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Thor Mining Finds High-Grade Copper Deposit Near Molyhil Project

26th Nov 2018 11:26

LONDON (Alliance News) - Thor Mining PLC on Monday said it had identified a small, high-grade copper deposit adjacent to its Australian Molyhil mine project.

Shares in the exploration and development company were up 5.9% at 1.96 pence on Monday.

The Bonya copper mine deposit is located within the Bonya tenement, which Thor holds jointly with Arafura Resources Ltd, and is 30 kilometres to the east of 100% owned Molyhil. Thor holds a 40% interest in the Bonya tenement and Arafura the remaining 60%.

The inferred resource estimate for the Bonya copper deposit is 230,000 tons with a 2.0% copper grade, containing 4,600 tons of copper plus trace amounts of tungsten and molybdenum.

This copper resource is "amenable for treatment" in the process plant Thor intends to build at its Molyhil project and could add six months of profitable mine life to Molyhil.

The deposit outcrops at surface and remains open at depth and can be mined using open cut extraction for "a significant component of the resource".

Thor's primary focus in the Bonya tenement is on tungsten, with Thor Executive Chairman Mick Billing saying this copper deposit "could be considered a bonus".

Aside from mining and haulage, no additional investment will be required to treat the copper ore mined at Bonya in Molyhil.

"This the first of what we believe will be a series of satellite tungsten and copper deposits within economic trucking distance of Molyhil," said Billing.

"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," he added.

In proximity to the Bonya copper deposits are a number of outcropping tungsten deposits. Thor is likely to begin mining these deposits in February.


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