(Alliance News) - Thor Mining PLC on Wednesday reported a maiden mineral estimate for the White Violet and Samarkand tungsten and copper deposits at Bonya project in Australia's Northern Territory.
The Bonya project, which is adjacent to Thor's Molyhil tungsten and molybdenum project, is held in a joint venture between Thor with a 40% stake and Arafura Resources Ltd, owning the remaining 60% stake.
Inferred resources for the White Violet deposit is estimated at 495,000 tonnes, grading 0.22% tungsten trioxide and 0.06% copper, containing 1,090 tonnes of tungsten trioxide and 300 tonnes of copper.
At Samarkand, inferred resources is predicted at 245,000 tonnes, grading 0.19% tungsten trioxide and 0.13% copper, containing 465 tonnes of tungsten trioxide and 320 tonnes copper.
The new resources estimate add to previously announced inferred resources at Bonya project of 230,000 tonnes, grading 2.0% copper, meaning its contains 4,600 tonnes copper.
Both deposits outcrop and remain open at depth, the exploration company said, while Samarkand, in particular, shows potential for strike extension to the copper mineralisation.
Thor Chair Mick Billing said: "More work is required, to convert these inferred resources to, at least, Indicated classification, along with other technical, environmental, and social impact assessments, however we have taken very good first steps. The Bonya project hosts additional known tungsten and copper deposits, and some high tenor copper strike extension at Samarkand. These will be tested in due course, and we expect that they will further contribute to the life and value of the greater Molyhil project."
Thor Mining shares in London were up 12% at 0.40 pence each in London on Wednesday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Thor Energy (THR)