Last checked at 14 Aug 2019 07:49
14 August 2019
THOR MINING PLC
RECEIPT OF RESEARCH AND DEVELOPMENT GRANT OF A$222,0000
The Board of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR), is pleased to announce the receipt of A$222,512.51 by way of a research grant from the Australian Government, Department of Industry, Innovation and Science.
The grant covers a portion of expenditure during the 2018/19 fiscal year on eligible research activities on Australian projects.
Mick Billing, Executive Chairman, commented:
"We are very pleased to have our cash reserves boosted by this R & D grant."
"We are proceeding with all scheduled 2019 activities with the confidence that they are fully funded."
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Enquiries:
Mick Billing | +61 (8) 7324 1935 | Thor Mining PLC | Executive Chairman |
Ray Ridge | +61 (8) 7324 1935 | Thor Mining PLC | CFO/Company Secretary |
Colin Aaronson/ Richard Tonthat/ Ben Roberts | +44 (0) 207 383 5100 | Grant Thornton UK LLP | Nominated Adviser |
Nick Emerson Claire Louise Noyce / John Beresford-Peirse
| +44 (0) 1483 413 500 +44 (0) 203 764 2341 | SI Capital Ltd Hybridan LLP | Joint Broker Joint Broker |
Tim Blythe/ Camilla Horsfall | +44 (0) 207 138 3222 | Blytheweigh | Financial PR |
Updates on the Company's activities are regularly posted on Thor's website www.thormining.com,which includes a facility to register to receive these updates by email, and on the Company's twitter page @ThorMining.
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR) is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.
Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in August 2018¹ suggested attractive returns.
Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including an Inferred resource for the Bonya copper deposit².
Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate³ on 2 of the 4 known deposits. The US Department of the Interior has confirmed that tungsten, the primary resource mineral at Pilot Mountain, has been included in the final list of Critical Minerals ⁶2018.
Thor is also acquiring up to a 30% interest Australian copper development company EnviroCopper Limited, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource on the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery⁴, and also holds rights to earn a 75% interest in portion of the Moonta Copper project also in South Australia, and is considered amenable to recovery by way of in situ recovery⁵.
Thor has an interest in Hawkstone Mining Limited, an Australian ASX listed company with a 100% Interest in a Lithium project in Arizona, USA.
Finally, Thor also holds a production royalty entitlement from the Spring Hill Gold project⁶ of:
• A$6 per ounce of gold produced from the Spring Hill tenements, sold for up to A$1,500 per ounce; and
• A$14 per ounce of gold produced from the Spring Hill tenements, sold for amounts over A$1,500 per ounce.
Notes
¹ Refer ASX and AIM announcement of 23 August 2018
² Refer ASX and AIM announcement of 26 November 2018
³ Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018
⁴ Refer AIM announcement of 10 February 2016 and ASX announcement of 12 February 2018
⁵Refer AIM announcement of 5 March 2019 and ASX announcement of 6 March 2019
⁶Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016