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Thor Mining's broad portfolio of assets starts to mature

Snapshot

Thor has been spreading its wings and acquiring new assets lately

Thor's Molyhil deposit shows promise

Quick facts: Thor Mining PLC

Price: 0.4 GBX

AIM:THR
Market: AIM
Market Cap: £4.31 m
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  • 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

 

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).

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.

In March, 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).

Thor also owns 1.87% of the issued capital of Hawkstone Mining Limited (ASX: HWK), which wholly-owns Big Sandy lithium deposit in Arizona, which published a maiden mineral resource estimate for the deposit in September.

How it's 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.

Eleven holes were drilled at Bonya’s White Violet area, and, eight were drilled in the Samarkand area.

Highlight results from Samarkand date show high grades, including 0.86% tungsten across two metres and 0.33% over 44 metres – albeit the company noted that these findings should only be considered as preliminary analysis.

In all, some 1,386 metres of drilling was undertaken.

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.

Chairman Mick Billing confident of continued progress

“Samarkand is just one of what we believe will be series of satellite tungsten and copper deposits within economic trucking distance of Molyhil, thus making the case for Molyhil development even more compelling”.

Inflexion points

  • Financing talks in regard to the development of Molyhil are ongoing and 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.
  • Next steps at Kapunda
  • Prices of tungsten and molybdenum improve.

 

 

 

 

 

 

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Full interview: Thor Mining reports initial copper resource of 114,000...

Thor Mining PLC's (LON:THR) Mick Billing speaks to Proactive London's Andrew Scott after announcing what he describes as a substantial initial copper resource of 114,000 tonnes at the Moonta project in South Australia. The project is operated by EnviroCopper, in which Thor is working to...

on 15/8/19

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