30th Jan 2019 16:37
LONDON (Alliance News) - Thor Mining PLC said Wednesday its second quarter was "positive" with progress being made on all its core projects and strengthened its cash position.
The tungsten and copper explorer and producer said its cash position remained "sound" in the three months to the end of December, with all of its forecasted activities financed until "late 2019".
During the period, Thor appointed corporate advisers to assist with its funding opportunites at its Molyhill project in Australia. The Bonya copper deposit released its maiden resource estimate of 230,000 tonnes, with 2.0% copper, containing 4,600 tonnes of copper.
Looking ahead to the next quarter, Thor said it intends to conduct marketing activities to lock in off-take agreements for both tungsten and molybdenum concentrates. The miner will continue discussions with potential financiers for the project and seek drilling approval for the Bonya deposit.
At its Pilot Mountain project in Nevada, US, Thor resource estimate at Desert Scheelite was upgraded, increasing tungsten reserves by 6.5%. The company said it hopes to complete stage 2 of metallurgical testwork and environmental & ifrastructure studies at the project in the next quarter.
At Kapunda in Australia, Thor said it will spend the next quarter preparing for a field pump test.
Executive Chair Mick Billing said: "A positive quarter with progress on all core projects, and a strengthened cash position.
"We will continue to provide investors with regular updates in respect of activities and progress."
Shares in Thor Mining closed up 6.4% Wednesday afternoon at 1.33 pence each.
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