8th Jan 2020 12:40
(Alliance News) - Thor Mining PLC said Wednesday that final assay results from Bonya deposits in Australia confirmed "robust results which can add significantly" to the life of nearby proposed Molyhil project.
Thor Mining shares were up 3.9% in London at 0.40 pence each on Wednesday.
The Bonya project, adjacent to Thor's Molyhil project in the Northern Territory of Australia, is held in joint venture between Arafura Resources Ltd, which owns 60%, and Thor, which owns 40% and acts as project manager, with each party contributing to the cost according to their equity.
The miner said a total of 11 holes were drilled at White Violet deposit, and a further eight holes at Samarkand to complete the program with 1,386 meters drilled in total.
An independent resource geologist has been engaged with the objective of preparing mineral resource estimates for both deposits, Thor Mining noted.
Mick Billing, executive chair, said: "The Bonya tungsten deposits are delivering robust results which, we believe can add significantly to the economic life and commercial outcomes of the nearby proposed Molyhil project."
"The Bonya project hosts additional tungsten and copper deposits, and these will be tested in due course, however our initial focus is likely to remain with the White Violet tungsten deposit, the Samarkand tungsten/copper deposit, and the Bonya copper deposit," Billing noted.
"It is hoped that these can extend the Molyhil project life of mine towards ten years," Billing said.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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