(Alliance News) - Thor Mining PLC said Monday it has started the second drilling programme at the Bonya tungsten deposits in Australia, which will target the Samarkand and White Violet deposits.
The metals miner also announced that it will receive an additional 7.8 million shares in Hawkstone Mining Ltd, following the publication of a maiden mineral resource estimate for the Big Sandy lithium deposit in Arizona, US.
Thor will now hold 15.2 million shares in the Sydney-listed miner, reflecting a 1.9% stake.
The Bonya project is held as a joint venture between Thor and Sydney-listed Arafura Resources Ltd. Thor hold a 40% interest and Arafura 60%.
The Bonya programme will comprise 2,000 metres of drilling by reverse circulation. Its objective is to achieve sufficient drill density to allow the preparation of a mineral resource estimate for Samarkand and White Violet, once assay results have been received.
The drilling program is expected to take around three weeks.
"We are very hopeful of positive results from this follow-up drilling at Bonya. Each of the Samarkand and White Violet deposits had high grade results from our initial program in April this year and we hope to be able demonstrate sufficient continuity of good grade mineralisation along strike and at depth at each to allow subsequent preparation of a mineral resource estimate for these two deposits," said Executive Chair Mick Billing.
Shares in Thor Mining were down 6.7% at 0.42 pence on Monday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Thor Energy (THR)