(Alliance News) - Thor Mining PLC said Monday it has completed a second round of drilling at the Bonya project, adjacent to its Molyhil project in the Northern Territory of Australia.
The Bonya project is held in joint venture between Arafura Resources Ltd, which owns 60%, and Thor, which owns 40% and acts as project manager, with each party contributing to the cost according to their equity.
The miner said 11 holes were drilled at White Violet deposit, and a further eight holes at Samarkand to complete the program with 1,386 meters drilled in total.
The company said the preliminary results revealed that tungsten-bearing mineralisation at White Violet area extended by 40 metres to both the east and west, with a total strike length of 120 meters and vertical depth of 110 meters.
Mick Billing, executive chair of Thor Mining, said: "Our consistent objective for drilling at Bonya is to add to the Molyhil area mining inventory, and aim for a minimum life of ten years open pit mining and processing."
"These results, subject to assay and follow up resource work, area very positive step towards that objective," Billing added.
Thor Mining shares were up 6.7% in London at 0.24 pence each on Monday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Thor Energy (THR)