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Thor Mining posts encouraging initial results from drilling at Bonya

Assay results are likely to be available within four weeks

Thor has had a long-standing interest in tungsten

Thor Mining PLC (LON:THR) (ASX:THR) shares rose on Tuesday as the miner released encouraging interim results from drilling at the Bonya tungsten deposits, adjacent to Molyhil, in the Northern Territory of Australia.

The Bonya project is held in 40:60 joint venture with Arafura Resources Ltd (ASX:ARU), with both parties contributing to the cost of the programme in proportion to their project equity.

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Interim results for three of the four targets are now available following portable x-ray fluorescence (XRF) determination, and should be considered preliminary and subject to confirmation in subsequent laboratory assay. 

Among the highlights were 27 metres grading 0.32% tungsten trioxide (WO₃), 12 metres grading 0.70% WO₃, and 29 metres grading 0.75% WO₃.

"These are very exciting interim results, particularly from the White Violet deposit, where results are substantially better than expectations,” said Thor executive chairman Mick Billing.

"The inclusion of attractive copper interim assays from several holes also elevates the potential of the Bonya area in general, but White Violet especially."

"We look forward to the interim results from the Samarkand drilling, and also to the full laboratory assays expected during May."

The program comprised 2,184 metres of drilling by reverse circulation method on the Samarkand, Jericho, White Violet, and Tashkent deposits, and approximately 200 metres of trench sampling across each of the Marrakesh and Tashkent deposits.

The Jericho deposit, in particular, has been mined historically, with a surface stockpile estimated at several hundred tonnes of scheelite ore at surface adjacent to the deposit.

It is anticipated that assay results will be available within four weeks.

In afternoon trading, shares in Thor Mining were 3.7% higher at 0.70p.

 -- Adds share price --

Quick facts: Thor Mining PLC

Price: 0.36 GBX

Market: AIM
Market Cap: £3.88 m

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