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Arafura Resources partner Thor Mining completes drilling at Bonya

Drilling targeted the White Violet and Samarkand tungsten prospects with an aim to establish a JORC resource estimate.

Arafura Resources Ltd - Arafura Resources partner Thor Mining completes drilling at Bonya
Arafura owns 60% of the Bonya Project with Thor Mining Plc

Arafura Resources Ltd (ASX:ARU) and partners Thor Mining PLC (ASX:THR) have completed a second round of drilling at the Bonya Tungsten Project in the Northern Territory.

The program totalled 19 holes with 11 drilled at the White Violet and 8 holes drilled at Samarkand for 1,386 metres in total.

While lab assays are pending preliminary results using a portable XRF gun revealed tungsten-bearing mineralisation.

At White Violet, XRF analysis shows the mineralisation was extended by 40 metres to both the east and west with a total strike length of 120 metres and vertical depth of 110 metres.

The XRF gun also measured grades of up to 1.35% tungsten trioxide at Samarkand.

Bonya could hold significant value

Thor’s executive chairman Mick Billing said: “We are very pleased to see preliminary good grades of both tungsten and copper, particularly at shallow depths at Samarkand, following excellent earlier reported preliminary results at White Violet.

“Our consistent objective for drilling at Bonya is to add to the Molyhil area mining inventory, and aim for a minimum life of ten years open pit mining and processing.

“These results, subject to assay and follow up resource work, are a very positive step towards that objective.”

Spec Buy received from Hartleys

The company’s flagship asset remains its Nolans Neodymium-Praseodymium (NdPr) Project in the Northern Territory.

Recently, renowned resources specialist broker Hartleys initiated coverage on Arafura with a speculative buy recommendation and a 12-month price target of 15 cents per share.

Shares in Arafura last traded at 9.4 cents.

Quick facts: Arafura Resources Ltd

Price: 0.06 AUD

ASX:ARU
Market: ASX
Market Cap: $63.29 m
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