Thor boosts the potential of Bonya with fresh drilling results
Thor has a consistent record of expertise in tungsten exploration
Company
LON:THR
Thor Energy PLC is an exploration company with a focus on uranium and energy metals that are crucial in the shift to a ‘green’ energy economy. The company has a number of highly prospective projects that give shareholders exposure to uranium, nickel, copper, lithium and gold. Thor Energy's projects are located in Australia and the USA, both of which are top mining jurisdictions, and are poised for discovery success.
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Thor has a consistent record of expertise in tungsten exploration
The AIM-listed firm said visible gold had been found in 13 of 44 sediment trap sites at the project, a result it said was “very encouraging”
The Tungsten price has recovered more than 25% since early September, due to a potential market overhang being removed in China
The mining firm's chairman, a non-executive director, and its major shareholder all contributed to the latest fundraising
The junior has been drilling at a number of prospects, with a second campaign at the Bonya tungsten deposits in the Northern Territory of Australia getting underway this month.
The mineral explorer also announced it is to receive 7.8mln new shares in Hawkstone Mining which controls Big Sandy lithium deposit, taking its total stake to 1.87%
Molyhil, which lies 220km east of Alice Springs in Australia, is wholly-owned by Thor Mining
Thor Mining has a diverse portfolio of assets in the US and Australia
Potter brings with him a wealth of experience in mining finance
Hawkstone Mining, the Big Sandy operator in which Thor holds 7.4mln shares, said it had intercepted high Lithium grades in a drilling programme at the site
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The exploration firm reported a "substantial" resource estimate of 114,000 tonnes of contained copper
Thor is currently seeking finance for the development of Molyhil
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Thor has a diverse portfolio of assets in Australia and the US
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Thor owns a 1.075% stake in Hawkstone, which in turn owns 100% of the Big sandy lithium project in Arizona
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The project is also prospective for gold and platinum group elements.
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Thor owns 40% of Jervois, with an Australia-listed rare earths play Arafura Resources holding the rest. It was picked up as part of the Bonya tungsten deposits purchase
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Footsie closed around 50 points higher at 7,609 on Wednesday
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The UK's premier share index closed around 73 points higher at 7,499, while FTSE 250 was also up - around 170 points to 19,632
The assay results demonstrate “the significant potential” of the Big Sandy project
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Samples from holes drilled at Pilot Mountain have been checked for a suite of metals, including tungsten, copper, zinc, and silver - but not gold.
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Tungsten was recorded at widths of up to 29m near the surface at the White Violet and Samarkand targets
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"Significant potential exists for further enhancements to this work which may improve project economic outcomes".
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"This is a significant step forward for our 100% owned Pilot Mountain project," said Mick Billing Thor’s executive chairman
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The hole also showed extensive high-grade mineralisation of scheelite - one of the main sources of tungsten
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Thor chairman Mick Billing said: "the program continues to improve the value of our investment in Hawkstone."
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Thor is making good progress with exploration work at Bonya
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Assay results are likely to be available within four weeks
Thor recently also spun out its copper interests into a new vehicle
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The project is thought to be amenable to in situ leaching
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The UK blue-chip index finished up around 63 points at 7,523
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Bonya lies adjacent to Thor's flagship Molyhil project
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Chief executive Mick Billing called the potential addition of gold "a very significant enhancement"
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The exploration firm said it had acquired Pilbara Goldfields and Hamersley Metals, which together hold interests in two granted licences and seven licence applications at various stages
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The company said drilling is now expected to commence in early April, with further updates expected on drilling progress, preliminary on-site x-ray fluorescence analysis) followed by formal laboratory assays
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The aim is to create an in-situ leaching specialist with significant scale
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A feasibility study confirmed Molyhil as a low cost, attractive tungsten project
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