What a start to July for the Thor team, no less than eight market updates have been released this month. The ones that caught our attention, yesterdays market update, Pilbara Goldfields – Follow up Sampling.
The sale of the Spring Hill gold project royalty entitlement, subject to approval from the Australian Government Foreign Investment Review Board (FIRB), to AIM-quoted Trident Royalties Plc: Total consideration of A$1.0 million
Molyhil Tungsten/Molybdenum Project awarded Major Project Status by Northern Territory Government. Mick Billing, Executive Chairman of Thor Mining, commented: ” We are delighted to have this level of support by the Northern Territory government for Molyhil.”
· Five separate sites from which gold was detected in the initial sampling program to be followed up, with upstream sampling towards potential source rock.
· Nickel and chrome focussed sampling of the previously reported gossan within the ultramafic rock area ( https://www.thormining.com/sites/thormining/media/pdf/annual-and-interim-reports/20200501-quarterly-report-january—march-2020.pdf ), and also map and sample catchments of the 2019 nickel/chrome anomalous stream sediment sites.
· Sampling program estimated to be complete within one week, with assays due several weeks from completion.
Mick Billing, Executive Chairman of Thor Mining, commented:
” This is an important follow up to the previous, very successful, sampling program.”
“COVID19 access restrictions delayed earlier access to the licence area, and we are very pleased to be able to recommence activity on this very exciting project, using a Western Australian based team.”
“We look forward to providing updates on progress as they become available.”
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR) is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.
Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in August 2018¹ suggested attractive returns.
Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred Resource estimates for the White Violet and Samarkand tungsten deposits and the Bonya copper deposit².
Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate³ on 2 of the 4 known deposits. The US Department of the Interior has confirmed that tungsten, the primary resource mineral at Pilot Mountain, has been included in the final list of Critical Minerals 2018.
Thor holds a 25% interest Australian copper development company EnviroCopper Limited (with rights to increase its interest to 30%). EnviroCopper Limited holds:
· rights to earn up to a 75% interest in the mineral rights and claims over the resource ⁴ on the portion of the historic Kapunda copper mine in South Australia considered recoverable by way of in situ recovery; and
· rights to earn up to 75% of the Moonta copper project, also in South Australia comprising the northern portion of exploration licence EL5984 and includes a resource estimate ⁵ for several deposits considered recoverable by way of in situ recovery.
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