Cash position remains sound with funds adequate for the 2019 calendar year scheduled field programs.
Additionally, the annual Research & Development has been completed for lodgement with the Australian Taxation Office, with an expected recovery of just over A$200,000 in the September quarter.
Commenting, Mr Mick Billing, Executive Chairman of Thor Mining, said:
“Our confidence in securing off-take and finance for Molyhil remains firm, with positive interest from a number of players, whose interests vary from offtake to joint venture arrangements, to debt instruments. The Directors acknowledge that this has taken much longer than anticipated, however, we are confident of a positive outcome.”
“In the meantime, we continue to work on initiatives which we believe will enhance the project, including extending project life beyond the initial seven-year open-cut program, as well as other programs anticipated to enhance commercial outcomes.”
“The developments in our ISR copper investments, substantially funded by the Australian Government research and development grant, continue to show great promise and we look to the scheduled drill program during the September quarter.”
“We also look forward to assay results from historical Pilot Mountain drill samples which are being tested for gold content.”
Full RND update link HERE
