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Thor Mining's gold assets energise the share price

Snapshot

  • Gold assets at Pilbara looking promising 
  • Preparing a mineral resource estimate at Bonya tungsten deposits
  • Kapunda copper project looks amenable to in-situ extraction
Thor's Molyhil deposit shows promise

Quick facts: Thor Mining PLC

Price: 0.85 GBX

AIM:THR
Market: AIM
Market Cap: £11.1 m
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What does Thor Mining do?

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

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?

Base metals

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

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.

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.

The group has also added uranium and vanadium assets with the acquisition of  American Vanadium.

Gold

Excitement has built recently about the Ragged Range project in its Pilbara Goldfields tenements in Western Australia where early exploration has “exceeded management expectations”.

The AIM-listed group said the results from 2020 detail sampling support extend from two 2019 test sites defining a zone of “highly anomalous gold”, with sampling results having also defined an overall broader target zone and demonstrated potential to host a “significant gold-bearing system”.

Video

Inflexion points

  • Gold exploration at Ragged Range has exceeded expectations
  • Recent acquisition has added uranium and vanadium to the mix
  • Copper and tungsten assets still developing

 

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Thor Mining raises over £1m to fund exploration at the Ragged Range gold and...

Thor Mining PLC's (LON:THR) Mick Billing talks to Proactive London's Katie Pilbeam about the company's £1m raising. The money will be mostly used to fund exploration at the Ragged Range gold and nickel project in the Pilbara region of Western Australia. Thor's largest shareholder Metal...

5 days, 3 hours ago

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