The Board of Thor Mining Plc (“Thor” or the “Company”) (AIM, ASX: THR), is pleased to advise the initial mineral resource estimate for the historic Bonya Copper Mine deposit within the Bonya tenement held jointly (THR; 40%) with Arafura Resources Limited (ARU; 60%) adjacent to the Molyhil mine project in the Northern Territory of Australia.
The small but moderately high-grade copper resource is satellite to, and amenable for treatment in, the proposed Molyhil process plant.
· An Inferred Resource estimate of 230,000 tonnes, grading 2.0% Copper (Cu), containing 4,600 tonnes of copper, with trace levels of tungsten (WO₃) and molybdenum (Mo);
· Deposit outcrops at surface, and remains open at depth;
· Amenable to open cut extraction for a significant component of the resource;
· Potential to add six months profitable mine life to Molyhil;
· Situated in close proximity to the Bonya tungsten deposits, scheduled for drill testing early in 2019.
Table A: Bonya Copper Inferred Resource Estimate
Mick Billing, Executive Chairman, commented:
“This small but high-grade copper resource will provide valuable supplementary mill feed to the Company’s nearby Molyhil process plant.”
Our primary incentive to acquire an interest in the Bonya exploration licence was, and still remains, the tungsten deposits in the licence area, therefore this “free” copper resource could be considered a bonus”
“The Molyhil processing plant design is amenable to the treatment of copper ores of this nature, without modification, and we expect this material will flow though the plant with no additional investment required, other than mining and haulage.”
“This the first of what we believe will be a series of satellite tungsten and copper deposits within economic trucking distance of Molyhil.”
“In addition to the work on the copper deposit at Bonya, an external review of the vanadium deposits also on the project licence, and we expect to provide investors with an update on this shortly.”
“Nearby the Bonya copper deposit are several outcropping tungsten deposits which, upon completion of drill site access clearance, we plan to commence drilling, probably in February 2019.”
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