molyhil project.
He added that the company planned to drill at some of the deposits “as soon as clearance is achieved” with it being “more than likely” that the production life and throughput volume at Molyhil would increase substantially as a result.
In late-morning trading Monday, Thor shares were up 3.2% at 1.6p.