Thor Mining kick-starts drilling at Australian tungsten project
Thor Mining on Tuesday commenced drilling at the Bonya tungsten deposits adjacent Molyhil, in the Northern Territory of Australia
The Bonya project is held in joint venture with Arafura Resources Limited, with both parties contributing to the cost of the program in proportion to their project equity, with Thor owning 40% of the asset.
Operations at the site will target the Samarkand, Jericho, White Violet, and Tashkent deposits, which each have outcropping tungsten at surface, with a reverse circulation drilling program of approximately 2,500 metres.
Mick Billing, executive chairman of Thor, said: "We are very hopeful of positive results from our first drilling and costeaning program on the Bonya tungsten deposits. The 13 outcropping tungsten deposits at Bonya, several of which have historical mine workings, have the potential to add considerably to the life, scale, and economic outcomes of the Company's flagship Molyhil project nearby."
The AIM traded company said the drilling program is expected to take approximately two weeks, with updates expected on drilling progress and preliminary on-site XRF analysis, followed by formal laboratory assays.
"We hope to be able to provide regular updates of progress, including provisional XRF analysis, during the program. Despite the licence area being part of a known tungsten "province", it has had no tungsten drilling since the 1970's, and we are very excited at the commencement of this program, and the potential it brings," said Billing.
Thor Mining's shares were down 7.03% at 0.65p at 1620 BST.