16th Sep 2016 09:09
LONDON (Alliance News) - Thor Mining PLC on Friday said it has completed drilling on the Molyhil tungsten project in Australia as the Executive Chairman Mick Billing said he was "delighted with the outcome".
"This program consisted of very shallow and very broadly spaced drilling, and we are delighted with the outcome. The immediate next steps will be to schedule additional shallow, but more closely spaced, drilling on the Cattle Track targets to the north east of the Molyhil resource," said the chairman.
The programme comprised of 65 short holes up to 18 metres in depth, drilled to sample bedrock beneath shallow alluvium in five target areas. Traces of tungsten were recorded on site from two holes at Cattle Track, which lies immediately north-west of the existing Molyhil resource.
The traces of tungsten varied from 30 to 37 parts per million, the miner said.
Broad zones of magnetite skarn similar to the Molyhil deposit host rock were intersected at both Think Big and Gap Track and a continuous magnetite skarn was intersected at Think Big, with preliminary analysis indicating 6.0 metres at 11% iron and 1.2% titanium alongside a deeper hole that produced grades of 9.0% iron and 1.2% titanium.
Thor shares were down 2.2% to 0.0269 pence per share on Friday.
By Joshua Warner; [email protected]; @JoshAlliance
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