Thor Mining PLC (LON:THR, ASX:THR, OTCQB:THORF) said it was awarded a A$110,000 (£60,000) grant for its Molyhil tungsten-molybdenum project from the Northern Territory Government of Australia.
The project, located about 220 kilometres north-east of Alice Springs, was one of 18 successful projects to receive funding as part of the Resourcing the Territory, Geophysics and Drilling Collaborations programme.
The grant will help fund drill testing on recently identified magnetic targets adjacent to the mineralisation at the Molyhil deposit.
A diamond drilling programme will start in the September quarter of 2021, it said.
"This is another fabulous result for Thor and its shareholders,” said Nicole Galloway Warland, Managing Director of Thor. “The successful grant is a strong validation by the Northern Territory Geological Survey of the prospectivity of the magnetic targets identified at Molyhil.
“This is the third successful government grant Thor has received this year, towards co- funding of our upcoming 2021 drilling programs: three grants for three different projects in three different states.
“June will be a busy month with drilling commencing at Alford East Project, SA next week, followed shortly thereafter at our USA Uranium Project and Ragged Range gold Project, WA," she concluded.