Thor Energy Share News (THR)

LONDON (Alliance News) - Shares in Thor Mining PLC rose on Friday as the US government passed the National Strategic and Critical minerals Production Act, a step in potentially accelerating the permitting of critical metals projects in the US.

Shares in the miner were trading 16% at 2.62 pence in morning trade.

In February 2018, the US Department of the Interior listed tungsten as part of the commodities considered critical to the country.

Thor Mining currently owns 100% of the Pilot Mountain Tungsten project located in the US state of Nevada. In May, the company delineated an indicated and inferred resource of 32,720 tonnes of tungsten trioxide, 192 tonnes of sliver and 14,300 tonnes of copper.

Thor Mining also said that it will not proceed with the acquisition of the Western Shaw Project located in Australia.

"The board have decided, on the basis of the due diligence undertaken to date, and given the need to focus our resources on our three key projects [Pilot Mountain, Kapunda and Molyhil] which the board consider are capable of delivering considerable near term upside, that we will not proceed with Western Shaw at this time," the company said.

"In December 2017, just three months ago, we signalled significant project milestones for our core tungsten and copper projects, including the Molyhil Open Cut Ore Reserve, and the Kapunda Copper mineral resource estimate," said Executive Chairman Mick Billing.

"We could not however, accurately predict the positive events outside of our control, including the continuing strengthening of the tungsten price, and now this US initiative to streamline and accelerate regulatory approvals of mining developments for critical minerals in the USA. That said, now we must react to those positive developments in an appropriately commercial manner, and with a sense of urgency," Billing added.