Thor Mining Shares Rise On Discovery Of High Grade Mineralisation

19th Mar 2018 09:13

LONDON (Alliance News) - Shares in Thor Mining PLC rose early Monday as the company reported the discovery of high grade copper zone at the Kapunda Project in south Australia.

The company also separately reported a widened pretax loss for the first half and said that it has raised enough funding to continue its exploration activities until 2019.

Shares in the miner were trading 5.8% higher at 2.91 pence in morning trade.

Thor Mining reported a central high grade zone of 29.0 million tonnes at a grade of 0.32% copper containing 91,200 tonnes of copper, in addition to the Kapunda resource estimate of 119,000 tonnes of copper.

"The results of this analysis reinforce the very strong potential of the Kapunda deposit. This higher grade core at Kapunda is very robust, while still hosting approximately 75% of the total 119,000 tonnes of copper in the estimated resource," said Executive Chairman Mick Billing.

In addition, the miner reported substantial progress on its other projects in Australia and the US for the six months to the end of December.

In the Pilot Mountain Tungsten Project in Nevada, US, following the successful intersection of mineralisation at Desert Scheelite and extending the existing know zone of mineralisation, Thor has commissioned a scoping study and stage two metallurgical test work to pre-feasibility standard.

For the Molyhill Tungsten project in Australia, an increase in the open ore cut reserve extended the life of the project to seven years, with possible extensions beyond that period as an underground mine.

During the period, Thor raised a total of GBP1.3 million through a series of share placing and exercise of warrants and options. Pretax loss for first half widened to GBP546,000 from GBP394,000 the year before due to explorations costs totaling GBP159,000.

---

Related Shares:

Thor Energy