Thor Mining books interim loss, upgrades resource estimates

Resources company Thor Mining posted an interim loss on Friday as the group continued to develop its tungsten plays throughout the period.

The pre-revenue firm booked a loss of £479,000 for the six months ended 31 December and ended the period with £316,000-worth of cash and equivalents.

On the operational side of things, Thor highlighted some success at the ISR Copper property - where a field pump test was completed for its Kapunda project.

The AIM-listed group's maiden resource estimate for several deposits at the site has an inferred resource estimate of 66.1m tonnes of 0.17% copper.

Thor also upgraded resource estimates at its Molyhil tungsten and molybdenum project, defining 4.7m tonnes at 0.28% tungsten trioxide, 0.14% molybdenum, 0.05% copper and 18% iron.

The group also cautioned that the recent weakness in copper prices was potentially a response to coronavirus.

As of 1145 GMT, Thor shares were dpwm 18.99% at 0.19p.