(Alliance News) - Thor Mining PLC on Monday said follow-up results from a drilling programme at its Bonya joint venture in Australia confirm prior testing.
Shares in the miner were up 11% at 0.86 pence in late morning trade in London.
Bonya is a joint venture between Thor, which holds a 40% interest and is acting as manager, and Arafura. Arafura owns the remaining 60%.
At Bonya's White Violet deposit, follow-up laboratory assay result results include 27 metres at 0.3% tungsten trioxide from 35 metres, including 16 metres at 0.3% copper from 43 metres and 7 metres at 0.2% tungsten trioxide from 67 metres at hole 19RC020.
At hole 19RC021, results show 12 metres at 0.7% tungsten trioxide from 46 metres and 25 metres at 0.4% tungsten trioxide from 63 metres.
Hole 19RC022 found 29 metres at 0.7% tungsten trioxide from 81 metres, including 13 metres at 1.1% tungsten trioxide from 91 metres.
At the Samarkand deposit, results included 9 metres at 0.7% tungsten trioxide from 64 metres, including 2 metres at 0.2% copper from 69 metres at hole 19RC030; plus 7 metres at 1.2% copper from 37 metres in hole 19RC030.
These tests confirm the interim portable XRF results from Bonya, which were reported in May.
"These robust, near-surface tungsten and copper mineralisation occurrences have significant growth potential and the joint venture will now target near term drilling to both test the extent of the deposits and facilitate reportable mineral resource estimates," said Thor Executive Chair Mick Billing.
Billing also noted that Bona is adjacent to Thor's wholly owned Molyhil tungsten project.
"The proposed Molyhil processing facility is designed to extract copper as well as tungsten and molybdenum so any primary copper at Bonya can potentially be extracted at minimal additional cost," said Billing.
"In the event that follow up drilling leads to the definition of mineral resource estimates, there is potential to add materially to both the life and financial outcomes at the company's Molyhil project," he added.
Thor Energy (THR)