viewThor Mining PLC

Thor Mining's broad portfolio of assets starts to mature


  • Tungsten, molybdenum and copper estimates rise at Molyhil
  • Preparing a mineral resource estimate at Bonya tungsten deposits
  • Kapunda copper project looks amenable to in-situ extraction
  • Financing talks for Molyhil ongoing
Thor's Molyhil deposit shows promise

Quick facts: Thor Mining PLC

Price: 0.17 GBX

Market: AIM
Market Cap: £1.83 m


What does Thor Mining do?

Thor Mining PLC (ASX:THR)(LON:THR) specialises in exploration and the development of base metals resources in Australia and the USA.

It’s run by Mick Billing, a seasoned mining industry professional who has more than 40 years experience in resources and the resources finance business and who boasts extensive time at Western Mining on his CV.



What does Thor Mining own?

The key asset is the Molyhil tungsten and molybdenum project, which lies 220 kilometres east of Alice Springs.

Since mid-2004 it has been the subject of systematic testwork comprising geophysical exploration, diamond and reverse circulation drilling programmes, surface and underground bulk sampling, metallurgical testwork and a geotechnical study.

A feasibility study revealed in August 2018 that the project is technically and economically viable, has a seven-year life, with strong financial returns and rapid capital payback.

In October this year, mining consultants RPM Global raised by 1.5% the total indicated and inferred estimate to 13,300 tonnes of tungsten trioxide, 6,800 tonnes of molybdenum, and 2,200 tonnes of copper.

Thor has also recently demonstrated the existence of a significant new tungsten deposit adjacent to Molyhil at the Bonya Samarkand prospect.

The Bonya tenement is held jointly with Arafura Resources (ASX:ARU).

Last year, Thor agreed to spin out its copper interests into a new vehicle, EnviroCopper, where it will take up to a 30% stake.

Enviro has rights for up to 75% of both the Kapunda copper project and the Moonta copper project.

Both projects are amenable to in-situ leaching (ISR).

In the US, at the Desert Scheelite deposit on the Pilot Mountain project in Nevada, Thor now boasts a resource of 10.7mln tonnes of ore grading 0.26% WO3 (tungsten), with additional silver, zinc and copper.



How it is doing

A second drilling campaign in Bonya completed in November confirmed tungsten mineralisation in the White Violet area, which is now extended by 40 metres to give a total strike of 120 metres horizontally and up to 110 metres vertically.

Drill results from late 2019 at Bonya showed a 23m intersection at a grade of 0.58% WO3 (tungsten) from the surface at White Violet and a 9m copper band at Samarkand.

Holes at both deposits also intersected grades above 2% tungsten over small widths at depths below 40m.

In November, Thor also published results from first drilling at Kapunda.

Three holes showed that the water table is quite shallow while the fracture zone contains significant copper mineralisation that should be amenable to in-situ recovery.

Early-stage results indicated copper up to 0.72% in all three holes though these need confirmation by geochemical analysis said the junior.

Next steps are for large scale column leach recovery tests to be followed by a full-scale field trial.

At the Pilbara goldfield tenements, three assays showed above 0.3 grammes per tonne (g/t) of gold, while one assay had reported 0.9 g/t.



What the boss says: Mick Billing, chairman

“The Bonya tungsten deposits are delivering robust results which, we believe can add significantly to the economic life and commercial outcomes of the nearby proposed Molyhil project."





Inflexion points

  • Resource expected at Bonya this year
  • Financing talks will be supported by the evidence of new mineralisation adjacent to the project at Bonya
  • At Pilot Mountain, work on other deposits like Gun Metal and Good Hope has the potential to add further resources.
  • Further development at Kapunda


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