What does Thor Mining do?
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).
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.
Both projects are amenable to in-situ leaching (ISR).
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.
What's the latest? - chairman's update
"Challenging market conditions prevail, and we have taken further steps to reduce overheads, along with taking advantage of Australian government COVID-19 initiatives aimed at meeting some employment costs,” he said, as the company released an update for the first quarter of 2020.
“We expect also that we will be able to complete the sale of the Spring Hill royalty shortly, and we look forward to providing details of our exciting potential new asset acquisition when finalised."
He also updated on progress at the company’s copper projects.
"Our ISR copper investments continue to develop value with excellent outcomes from testwork at Kapunda. We hope to be able to advise final drill assays shortly,” he added.
“Critically however the real story at Kapunda is the ongoing buildup of evidence that the ISR process will work in practice".
Meanwhile, on the company’s long-standing Molyhil project progress is also continuing.
"We have continued to add value to the Molyhil project with the release of resource estimates at Bonya in January, potentially adding materially to the life and economic outcomes of the project",” said Billing
"In addition, recent renewed interest by the Australian government in critical minerals has resulted in increased support for projects of this nature, and we hope to be able to take advantage of this."
"Finally, the initial sampling program in our 100% owned Pilbara project produced some outstanding initial results, and we look forward to follow-up work on these, once COVID-19 access restrictions are lifted."
- Resource expected at Bonya this year
- Financing talks 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.
- Further development at Kapunda