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Thor Mining's projects could lead to gold and tungsten mineralisation

Fri, 29th Jul 2016 13:53

(ShareCast News) - Australia's Thor Mining plans to drill near its Molyhil mine in the Northern Territory, which could lead to tungsten mineralisation, in one of many new projects for the AIM-listed company.The company plans to drill adjacent to the Molyhil mine in the Northern Territory in Australia to test for tungsten at a cost of about $48,m. About $10m will be used for equipment, which equipment or leasing finance could be secured. This will reduce the cost to below $40m.The company said there are ongoing discussions to secure finance and for balance of concentrate production off-take for the Molyhil project.Executive chairman Mick Billing said: "Scheduling a drilling program to test magnetic anomalies very close to Molyhil may, if successful, eventually lead to the delineation of additions to the Molyhil mining inventory."The objective is to extend the operating life of the project, but also to provide the opportunity to reduce operating costs via increased production."The initial drill programme is designed to, at a modest cost, drill just below the alluvial cover, into bedrock and test material for tungsten mineralisation. If successful, further deeper drilling into that mineralisation will be required."Seasonal factory shutdowns, in the northern hemisphere this summer resulted in commodity prices losing part of their recent gains, as demand contracted temporarily. Industry commentators predicted that price will strengthen, particularly for tungsten, in the medium term.The company's other tungsten mine in Pilot Mountain in Nevada, US, is pending funds for exploration. Planning began for the exploration phase on deposits with previous multiple mineralised intersections.The Dundas gold mine project in Western Australia had exploration targets identified but other projects which were prioritised prevented progress in exploration activities.Thor Mining, during the first quarter ended 30 June, also raised £300,000 from investors.Shares in Thor Mining were up 8.99% to 0.0327% at 1449 BST.

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10 Nov 2022 15:48

UK shareholder meetings calendar - next 7 days

Friday 11 November
88 Energy Ltd	GM proposed resolutions vote
Abcam PLC	GM re approval to leave AIM on 14 December
Galliford Try Holdings PLC	AGM
Ingenta PLC	GM capital allocation
Redrow PLC	AGM
Monday 14 November
DeepVerge PLC	GM re conditional placing, conditional subscription and broker offer
Tuesday 15 November
Berkeley Energia Ltd	AGM
Biffa PLC	GM re proposed takeover by ECP
Craneware PLC	AGM
Unicorn AIM VCT PLC	AGM
Unicorn Mineral Resources PLC	AGM
Wednesday 16 November
European Opportunities Trust PLC	AGM
Finsbury Food Group PLC	AGM
GreenX Metals Ltd	AGM
Jubilee Metals Group PLC	AGM
Litigation Capital Management Ltd	AGM
Marble Point Loan Financing Ltd	AGM
McBride PLC	AGM
Petra Diamonds Ltd	AGM
Smiths Group PLC	AGM
ThinkSmart Ltd	AGM
Thursday 17 November
Advance Energy PLC	AGM
Aveva Group PLC	GM re acquisition by Schneider Electric
Close Brothers Group PLC	AGM
Cordel Group PLC	AGM
Eagle Eye Solutions Group PLC	AGM
Finsbury Food Group PLC	AGM
FW Thorpe PLC	AGM
Henderson EuroTrust PLC	AGM
JD Wetherspoon PLC	AGM
Kier Group PLC	AGM
New Star Investment Trust PLC	AGM
Reabold Resources PLC	GM re requisitioned resolutions to remove board
Ricardo PLC	AGM
Seraphim Space Investment Trust PLC	AGM
Superdry PLC	GM re annual and remuneration report
Supermarket Income REIT PLC	AGM
Thor Mining PLC	AGM

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IN BRIEF: Thor Mining shares jump on Kapunda study funding

Thor Mining PLC - Australia-focused exploration and development company - Says OZ Minerals Ltd agrees to provide AUD2.5 million, around GBP1.4 million, funding support for technical investigations into in situ recovery technology at EnviroCopper Ltd, Kapunda copper-gold ISR project in South Australia. Thor holds a 30% stake in ECL, and the funding will be non-dilutive to its holding. The funds will be used to continue studies into the potential economic extraction of copper resources via ISR, Thor says.

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IN BRIEF: Thor Mining starts airborne survey over Ragged Range project

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