Thor Mining produces bonzer copper estimate for Bonya

Exploration and development company Thor Mining believes its Bonya resource in Australia’s Northern Territory will produce more than 200,000 tonnes of copper

Delivering its maiden resources estimate, Thor said that the “small but moderately high-grade copper resource” near its Molyhil process plant contained 230,000 tonnes of grading 2% copper, containing 4,600 tonnes of copper with trace levels of tungsten and molybdenum.

Investors welcomed the update, sending the AIM-listed shares 11% higher by 1pm GMT to 2.05p. Thor is also listed on the Australian Stock Exchange.

Executive chairman Mick Billing said it would provide “valuable supplementary mill feed” to the Molyhil plant, which specialises in tungsten.

He added: “Our primary incentive to acquire an interest in the Bonya exploration licence was, and still remains, the tungsten deposits in the licence area. Therefore this ‘free’ copper resource could be considered a bonus. The Molyhil plant design is amenable to the treatment of copper ores of this nature, without modification, and we expect this material will flow through the plant with no additional investment required, other than mining or haulage.”

Thor is mining the area, which is located around 350km north east of Alice Springs, through a 40:60 joint venture with Australia’s Arafura Resources.