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Thor Mining looks ahead to Bonya resource next year

"We look forward to our initial resource estimate at Bonya scheduled for January 2020."

Thor Mining PLC -
Thor is also getting excited about its stake the copper deposits at Moonta and Kapunda.

Thor Mining PLC (LON:THR) expects assay results from its recent drilling campaign at Bonya to lead to a full resource estimate in January.

The Aussie junior has a 40% stake in the Bonya deposit that lies near to its flagship Molyhil tungsten/molybdenum project in Australia's Northern Territory and is seen as a source of ore to increase that mine’s life and resources.

Executive chairman Mick Billing said: "Drill results have so far been very pleasing with higher than expected grades at White Violet.

"We look forward to our initial resource estimate at Bonya scheduled for January 2020. 

 "Our objective of increasing the resource inventory available for the proposed Molyhil processing plant will, we believe, significantly enhance the prospects for funding the Molyhil development."

Elsewhere Thor is getting excited about its stake the copper deposits at Moonta and Kapunda.

Here, 25%-owned associate EnivroCopper, is exploring the possibility for an in-situ operation where ore is dissolved in the ground and pumped to the surface for recovery.

Moonta has a resource of 114,000 tonnes contained copper with an estimated 119,000 tonnes at Kapunda.

Preliminary work on three drill holes at Kapunda indicated above resource grade copper, while the lab results will also give any gold indication said Mick Billing, executive chairman.

At Pilbara in WA, gold exploration identified visible signs in stream sediment samples. 

Next stages will be infill work and upstream sampling ahead of any drilling.

In Nevada, discussions are underway with potential investors to take forward the tungsten project at  Pilot Mountain

Thor is also evaluating options for its royalty over the Spring Hill gold project in Australia, while directors’ remuneration has also been reduced by £100,00 to preserve cash.

"Our copper investment, and our recent early-stage success with Pilbara gold exploration are very exciting and we plan to build upon these while keeping outlays to a minimum. 

“The Australian government grant funding for Kapunda for example, ensures ongoing development at this project, without requiring significant funding from Thor."

Quick facts: Thor Mining PLC

Price: 0.365 GBX

AIM:THR
Market: AIM
Market Cap: £3.93 m
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Thor Mining's Mick Billing highlights 'significant value' in its core assets

Thor Mining's (LON:THR) Mick Billing tells Proactive London's Andrew Scott they're continuing to advance exploration activities at Bonya to add value to the Molyhil project. He says drill results have so far been encouraging with higher than expected grades at White Violet.  He...

on 27/11/19

2 min read