(Alliance News) - Thor Mining PLC on Wednesday said assay results from recently completed drilling at Bonya tungsten joint venture are expected in mid-December and a maiden mineral resource estimate on the Bonya deposits is anticipated to complete during January.
Thor, which holds a 40% stake in the Bonya joint venture located in Northern Territory of Australia, said the Bonya resource estimate will add significant value to the nearby Molyhil tungsten and molybdenum project.
Mick Billing, executive chairman of Thor, said: "We continue to advance exploration activities at the Bonya joint venture to enhance the value of the Molyhil project. Drill results have so far been very pleasing with higher than expected grades at White Violet.
"We look forward to our initial resource estimate at Bonya scheduled for January 2020," Billing added. "Our objective of increasing the resource inventory available for the proposed Molyhil processing plant will, we believe, significantly enhance the prospects for funding the Molyhil development."
The resources company additionally said it is in talks with several US investors to advance the Pilot Mountain project.
Thor Mining shares on Wednesday closed at 0.28 pence each, up 15%.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Thor Energy (THR)