Interesting19 Apr 2018 13:06
Thor Mining all clear to proceed with Bonya Creek acquisitions
Thor Mining PLC (LON:THR) is to proceed with the previously announced acquisition of more acreage in Australia's Northern Territory.
As previously announced, Thor was set to buy 40% of exploration licence EL29701, which hosts 13 outcropping tungsten deposits and a copper deposit, and this deal will now go ahead after the owner of the remaining 60% stake declined to match Thor's offer for a minority stake
Also as previously announced, Thor will buy all 100% of the copper play, EL29599.
The total consideration for the two deals is A$550,000, to be satisfied through the issue of Thor shares.
"This latest news on the Bonya acquisition is great news for the Molyhil development, and for Thor investors. The proximity of the Bonya deposits to Molyhil, and the potential to boost both scale and operating life should add significantly to the projected economic returns," said Mick Billing, the executive chairman of Thor.
"Historic drilling and trenching has confirmed tungsten mineralisation on several deposits at Bonya; however, there has been no tungsten focussed exploration on the tenement in over 35 years. Provided some of these known prospects mature, along with others which we expect to develop, it is more than likely that Molyhil production life and throughput volume should increase substantially," Billing suggested.
"The potential for small but high grade copper deposits is also very attractive with the proposed processing plant at Molyhil highly likely to be also suitable for copper flotation," he concluded.
Shares in Thor were up 5.3% at 2.5p.