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Thor Mining begins second drilling at Bonya tungsten deposits

The mineral explorer also announced it is to receive 7.8mln new shares in Hawkstone Mining which controls Big Sandy lithium deposit, taking its total stake to 1.87%

Thor Mining PLC -

Thor Mining PLC (LON:THR) has started its second drilling program at the Bonya tungsten deposits in Northern Territory of Australia, hoping to prepare its mineral resource estimates.

The Bonya deposits, which are located around 280km north-east of Alice Springs near Thor's Molyhil tungsten and molybdenum project, are 60% owned by Arafura Resources Limited (ASX: ARU), with Thor owning 40%.

Thor said that it expects to have “progressive provisional” x-ray flurorescence results after three weeks of drilling, followed by laboratory results after up to a further four weeks.

First drilling on the deposits was carried out in April, showing returns of high-grade tungsten and copper from the Samarkand deposit.

The AIM-listed miner said it will now drill down 2,000m using reverse circulation on two of its holes, the Samarkand and White Violet deposits.

Executive chairman Mick Billing said that after encouraging results in April, Thor hopes “to be able demonstrate sufficient continuity of good grade mineralisation along strike and at depth at each to allow subsequent preparation of a mineral resource estimate for these two deposits".

Billing also noted: "Tungsten prices have improved considerably over the past few weeks with APT tungsten quoted most recently at US$227.50/mtu, just over a 25% improvement from early September". 

Thor also announced that it will receive an additional 7,812,500 ordinary shares in Hawkstone Mining Limited (ASX: HWK) after the company, which wholly-owns Big Sandy lithium deposit in Arizona, published a maiden mineral resource estimate for the deposit in September.

Previously Thor held a 1.076% in Hawkstone, but the new shares will take its stake to 1.87% of the issued capital of Hawkstone.

Quick facts: Thor Mining PLC

Price: 0.56 GBX

Market: AIM
Market Cap: £7.18 m

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